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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
355
+67 vs. Q1 2025
Portfolio value
$3.67B
+$638.3M (+21.0%) vs. Q1 2025
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
CEROWCero Therapeutics Holdings, Inc.*W EXP 09/01/20223,250$554<0.1%00.0%UnchangedHistory
RDZNWRoadzen Inc.*W EXP 11/30/20218,600$950<0.1%00.0%UnchangedHistory
ONMDWOneMedNet Corp*W EXP 11/07/20249,700$1.34K<0.1%00.0%UnchangedHistory
AERTWAeries Technology, Inc.*W EXP 11/06/20256,416$1.63K<0.1%00.0%UnchangedHistory
RMCOWRoyalty Management Holding Corp*W EXP 05/28/20281,519$1.79K<0.1%00.0%UnchangedHistory
DAICWCID Holdco, Inc.*W EXP 12/31/20223,250$1.84K<0.1%+23,250NewHistory
BDMDWBaird Medical Investment Holdings Ltd*W EXP 10/01/20223,250$1.86K<0.1%00.0%UnchangedHistory
VEEAWVeea Inc.*W EXP 03/18/20213,700$1.86K<0.1%00.0%UnchangedHistory
ESLAWEstrella Immunopharma, Inc.Equity WRT42,293$2.01K<0.1%00.0%UnchangedHistory
Oak Woods Acquisition Corp67190B112*W EXP 03/23/20268,000$2.04K<0.1%00.0%Unchanged–
ECD Automotive Design, Inc.27877D112*W EXP 12/12/20290,000$2.15K<0.1%00.0%Unchanged–
ZEOWWZeo Energy Corp.*W EXP 03/13/20246,500$2.97K<0.1%00.0%UnchangedHistory
MSAIWMultiSensor AI Holdings, Inc.*W EXP 12/19/20296,838$3.13K<0.1%00.0%UnchangedHistory
BAERWBridger Aerospace Group Holdings, Inc.*W EXP 01/24/20241,500$3.22K<0.1%00.0%UnchangedHistory
NUAIWNew ERA Energy & Digital, Inc.*W EXP 12/10/20234,875$3.24K<0.1%00.0%UnchangedHistory
RMSGWReal Messenger Corp*W EXP 11/19/20274,400$3.34K<0.1%00.0%UnchangedHistory
SCAGWScage Future*W EXP 05/15/20341,850$3.35K<0.1%+41,850NewHistory
HNR Acquisition Corp40472A128*W EXP 02/04/20271,250$3.64K<0.1%00.0%Unchanged–
Holley Inc.43538H111*W EXP 11/30/20279,311$3.90K<0.1%00.0%Unchanged–
KVAWFKeen Vision Acquisition Corp.*W EXP 03/15/20275,000$4.05K<0.1%00.0%UnchangedHistory
ZOOZWZOOZ Strategy Ltd.*W EXP 04/02/20258,750$4.25K<0.1%00.0%UnchangedHistory
BGLWWBlue Gold Ltd*W EXP 04/01/20323,250$4.42K<0.1%+23,250NewHistory
MRNOWMurano Global Investments Plc*W EXP 03/19/20223,500$4.58K<0.1%00.0%UnchangedHistory
Ys Biopharma Co LtdG9845F117*W EXP 03/15/202125,000$4.99K<0.1%00.0%Unchanged–
Flyexclusive Inc.343928115*W EXP 05/28/20250,422$5.04K<0.1%00.0%Unchanged–
ASBPWAspire-Lakewood Holdings, Inc.*W EXP 02/14/203118,750$5.31K<0.1%00.0%UnchangedHistory
ANNAWAleAnna, Inc.*W EXP 12/13/20223,250$5.46K<0.1%00.0%UnchangedHistory
Digiasia Corp.G27617110*W EXP 04/02/202116,194$5.80K<0.1%00.0%Unchanged–
TVGNWTevogen Inc.*W EXP 02/14/20286,292$6.03K<0.1%00.0%UnchangedHistory
OPTXWSyntec Optics Holdings, Inc.*W EXP 11/07/20269,750$6.06K<0.1%00.0%UnchangedHistory
DTSQRDT Cloud Star Acquisition CorpRIGHT 07/09/202950,000$6.11K<0.1%00.0%UnchangedHistory
COCHWEnvoy Medical, Inc.Equity WRT174,000$6.14K<0.1%00.0%UnchangedHistory
KIDZWKIDZ AI Inc.*W EXP 04/03/20346,500$6.18K<0.1%+46,500NewHistory
SBCWWSBC Medical Group Holdings Inc*W EXP 07/31/20235,000$6.76K<0.1%00.0%UnchangedHistory
AMODWAlpha Modus Holdings, Inc.*W EXP 12/13/20269,750$7.74K<0.1%00.0%UnchangedHistory
VSEEWVsee Health, Inc.*W EXP 99/99/999232,500$8.25K<0.1%00.0%UnchangedHistory
NVNIWNvni Group Ltd*W EXP 11/01/202162,750$8.38K<0.1%00.0%UnchangedHistory
GCLWWGCL Global Holdings Ltd*W EXP 02/13/20395,000$8.91K<0.1%00.0%UnchangedHistory
Haymaker Acquisition Corp IVG4375F116*W EXP 05/31/20225,000$9.00K<0.1%00.0%Unchanged–
UCFIWCN Healthy Food Tech Group Corp.*W EXP 99/99/999150,000$9.00K<0.1%00.0%UnchangedHistory
MOBXWMobix Labs, Inc*W EXP 12/21/20293,000$9.29K<0.1%00.0%UnchangedHistory
CYCUWCycurion, Inc.*W EXP 09/01/202164,500$9.87K<0.1%00.0%UnchangedHistory
Distoken Acquisition CorpG27740102*W EXP 11/30/202100,000$12.0K<0.1%00.0%Unchanged–
PLMKWPlum Acquisition Corp, IV*W EXP 08/19/20250,000$12.0K<0.1%00.0%UnchangedHistory
Gold Royalty Corp.38071H122*W EXP 05/31/20236,032$12.6K<0.1%−8,722−19.5%Reduced–
BRLSWBorealis Foods Inc.EQUITY WRT148,800$13.4K<0.1%00.0%UnchangedHistory
Oak Woods Acquisition Corp67190B120RIGHT 03/23/202868,000$14.8K<0.1%00.0%Unchanged–
CHPGRChampionsGate Acquisition CorpRIGHT 05/14/2030150,000$15.0K<0.1%+150,000NewHistory
CUBWWLionheart Holdings*W EXP 06/07/20350,000$17.0K<0.1%00.0%UnchangedHistory
CAPNRCayson Acquisition CorpRIGHT 99/99/9999125,000$17.5K<0.1%+125,000NewHistory
DT Cloud Acquisition CorpG28524133RIGHT 02/14/2029107,306$18.2K<0.1%00.0%Unchanged–
FVNNRFuture Vision II Acquisition Corp.RIGHT 06/29/2029100,000$19.0K<0.1%+100,000NewHistory
POLEWAndretti Acquisition Corp. II*W EXP 06/01/203100,000$20.0K<0.1%+100,000NewHistory
Copley Acquisition CorpG24243126*W EXP 99/99/999150,000$25.1K<0.1%+150,000New–
ENGNWenGene Therapeutics Inc.*W EXP 10/31/20231,000$25.4K<0.1%00.0%UnchangedHistory
RIBBRRibbon Acquisition Corp.RIGHT 12/31/2026125,000$25.9K<0.1%00.0%UnchangedHistory
COLARColumbus Acquisition Corp/Cayman IslandsRIGHT 09/30/2025150,000$27.6K<0.1%00.0%UnchangedHistory
HOVRWNew Horizon Aircraft Ltd.*W EXP 99/99/999100,000$28.9K<0.1%00.0%UnchangedHistory
Distoken Acquisition CorpG27740136RIGHT 99/99/9999100,000$29.0K<0.1%00.0%Unchanged–
AIRJWAirJoule Technologies Corp.*W EXP 03/15/20246,500$30.2K<0.1%00.0%UnchangedHistory
VGASWVerde Clean Fuels, Inc.*W EXP 02/15/202177,090$30.3K<0.1%00.0%UnchangedHistory
CRMLWCritical Metals Corp.*W EXP 02/27/20269,750$31.8K<0.1%00.0%UnchangedHistory
Vine Hill Cap Invt Corp.G93Y09115*W EXP 07/01/203132,500$32.0K<0.1%+132,500New–
DRTSWAlpha Tau Medical Ltd.*W EXP 03/07/202136,018$32.7K<0.1%00.0%UnchangedHistory
FLDDWFold Holdings, Inc.*W EXP 10/19/20246,500$33.0K<0.1%00.0%UnchangedHistory
Generation Essentials GroupG38268119*W EXP 02/15/20283,333$33.3K<0.1%+83,333New–
IPEXRInflection Point Acquisition Corp. VRIGHT 99/99/9999125,000$34.0K<0.1%+125,000NewHistory
BKHARBlack Hawk Acquisition CorpRIGHT 06/20/202525,000$34.7K<0.1%00.0%UnchangedHistory
NOEMWCO2 Energy Transition Corp.*W EXP 08/17/202390,000$35.1K<0.1%00.0%UnchangedHistory
KFIIRK&F Growth Acquisition Corp. IIRIGHT 08/29/2031225,000$35.9K<0.1%00.0%UnchangedHistory
Graf Global Corp.G4036C122*W EXP 05/31/203125,000$36.3K<0.1%00.0%Unchanged–
RZLVWRezolve AI PLC*W EXP 08/15/20246,500$37.2K<0.1%00.0%UnchangedHistory
FACTWFACT II Acquisition Corp.*W EXP 11/26/203125,000$37.5K<0.1%+125,000NewHistory
TDACWTranslational Development Acquisition Corp.*W EXP 12/18/202152,500$38.2K<0.1%00.0%UnchangedHistory
NHICWNewHold Investment Corp. III*W EXP 01/30/203125,000$40.7K<0.1%+125,000NewHistory
GSHRWGesher Acquisition Corp. II*W EXP 10/31/203150,000$42.2K<0.1%+150,000NewHistory
AISPWAirship AI Holdings, Inc.*W EXP 12/21/20221,750$43.3K<0.1%00.0%UnchangedHistory
CNCKWCoincheck Group N.V.*W EXP 12/11/20250,079$43.6K<0.1%00.0%UnchangedHistory
LCCCRLakeshore Acquisition III Corp.RIGHT 04/30/2025218,500$43.7K<0.1%+218,500NewHistory
OACCWOaktree Acquisition Corp. III Life Sciences*W EXP 09/01/20350,000$43.8K<0.1%+50,000NewHistory
AA Mission Acquisition Corp.G1000R127*W EXP 08/01/203475,000$46.7K<0.1%00.0%Unchanged–
NTWOWNewbury Street II Acquisition Corp*W EXP 06/01/203187,500$46.9K<0.1%+187,500NewHistory
DMAARDrugs Made In America Acquisition Corp.RIGHT 10/15/2029400,000$48.1K<0.1%00.0%UnchangedHistory
Jackson Acquisition Co IIG4992A136RIGHT 99/99/9999175,000$49.0K<0.1%+175,000New–
TAVIRTavia Acquisition Corp.RIGHT 11/26/2029300,000$49.5K<0.1%00.0%UnchangedHistory
ATIIWArchimedes Tech SPAC Partners II Co.*W EXP 10/15/202125,000$50.7K<0.1%+125,000NewHistory
Mountain Lake Acquisition Corp.G6301B127RIGHT 11/15/2028300,000$51.0K<0.1%00.0%Unchanged–
SVCCWStellar V Capital Corp. (Cayman Islands)*W EXP 10/15/202200,000$54.0K<0.1%00.0%UnchangedHistory
CCAQWCollective Acquisition Corp.*W EXP 04/04/203300,000$57.0K<0.1%+300,000NewHistory
Voyager Acquisition CorpG93A7H112*W EXP 05/16/203193,612$58.1K<0.1%00.0%Unchanged–
CHARRCharlton Aria Acquisition CorpRIGHT 12/31/2026399,000$59.9K<0.1%00.0%UnchangedHistory
Crane HBR Acquisition CorpG24979117RIGHT 04/17/2030225,000$60.8K<0.1%+225,000New–
FLYYSpirit Aviation Holdings, Inc.COM12,182$61.7K<0.1%+12,182NewHistory
RANGRRange Capital Acquisition Corp.RIGHT 99/99/9999250,000$62.5K<0.1%+250,000NewHistory
Spring Valley Acquistn CorpG83752116*W EXP 02/25/202464,261$65.0K<0.1%00.0%Unchanged–
Rithm Acquisition Corp.G75751118*W EXP 99/99/999133,333$65.3K<0.1%+133,333New–
HVIIRONE Nuclear Energy Inc.RIGHT 01/17/2030200,000$66.0K<0.1%00.0%UnchangedHistory
NOEMRCO2 Energy Transition Corp.RIGHT 10/15/2028390,000$68.3K<0.1%00.0%UnchangedHistory
SIMAWSIM Acquisition Corp. I*W EXP 06/01/203250,000$68.4K<0.1%00.0%UnchangedHistory
LPAAWLaunch One Acquisition Corp.*W EXP 06/01/203255,571$69.0K<0.1%00.0%UnchangedHistory

Options (27)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Whitebox Advisors LLC in Q2 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$525.2M$123.6M
IBITiShares Bitcoin Trust ETFETF$122.4M–
VanEck ETF Trust92189H607OIL SERVICES ETF$103.6M–
iShares Russell 2000 ETF464287655ETF$75.5M–
AAPLApple Inc.Stock$61.6M–
iShares Tr464287184CHINA LG-CAP ETF$36.8M–
MARAMARA Holdings, Inc.COM$20.1M–
RIVNRivian Automotive, Inc.Stock$20.0M–
SPDR Series Trust78468R556SP O&G EXPL PRO$18.9M–
LUMNLumen Technologies, Inc.Stock$18.8M–
NVDANVIDIA CorpStock$15.8M–
SRPTSarepta Therapeutics, Inc.COM$12.2M–
HTZHertz Global Holdings, IncCOM NEW$10.7M–
HLFHerbalife Ltd.COM SHS$8.36M–
XRXXerox Holdings CorpCOM NEW$7.91M–
RUNSunrun Inc.COM$7.87M–
MPTMedical Properties Trust IncCOM$6.46M–
AMCAMC Entertainment Holdings, Inc.CL A NEW$6.20M–
JBLUJetBlue Airways CorpCOM–$5.29M
BYNDBeyond Meat, Inc.COM$3.34M–
SABRSabre CorpCOM–$3.16M
SVCService Properties TrustCOM SH BEN INT–$2.99M
RIGTransocean Ltd.REGISTERED SHS$2.59M–
NIONIO Inc.ADR$1.72M–
NFENew Fortress Energy Inc.COM CL A$1.33M–
TEADTeads Holding Co.COM$1.24M–
WOLFWolfspeed, Inc.Stock$997.0K$239.3K

Sold out since Q1 2025 (58)

Positions held at the end of Q1 2025 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
BERYBerry Global Group, Inc.COM2,037,826$142.3M4.7%History
INSMED Inc457669AB5NOTE 0.750% 6/0–$104.5M3.4%–
SPYSPDR S&P 500 ETF TrustETF136,000$76.1M2.5%History
Cinemark Hldgs Inc17243VAB8NOTE 4.500% 8/1–$64.5M2.1%–
ITCIIntra-Cellular Therapies, Inc.COM275,001$36.3M1.2%History
HCI Group, Inc.40416EAF0NOTE 4.750% 6/0–$30.2M1.0%–
Cryolife Inc228903AB6NOTE 4.250% 7/0–$21.4M0.7%–
Wayfair Inc.94419LAM3NOTE 0.625%10/0–$19.4M0.6%–
Tandem Diabetes Care Inc875372AD6NOTE 1.500% 3/1–$18.4M0.6%–
LivaNova PLC53802LAB8NOTE 2.500% 3/1–$15.5M0.5%–
Transocean Ltd.893830BW8DEB 4.625% 9/3–$8.84M0.3%–
Repligen Corp759916AD1NOTE 1.000%12/1–$8.62M0.3%–
Omeros Corp682143AG7NOTE 5.250% 2/1–$8.01M0.3%–
NVDANVIDIA CorpStock70,000$7.59M0.2%History
FERAUFifth Era Acquisition Corp IUNIT 99/99/9999750,000$7.55M0.2%History
Enovis CORP194014AB2NOTE 3.875%10/1–$4.59M0.2%–
ALDFUAldel Financial II Inc.UNIT 09/26/2031400,000$4.10M0.1%History
Willow Lane Acquisition Corp.G9675P128UNIT 99/99/9999400,000$4.05M0.1%–
Rithm Acquisition Corp.G75751126UNIT 99/99/9999400,000$4.04M0.1%–
TSLATesla, Inc.Stock15,000$3.89M0.1%History
NTWOUNewbury Street II Acquisition CorpUNIT 10/23/2029375,000$3.78M0.1%History
LPBBULaunch Two Acquisition Corp.UNIT 08/22/2029350,000$3.57M0.1%History
ITGRInteger Holdings CorpCOM28,832$3.40M0.1%History
GSHRUGesher Acquisition Corp. IIUNIT 03/11/2030300,000$3.01M0.1%History
Vine Hill Cap Invt Corp.G93Y09123UNIT 09/06/2026265,000$2.72M0.1%–
OACCUOaktree Acquisition Corp. III Life SciencesUNIT 10/04/2029250,000$2.61M0.1%History
RANGURange Capital Acquisition Corp.UNIT 12/11/2029250,000$2.57M0.1%History
BSIIBlack Spade Acquisition II CoCL A250,000$2.53M0.1%History
FACTUFACT II Acquisition Corp.UNIT 99/99/9999250,000$2.52M0.1%History
ATIIUArchimedes Tech SPAC Partners II Co.UNIT 10/15/2029250,000$2.52M0.1%History
NHICUNewHold Investment Corp. IIIUNIT 99/99/9999250,000$2.52M0.1%History
POLEUAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.04M0.1%History
Jackson Acquisition Co IIG4992A201UNIT 99/99/9999175,000$1.80M0.1%–
UCFICN Healthy Food Tech Group Corp.COM150,000$1.57M0.1%History
NQPNuveen Pennsylvania Quality Municipal Income FundCOM128,019$1.44M<0.1%History
BKHABlack Hawk Acquisition CorpUSD CL A SHS125,000$1.32M<0.1%History
CAPNUCayson Acquisition CorpUNIT 99/99/9999125,000$1.31M<0.1%History
IPEXUInflection Point Acquisition Corp. VUNIT 01/23/2030125,000$1.27M<0.1%History
FVNNUFuture Vision II Acquisition Corp.UNIT 06/20/2029100,000$1.03M<0.1%History
FWRDForward Air CorpCOM41,136$826.4K<0.1%History
FLFoot Locker, Inc.COM54,579$769.6K<0.1%History
AALAmerican Airlines Group Inc.Stock50,000$527.5K<0.1%History
FMNFederated Hermes Premier Municipal Income FundCOM46,426$504.2K<0.1%History
SK Growth Opportunities CorpG8192N111*W EXP 06/28/202100,000$65.0K<0.1%–
ULYXUrgent.ly Inc.COM NEW15,435$62.5K<0.1%History
Aimfinity Investment Corp. IG0135E126*W EXP 04/21/202336,000$26.1K<0.1%–
Global Blockchain Acqui Corp37961B112RIGHT 05/09/2027225,000$22.3K<0.1%–
QVCGAOld QVC Group, Inc.COM SER A100,000$20.1K<0.1%History
Black Spade Acquisition II CG1153L117*W EXP 02/15/20283,333$18.3K<0.1%–
Marblegate Acquisition Corp.56608A113*W EXP 08/31/20281,375$13.0K<0.1%–
Bukit Jalil GBL AcquisitionG1676M121RIGHT 05/02/202450,000$13.0K<0.1%–
SMNRWSemnur Pharmaceuticals, Inc.*W EXP 03/28/202191,579$11.3K<0.1%History
Global Blockchain Acqui Corp37961B120*W EXP 05/09/202225,000$6.75K<0.1%–
AI Transn Acquisition CorpG01490104RIGHT 09/01/202820,000$3.10K<0.1%–
REEWFCartesian Growth Corp II*W EXP 07/12/20233,333$2.35K<0.1%History
Ocean Biomedical, Inc.67644C112*W EXP 02/14/20246,500$1.24K<0.1%–
Vast Renewables LimitedQ9379E113*W EXP 07/01/20234,875$1.18K<0.1%–
Heramba Elec PLCG4411J106*W EXP 07/26/20223,250$235<0.1%–