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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
466
+74 vs. Q3 2025
Portfolio value
$6.00B
+$619.6M (+11.5%) vs. Q3 2025
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
KIDZWKIDZ AI Inc.*W EXP 04/03/20346,500$558<0.1%00.0%UnchangedHistory
MRNOWMurano Global Investments Plc*W EXP 03/19/20223,500$618<0.1%00.0%UnchangedHistory
ECD Automotive Design, Inc.27877D112*W EXP 12/12/20290,000$936<0.1%00.0%Unchanged–
FUSEWFusemachines Inc.WARRANT21,150$1.31K<0.1%+21,150NewHistory
BDMDWBaird Medical Investment Holdings Ltd*W EXP 10/01/20223,250$1.40K<0.1%00.0%UnchangedHistory
ZEOWWZeo Energy Corp.*W EXP 03/13/20246,500$1.66K<0.1%00.0%UnchangedHistory
DAICWCID Holdco, Inc.*W EXP 12/31/20223,250$1.86K<0.1%00.0%UnchangedHistory
ASBPWAspire-Lakewood Holdings, Inc.*W EXP 02/14/203118,750$1.96K<0.1%00.0%UnchangedHistory
ESLAWEstrella Immunopharma, Inc.Equity WRT42,293$2.12K<0.1%00.0%UnchangedHistory
AERTWAeries Technology, Inc.*W EXP 11/06/20256,416$2.12K<0.1%+56,416NewHistory
ZOOZWZOOZ Strategy Ltd.*W EXP 04/02/20258,750$2.34K<0.1%00.0%UnchangedHistory
Oak Woods Acquisition Corp67190B112*W EXP 03/23/20268,000$2.70K<0.1%00.0%Unchanged–
SCAGWScage Future*W EXP 05/15/20341,850$2.71K<0.1%00.0%UnchangedHistory
MSAIWMultiSensor AI Holdings, Inc.*W EXP 12/19/20296,838$2.75K<0.1%00.0%UnchangedHistory
GCLWWGCL Global Holdings Ltd*W EXP 02/13/20395,000$2.85K<0.1%00.0%UnchangedHistory
ANNAWAleAnna, Inc.*W EXP 12/13/20223,250$3.29K<0.1%00.0%UnchangedHistory
HNR Acquisition Corp40472A128*W EXP 02/04/20271,250$3.38K<0.1%00.0%Unchanged–
TVGNWTevogen Inc.*W EXP 02/14/20286,292$3.64K<0.1%00.0%UnchangedHistory
RMSGWReal Messenger Corp*W EXP 11/19/20274,400$3.72K<0.1%00.0%UnchangedHistory
AMODWAlpha Modus Holdings, Inc.*W EXP 12/13/20269,750$3.83K<0.1%+69,750NewHistory
KVAWFKeen Vision Acquisition Corp.*W EXP 03/15/20275,000$3.83K<0.1%00.0%UnchangedHistory
ONMDWOneMedNet Corp*W EXP 11/07/20249,700$4.67K<0.1%00.0%UnchangedHistory
WTS/Distoken Acquisition Corporation EXP06/02/203G9878M112COM100,000$4.94K<0.1%00.0%Unchanged–
RDZNWRoadzen Inc.*W EXP 11/30/20218,600$5.05K<0.1%00.0%UnchangedHistory
CYCUWCycurion, Inc.*W EXP 09/01/202164,500$5.59K<0.1%00.0%UnchangedHistory
COCHWEnvoy Medical, Inc.Equity WRT174,000$6.77K<0.1%00.0%UnchangedHistory
DTSQRDT Cloud Star Acquisition CorpRIGHT 07/09/202950,000$7.00K<0.1%00.0%UnchangedHistory
FLDDWFold Holdings, Inc.*W EXP 10/19/20246,500$7.07K<0.1%00.0%UnchangedHistory
SBCWWSBC Medical Group Holdings Inc*W EXP 07/31/20235,000$7.11K<0.1%00.0%UnchangedHistory
BRLSWBorealis Foods Inc.EQUITY WRT148,800$7.46K<0.1%00.0%UnchangedHistory
BAERWBridger Aerospace Group Holdings, Inc.*W EXP 01/24/20241,500$8.28K<0.1%00.0%UnchangedHistory
MOBXWMobix Labs, Inc*W EXP 12/21/20293,000$8.37K<0.1%00.0%UnchangedHistory
CUBWWLionheart Holdings*W EXP 06/07/20350,000$8.50K<0.1%00.0%UnchangedHistory
PCAPWProCap Acquisition Corp*W EXP 05/16/20323,427$8.69K<0.1%00.0%UnchangedHistory
BGLWWBlue Gold Ltd*W EXP 04/01/20323,250$9.79K<0.1%00.0%UnchangedHistory
RMCOWRoyalty Management Holding Corp*W EXP 05/28/20281,519$10.6K<0.1%00.0%UnchangedHistory
Holley Inc.43538H111*W EXP 11/30/20279,311$10.9K<0.1%00.0%Unchanged–
NVNIWNvni Group Ltd*W EXP 11/01/202162,750$10.9K<0.1%00.0%UnchangedHistory
OBAWWOxley Bridge Acquisition Ltd*W EXP 06/17/20350,000$11.0K<0.1%00.0%UnchangedHistory
Generation Essentials GroupG38268119*W EXP 02/15/20283,333$12.5K<0.1%00.0%Unchanged–
MKLYRMcKinley Acquisition CorpRIGHT 07/25/2030100,000$13.0K<0.1%+100,000NewHistory
FVNNRFuture Vision II Acquisition Corp.RIGHT 06/29/2029100,000$13.0K<0.1%00.0%UnchangedHistory
UCFIWCN Healthy Food Tech Group Corp.*W EXP 99/99/999150,000$13.5K<0.1%00.0%UnchangedHistory
HVMCWHighview Merger Corp.*W EXP 07/24/20350,000$13.5K<0.1%+50,000NewHistory
PLMKWPlum Acquisition Corp, IV*W EXP 08/19/20250,000$13.5K<0.1%00.0%UnchangedHistory
SOCAWSolarius Capital Acquisition Corp.*W EXP 07/10/20350,000$14.0K<0.1%00.0%UnchangedHistory
GTERWGloba Terra Acquisition Corp*W EXP 06/17/203112,500$14.1K<0.1%00.0%UnchangedHistory
Flyexclusive Inc.343928115*W EXP 05/28/20250,422$14.4K<0.1%00.0%Unchanged–
VGASWVerde Clean Fuels, Inc.*W EXP 02/15/202177,090$14.6K<0.1%00.0%UnchangedHistory
BLZRWTrailblazer Acquisition Corp.COM33,333$16.0K<0.1%+33,333NewHistory
TDWDRTailwind 2.0 Acquisition Corp.RIGHT 11/07/2030100,000$16.4K<0.1%+100,000NewHistory
HCMAWHCM III Acquisition Corp.*W EXP 07/23/20333,333$16.7K<0.1%00.0%UnchangedHistory
MCGAWYorkville Acquisition Corp.*W EXP 06/06/20333,333$16.7K<0.1%00.0%UnchangedHistory
OPTXWSyntec Optics Holdings, Inc.*W EXP 11/07/20269,750$16.7K<0.1%00.0%UnchangedHistory
LWACWLightWave Acquisition Corp.*W EXP 06/06/20362,500$16.9K<0.1%00.0%UnchangedHistory
Oak Woods Acquisition Corp67190B120RIGHT 03/23/202868,000$17.0K<0.1%00.0%Unchanged–
BDCIWBTC Development Corp.COM25,000$17.0K<0.1%+25,000NewHistory
MBVIWM3-Brigade Acquisition VI Corp.*W EXP 08/18/20350,000$18.5K<0.1%+50,000NewHistory
VSEEWVsee Health, Inc.*W EXP 99/99/999232,500$18.6K<0.1%00.0%UnchangedHistory
GTERRGloba Terra Acquisition CorpRIGHT 06/17/2030150,000$19.5K<0.1%00.0%UnchangedHistory
CNCKWCoincheck Group N.V.*W EXP 12/11/20250,079$20.0K<0.1%00.0%UnchangedHistory
FIGXWFIGX Capital Acquisition Corp.*W EXP 06/17/20375,000$20.6K<0.1%00.0%UnchangedHistory
CCIIWCohen Circle Acquisition Corp. II*W EXP 07/01/20331,249$21.9K<0.1%00.0%UnchangedHistory
WTGURWintergreen Acquisition Corp.RIGHT 99/99/9999150,000$22.5K<0.1%00.0%UnchangedHistory
Bitcoin Depot IN09174P113EQUITY WRT213,750$24.0K<0.1%00.0%Unchanged–
DYORWInsight Digital Partners II*W EXP 10/28/20372,841$24.0K<0.1%+72,841NewHistory
KOYNWCSLM Digital Asset Acquisition Corp III, Ltd*W EXP 08/28/20375,000$26.3K<0.1%+75,000NewHistory
LATAWGalata Acquisition Corp. IICOM66,667$26.7K<0.1%+66,667NewHistory
FutureCrest Acquisition Corp.G3730U115*W EXP 09/30/20337,500$27.4K<0.1%+37,500New–
RIBBRRibbon Acquisition Corp.RIGHT 12/31/2026125,000$27.5K<0.1%00.0%UnchangedHistory
CHECWChenghe Acquisition III Co.*W EXP 09/09/203137,500$27.5K<0.1%+137,500NewHistory
CHPGRChampionsGate Acquisition CorpRIGHT 05/14/2030150,000$27.8K<0.1%00.0%UnchangedHistory
INACRIndigo Acquisition Corp.RIGHT 04/02/2027175,000$27.8K<0.1%00.0%UnchangedHistory
CAPNRCayson Acquisition CorpRIGHT 99/99/9999125,000$28.5K<0.1%00.0%UnchangedHistory
NUAIWNew ERA Energy & Digital, Inc.*W EXP 12/10/20234,875$28.6K<0.1%00.0%UnchangedHistory
POLEWAndretti Acquisition Corp. II*W EXP 06/01/203100,000$28.9K<0.1%00.0%UnchangedHistory
KFIIRK&F Growth Acquisition Corp. IIRIGHT 08/29/2031225,000$29.3K<0.1%00.0%UnchangedHistory
Jena Acquisition Corp IIG5093B113RIGHT 03/31/2030150,000$29.4K<0.1%+150,000New–
GFUZWGeneral Fusion Group Ltd.W EXP 09/04/20350,000$31.1K<0.1%+50,000NewHistory
HOVRWNew Horizon Aircraft Ltd.*W EXP 99/99/999100,000$31.9K<0.1%00.0%UnchangedHistory
SSEARStarry Sea Acquisition CorpRIGHT 07/07/2030150,000$32.2K<0.1%+150,000NewHistory
BKHARBlack Hawk Acquisition CorpRIGHT 06/20/202525,000$32.5K<0.1%00.0%UnchangedHistory
LAFARLaFayette Acquisition Corp.RIGHT 10/24/2030250,000$33.8K<0.1%+250,000NewHistory
Pelican Acquisition CorpG6993G111RIGHT 05/02/2030150,000$34.5K<0.1%00.0%Unchanged–
Viking Acquisition Corp IG9582G112*W EXP 11/03/20383,333$35.0K<0.1%+83,333New–
OACCWOaktree Acquisition Corp. III Life Sciences*W EXP 09/01/20350,000$35.5K<0.1%00.0%UnchangedHistory
DNMXWDynamix Corp III*W EXP 10/10/203100,000$35.8K<0.1%+100,000NewHistory
AXINRAxiom Intelligence Acquisition Corp 1RIGHT 06/10/2030175,000$36.8K<0.1%00.0%UnchangedHistory
EGHAREGH Acquisition Corp.RIGHT 05/08/2025150,000$37.5K<0.1%00.0%UnchangedHistory
ONCHW1RT Acquisition Corp.*W EXP 06/26/20365,000$37.7K<0.1%00.0%UnchangedHistory
Copley Acquisition CorpG24243126*W EXP 99/99/999150,000$38.6K<0.1%00.0%Unchanged–
PACHWPioneer Acquisition I Corp*W EXP 06/16/203150,000$39.0K<0.1%00.0%UnchangedHistory
AIRJWAirJoule Technologies Corp.*W EXP 03/15/20246,500$39.5K<0.1%+46,500NewHistory
Voyager Acquisition CorpG93A7H112*W EXP 05/16/203193,612$39.7K<0.1%00.0%Unchanged–
APXTWApex Treasury Corp*W EXP 10/07/203150,000$41.7K<0.1%+150,000NewHistory
TVAIRThayer Ventures Acquisition Corp IIRIGHT 05/15/2030200,000$42.0K<0.1%00.0%UnchangedHistory
RZLVWRezolve AI PLC*W EXP 08/15/20246,500$42.3K<0.1%00.0%UnchangedHistory
Jackson Acquisition Co IIG4992A136RIGHT 99/99/9999175,000$43.8K<0.1%00.0%Unchanged–
FACTWFACT II Acquisition Corp.*W EXP 11/26/203125,000$43.8K<0.1%00.0%UnchangedHistory
WSTNRWestin Acquisition CorpRIGHT 08/04/2030250,000$45.0K<0.1%+250,000NewHistory

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 Q4 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$306.9M–
NVDANVIDIA CorpStock$186.5M–
IBITiShares Bitcoin Trust ETFETF$148.9M–
WOLFWolfspeed, Inc.COMMON STOCK$69.6M$10.4M
VanEck ETF Trust92189H607OIL SERVICES ETF$64.8M–
SMCISuper Micro Computer, Inc.Stock$61.5M–
TSMTaiwan Semiconductor Manufacturing Co LtdADR$60.8M–
PLTRPalantir Technologies Inc.Stock$35.5M–
MARAMARA Holdings, Inc.COM$34.7M–
LUMNLumen Technologies, Inc.Stock$33.4M$310.8K
RIVNRivian Automotive, Inc.Stock$28.7M–
KKRKKR & Co. Inc.COM$25.5M–
SPDR Series Trust78468R556SP O&G EXPL PRO$25.3M–
RUNSunrun Inc.COM$17.7M–
SRPTSarepta Therapeutics, Inc.COM$17.4M–
HLFHerbalife Ltd.COM SHS$12.5M–
WBDWarner Bros. Discovery, Inc.Stock–$10.1M
MPTMedical Properties Trust IncCOM$8.88M–
HTZHertz Global Holdings, IncCOM NEW$8.07M–
JBLUJetBlue Airways CorpCOM–$7.96M
XRXXerox Holdings CorpCOM NEW$4.74M–
AMCAMC Entertainment Holdings, Inc.CL A NEW$4.33M–
RIGTransocean Ltd.REGISTERED SHS$4.13M–
NIONIO Inc.ADR$2.47M–
SABRSabre CorpCOM–$1.36M
BYNDBeyond Meat, Inc.COM$783.6K–
NFENew Fortress Energy Inc.COM CL A$456.0K–

Sold out since Q3 2025 (61)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
Bloom Energy Corp093712AM9NOTE 3.000% 6/0–$413.5M7.7%–
Bloom Energy Corp093712AK3NOTE 3.000% 6/0–$292.0M5.4%–
VRNAVerona Pharma plcSPONSORED ADS1,566,501$167.2M3.1%History
COOPMaverick Merger Sub 2, LLCCOM315,155$66.4M1.2%History
WNSWNS (Holdings) LtdCOM SHS779,591$59.5M1.1%History
Sea Ltd81141RAF7NOTE 2.375%12/0–$39.7M0.7%–
KKellanovaStock315,001$25.8M0.5%History
INFAInformatica Inc.COM CL A912,963$22.7M0.4%History
Wec Energy Group, Inc.92939UAP1NOTE 4.375% 6/0–$20.1M0.4%–
Southern Co842587DZ7NOTE 4.500% 6/1–$20.0M0.4%–
Nextera Energy Cap Hldgs Inc65339KCY4NOTE 3.000% 3/0–$18.0M0.3%–
Macom Tech Solutions Hldgs I55405YAB6NOTE 0.250% 3/1–$15.5M0.3%–
Zynex Inc98986MAD5NOTE 5.000% 5/1–$14.1M0.3%–
VALValaris LtdCL A253,925$12.4M0.2%History
Oatly Group AB67421JAC2NOTE 9.250% 9/1–$8.04M0.1%–
Pinduoduo Inc722304AC6NOTE 12/0–$7.93M0.1%–
Carnival Corp Ltd.14365C103ADR237,685$6.28M0.1%–
Beyond Meat, Inc.08862EAB5NOTE 3/1–$6.05M0.1%–
Luminar Technologies, Inc.550424AE5DEBT 11.500% 1/1–$5.64M0.1%–
THCTenet Healthcare CorpCOM NEW24,515$4.98M0.1%History
DMIIUDrugs Made In America Acquisition II Corp.UNIT 09/16/2030450,000$4.48M0.1%History
CVLTCommvault Systems IncCOM23,000$4.34M0.1%History
Emmis Acquisition Corp.G3037D121UNIT 09/12/2030400,000$3.99M0.1%–
WOLFWolfspeed, Inc.COMMON STOCK124,348$3.56M0.1%History
OTGAUOTG Acquisition Corp. IUNIT 09/05/2030350,000$3.52M0.1%History
TLNCUTalon Capital Corp.UNIT 08/27/2030300,000$3.01M0.1%History
Xometry, Inc.98423FAB5NOTE 1.000% 2/0–$2.95M0.1%–
MRUSMerus N.V.COM30,001$2.82M0.1%History
CHECUChenghe Acquisition III Co.UNIT 09/09/2030275,000$2.74M0.1%History
GMGeneral Motors CoCOM39,022$2.38M<0.1%History
LATAUGalata Acquisition Corp. IIUNIT 09/12/2030200,000$2.00M<0.1%History
DSMBNY Mellon Strategic Municipal Bond Fund, Inc.COM335,217$1.98M<0.1%History
INFQInfleqtion, Inc.SHS CL A150,000$1.93M<0.1%History
IMSRTerrestrial Energy Inc.SHS CL A115,000$1.89M<0.1%History
COHUCohu IncCOM92,054$1.87M<0.1%History
FutureCrest Acquisition Corp.G3730U123COM150,000$1.59M<0.1%–
Jena Acquisition Corp IIG5093B121UNIT 99/99/9999150,000$1.56M<0.1%–
Spring Vy Acquisition Corp IG8377R127UNIT 09/04/2030150,000$1.54M<0.1%–
SSEAUStarry Sea Acquisition CorpUNIT 07/07/2030150,000$1.52M<0.1%History
MBVIUM3-Brigade Acquisition VI Corp.UNIT 08/18/2030150,000$1.52M<0.1%History
KOYNUCSLM Digital Asset Acquisition Corp III, LtdUNIT 08/12/2030150,000$1.51M<0.1%History
TROXTronox Holdings plcSHS369,723$1.49M<0.1%History
IMSRWTerrestrial Energy Inc.*W EXP 99/99/999200,000$1.20M<0.1%History
PIImpinj IncCOM5,715$1.03M<0.1%History
BLZRUTrailblazer Acquisition Corp.UNIT 08/21/2030100,000$1.02M<0.1%History
HVMCUHighview Merger Corp.UNIT 07/24/2030100,000$1.01M<0.1%History
BDCIUBTC Development Corp.UNIT 09/11/2030100,000$1.01M<0.1%History
MKLYUMcKinley Acquisition CorpUNIT 07/25/2030100,000$999.0K<0.1%History
ALNYAlnylam Pharmaceuticals, Inc.COM2,100$957.6K<0.1%History
Spring Valley Acquistn CorpG83752116*W EXP 02/25/202464,261$603.5K<0.1%–
CVSCVS Health CorpStock4,050$305.3K<0.1%History
NBRNabors Industries LtdSHS4,900$200.3K<0.1%History
Churchill Cap Corp XG2130T116*W EXP 05/14/20350,000$177.5K<0.1%–
Iron Horse Acquisitions Corp462837121RIGHT 99/99/9999150,000$110.1K<0.1%–
Bigbear AI Hldgs Inc08975B117*W EXP 99/99/99950,598$107.3K<0.1%–
RTACWRenatus Tactical Acquisition Corp I*W EXP 05/15/20370,000$84.0K<0.1%History
ENGNWenGene Therapeutics Inc.*W EXP 10/31/20231,000$22.0K<0.1%History
DT Cloud Acquisition CorpG28524133RIGHT 02/14/2029107,306$19.3K<0.1%–
Haymaker Acquisition Corp IVG4375F116*W EXP 05/31/20225,000$9.88K<0.1%–
VEEAWVeea Inc.*W EXP 03/18/20213,700$959<0.1%History
CEROWCero Therapeutics Holdings, Inc.*W EXP 09/01/20223,250$309<0.1%History