Graham Capital Management, L.P.

13F filer · CIK 1315421 · Rowayton, CT

Summary

Graham Capital Management, L.P. reported $5.50B across 1,222 positions in its 13F for 2026 Q2, filed Aug 14, 2026. The largest holdings are GME 0 06.15.32 (2.7%), PENG 2 08.15.30 (2.2%), APPLIED DIGITAL CORP (1.8%). Versus 2026 Q1, leaving options aside, it opened 418 new positions, added to 350, trimmed 379 and sold out of 338.

Reported value$5.50B

Positions1,222incl. options

Report period2026 Q2

FiledAug 14, 2026

New positions418

Added350

Trimmed379

Sold out338

Top 25 holdings

By reported value, options listed separately · change vs 2026 Q1

GME 0 06.15.32GAMESTOP CORPNew

Weight 2.7%Value $150.11MPrincipal $147.65M

PENG 2 08.15.30PENGUIN SOLUTIONS INCNew

Weight 2.2%Value $119.86MPrincipal $42.25M

APPLIED DIGITAL CORPNo ticker matchTrim

Weight 1.8%Value $97.12MPrincipal $24.36M -32.95%

NVDANVIDIA CORPORATIONAdd

Weight 1.5%Value $82.37MPrice $228.86Shares 412K +40.09%Since Jun 30 +14.38%

GREEN PLAINS INCNo ticker matchTrim

Weight 1.4%Value $77.99MPrincipal $57.43M -1.51%

AMZNAMAZON COM INCTrim

Weight 1.4%Value $75.06MPrice $246.15Shares 315K -22.81%Since Jun 30 +3.28%

GROUPON INCNo ticker matchAdd

Weight 1.3%Value $73.82MPrincipal $74.37M +13.59%

RIVIAN AUTOMOTIVE INCNo ticker matchHold

Weight 1.2%Value $64.05MPrincipal $59.79M

RUN 4 03.01.30SUNRUN INCHold

Weight 1.1%Value $60.58MPrincipal $50.94M

REAL 4 02.15.31THE REALREAL INCHold

Weight 1.1%Value $58.24MPrincipal $41.38M

PURECYCLE TECHNOLOGIES INCNo ticker matchNew

Weight 1.1%Value $58.06MPrincipal $57.25M

GOOGALPHABET INCTrim

Weight 1.0%Value $57.52MPrice $339.16Shares 163K -0.88%Since Jun 30 -4.01%

APPLIED OPTOELECTRONICS INCNo ticker matchNew

Weight 0.9%Value $49.90MPrincipal $14.01M

CCITIGROUP INCTrim

Weight 0.9%Value $47.73MPrice $131.31Shares 341K -12.38%Since Jun 30 -6.18%

TILRAY BRANDS INCNo ticker matchTrim

Weight 0.9%Value $46.99MPrincipal $46.50M -21.19%

MARA 0 03.01.30MARA HOLDINGS INCAdd

Weight 0.8%Value $46.10MPrincipal $45.91M +170.05%

METC 0 11.01.31RAMACO RES INCHold

Weight 0.8%Value $41.75MPrincipal $56.30M

BRIDGEBIO PHARMA INCNo ticker matchHold

Weight 0.7%Value $39.65MPrincipal $22.24M

CLSK 0 06.15.30CLEANSPARK INCHold

Weight 0.7%Value $38.60MPrincipal $29.52M

HYGISHARES TRAdd

Weight 0.7%Value $38.27MPrice $77.54Shares 479K +93.80%Since Jun 30 -3.04%

KEELKEEL INFRASTRUCTURE CORPNew

Weight 0.7%Value $37.95MPrice $3.60Shares 6.61MSince Jun 30 -37.28%

CIFRCIPHER DIGITAL INCTrim

Weight 0.7%Value $37.00MPrice $16.74Shares 1.51M -30.68%Since Jun 30 -31.67%

EMBJEMBRAER S.A.Add

Weight 0.6%Value $32.17MPrice $76.53Shares 504K +25.53%Since Jun 30 +19.95%

SMCI 0 06.15.30SUPER MICRO COMPUTER INCNew

Weight 0.6%Value $31.78MPrincipal $35.63M

METAMETA PLATFORMS INCAdd

Weight 0.5%Value $28.21MPrice $715.62Shares 50K +9.01%Since Jun 30 +27.04%

Stock	Weight	Value	Price	Shares	Since Jun 30	Shares change	Action
GME 0 06.15.32GAMESTOP CORP	2.7%	$150.11M	—	$147.65M prn	—	—	New
PENG 2 08.15.30PENGUIN SOLUTIONS INC	2.2%	$119.86M	—	$42.25M prn	—	—	New
APPLIED DIGITAL CORPNo ticker match	1.8%	$97.12M	—	$24.36M prn	—	-32.95%	Trim
NVDANVIDIA CORPORATION	1.5%	$82.37M	$228.86	412K	+14.38%	+40.09%	Add
GREEN PLAINS INCNo ticker match	1.4%	$77.99M	—	$57.43M prn	—	-1.51%	Trim
AMZNAMAZON COM INC	1.4%	$75.06M	$246.15	315K	+3.28%	-22.81%	Trim
GROUPON INCNo ticker match	1.3%	$73.82M	—	$74.37M prn	—	+13.59%	Add
RIVIAN AUTOMOTIVE INCNo ticker match	1.2%	$64.05M	—	$59.79M prn	—	—	Hold
RUN 4 03.01.30SUNRUN INC	1.1%	$60.58M	—	$50.94M prn	—	—	Hold
REAL 4 02.15.31THE REALREAL INC	1.1%	$58.24M	—	$41.38M prn	—	—	Hold
PURECYCLE TECHNOLOGIES INCNo ticker match	1.1%	$58.06M	—	$57.25M prn	—	—	New
GOOGALPHABET INC	1.0%	$57.52M	$339.16	163K	-4.01%	-0.88%	Trim
APPLIED OPTOELECTRONICS INCNo ticker match	0.9%	$49.90M	—	$14.01M prn	—	—	New
CCITIGROUP INC	0.9%	$47.73M	$131.31	341K	-6.18%	-12.38%	Trim
TILRAY BRANDS INCNo ticker match	0.9%	$46.99M	—	$46.50M prn	—	-21.19%	Trim
MARA 0 03.01.30MARA HOLDINGS INC	0.8%	$46.10M	—	$45.91M prn	—	+170.05%	Add
METC 0 11.01.31RAMACO RES INC	0.8%	$41.75M	—	$56.30M prn	—	—	Hold
BRIDGEBIO PHARMA INCNo ticker match	0.7%	$39.65M	—	$22.24M prn	—	—	Hold
CLSK 0 06.15.30CLEANSPARK INC	0.7%	$38.60M	—	$29.52M prn	—	—	Hold
HYGISHARES TR	0.7%	$38.27M	$77.54	479K	-3.04%	+93.80%	Add
KEELKEEL INFRASTRUCTURE CORP	0.7%	$37.95M	$3.60	6.61M	-37.28%	—	New
CIFRCIPHER DIGITAL INC	0.7%	$37.00M	$16.74	1.51M	-31.67%	-30.68%	Trim
EMBJEMBRAER S.A.	0.6%	$32.17M	$76.53	504K	+19.95%	+25.53%	Add
SMCI 0 06.15.30SUPER MICRO COMPUTER INC	0.6%	$31.78M	—	$35.63M prn	—	—	New
METAMETA PLATFORMS INC	0.5%	$28.21M	$715.62	50K	+27.04%	+9.01%	Add

Weight is the share of the reported 13F value, including options at notional value. “Since Jun 30” compares the latest close with the quarter-end price implied by the filing (value ÷ shares).

Largest buys in 2026 Q2

GME 0 06.15.32GAMESTOP CORP≈ $150.11MNew

PENG 2 08.15.30PENGUIN SOLUTIONS INC≈ $119.86MNew

PURECYCLE TECHNOLOGIES INCNo ticker match≈ $58.06MNew

APPLIED OPTOELECTRONICS INCNo ticker match≈ $49.90MNew

KEELKEEL INFRASTRUCTURE CORP≈ $37.95MNew

Largest sells in 2026 Q2

PURECYCLE TECHNOLOGIES INCNo ticker match≈ $59.44MSold

NFLXNETFLIX INC.≈ $32.81MTrim

XLFSELECT SECTOR SPDR TR≈ $32.55MSold

APPLIED DIGITAL CORPNo ticker match≈ $31.79MTrim

EWYISHARES INC≈ $30.84MTrim

Options

Notional value, listed apart from stocks · top 10 of 62

IWMISHARES TRPUT$942.99MAdd

GDXVANECK ETF TRUSTCALL$189.53MAdd

QQQINVESCO QQQ TRCALL$114.88MAdd

CLMTCALUMET INCPUT$61.72MHold

IBITISHARES BITCOIN TRUST ETFPUT$57.94MTrim

XMESPDR SERIES TRUSTCALL$53.47MNew

SPYSTATE STR SPDR S&P 500 ETF TPUT$37.93MAdd

GMEGAMESTOP CORPPUT$37.14MAdd

GRRRGORILLA TECHNOLOGY GROUP INCPUT$35.80MNew

FBTCFIDELITY WISE ORIGIN BITCOINPUT$35.54MHold

Source: SEC Form 13F, values as reported by the filer. Filings lag up to 45 days after quarter end and cover only certain long positions. Research only, not investment advice.

Original filing All 13F filings on EDGAR