COURAGE CAPITAL MANAGEMENT LLC

NASHVILLE, TN · CIK 1119376 · 13F filing filed 2025-08-15

SEC-registered investment adviser since 2004 · limited liability company

$67.8m reported value +38.4% vs Q1 2025

13positions

96.8%in top 10

2 new 4 added 0 reduced 1 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	FIDELITY WISE ORIGIN BITCOIN SHS FBTC	FBTC	155,615	$14.6m21.57%	21.57%	Added +74.3k	+74,294 91.4%
2	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	648,000	$13.6m19.99%	19.99%	Unchanged
3	CORECIVIC INC COM CXW	CXW	473,961	$10.0m14.73%	14.73%	Added +45.5k	+45,470 10.6%
4	SPROTT PHYSICAL GOLD TR UNIT PHYS	PHYS	264,500	$6.7m9.89%	9.89%	Unchanged
5	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	184,254	$6.0m8.88%	8.88%	Unchanged
6	META PLATFORMS INC CL A META	META	7,950	$5.9m8.65%	8.65%	Added +3.5k	+3,500 78.7%
7	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	6,821	$4.2m6.21%	6.21%	Added +5.8k	+5,821 582.1%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	10,500	$1.9m2.75%	2.75%	Unchanged
9	ISHARES GOLD TR ISHARES NEW IAU	IAU	28,000	$1.7m2.58%	2.58%	Unchanged
10	UNITEDHEALTH GROUP INC COM UNH	UNH	3,300	$1.0m1.52%	1.52%	New
11	TESLA INC COM TSLA	TSLA	3,100	$985.0k1.45%	1.45%	New
12	STARBUCKS CORP COM SBUX	SBUX	9,800	$898.0k1.32%	1.32%	Unchanged
13	JOHNSON & JOHNSON COM JNJ	JNJ	2,000	$306.0k0.45%	0.45%	Unchanged

Security	Ticker	Shares held before	Value then
CROWN CASTLE INC CCI	CCI	12,000	$1.3m12.0k shares