COURAGE CAPITAL MANAGEMENT LLC

NASHVILLE, TN · CIK 1119376 · 13F filing filed 2025-11-12

SEC-registered investment adviser since 2004 · limited liability company

$75.7m reported value +11.6% vs Q2 2025

14positions

94.6%in top 10

1 new 2 added 0 reduced 0 sold out vs Q2 2025

Holdings, Q3 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	165,865	$16.6m21.87%	21.87%	Added +10.2k	+10,250 6.6%
2	INVESCO EXCH TRADED FD TR II SR LN ETF BKLN	BKLN	648,000	$13.6m17.92%	17.92%	Unchanged
3	CORECIVIC INC COM CXW	CXW	473,961	$9.6m12.74%	12.74%	Unchanged
4	SPROTT PHYSICAL GOLD TR UNIT PHYS	PHYS	264,500	$7.8m10.35%	10.35%	Unchanged
5	GOLDMAN SACHS PHYSICAL GOLD UNIT AAAU	AAAU	184,254	$7.0m9.28%	9.28%	Unchanged
6	META PLATFORMS INC CL A META	META	7,950	$5.8m7.71%	7.71%	Unchanged
7	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	6,821	$4.5m6.00%	6.00%	Unchanged
8	ALPHABET INC CAP STK CL C GOOG	GOOG	10,500	$2.6m3.38%	3.38%	Unchanged
9	ISHARES GOLD TR ISHARES NEW IAU	IAU	28,000	$2.0m2.69%	2.69%	Unchanged
10	PINNACLE FINL PARTNERS INC COM COM		21,565	$2.0m2.67%	2.67%	New
11	UNITEDHEALTH GROUP INC COM UNH	UNH	4,300	$1.5m1.96%	1.96%	Added +1.0k	+1,000 30.3%
12	TESLA INC COM TSLA	TSLA	3,100	$1.4m1.82%	1.82%	Unchanged
13	STARBUCKS CORP COM SBUX	SBUX	9,800	$829.0k1.10%	1.10%	Unchanged
14	JOHNSON & JOHNSON COM JNJ	JNJ	2,000	$371.0k0.49%	0.49%	Unchanged