BlueCrest Capital Management Ltd

ST HELIER, Y9 · CIK 1610880 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$2.3bn reported value +119.9% vs Q1 2026

250positions

55.5%in top 10

116 new 22 added 28 reduced 50 sold out vs Q1 2026

Options: 25 call positions ($246.3m notional), 24 put positions ($448.4m notional) – listed below, not included above.

Holdings, Q2 2026

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	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	1,883,424	$400.7m17.12%	17.12%	New
2	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	1,417,000	$242.1m10.34%	10.34%	New
3	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	2,622,607	$230.5m9.85%	9.85%	New
4	VANECK ETF TRUST SEMICONDUCTR ETF SMH	SMH	167,000	$109.5m4.68%	4.68%	Added +159.5k	+159,500 2126.7%
5	AMAZON COM INC COM AMZN	AMZN	386,654	$92.2m3.94%	3.94%	New
6	ECHOSTAR CORP CL A ECHO	ECHO	522,048	$53.0m2.26%	2.26%	New
7	ZOOM COMMUNICATIONS INC CL A ZM	ZM	508,925	$43.9m1.88%	1.88%	New
8	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	25,600,000	$43.7m1.87%	1.87%	Reduced -6.0m	-6,000,000 -19.0%
9	CRITEO S A SPONS ADS CRTO	CRTO	2,260,000	$41.3m1.77%	1.77%	Unchanged
10	CHURCHILL CAP CORP XI CL A ORD SHS CCXI	CCXI	2,366,396	$41.3m1.76%	1.76%	New
11	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	396,103	$34.5m1.47%	1.47%	Added +45.0k	+45,008 12.8%
12	FERMI INC COM FRMI	FRMI	3,632,795	$33.3m1.42%	1.42%	New
13	DIGITAL RLTY TR INC COM DLR	DLR	180,116	$32.3m1.38%	1.38%	New
14	PG&E CORP COM PCG	PCG	1,791,316	$30.1m1.29%	1.29%	Added +879.6k	+879,639 96.5%
15	SK TELECOM CO LTD SPONSORED ADR SKM	SKM	750,000	$24.1m1.03%	1.03%	New
16	MADISON AIR SOLUTIONS CORP COM SHS CL A MAIR	MAIR	610,000	$23.8m1.02%	1.02%	New
17	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	451,802	$21.7m0.93%	0.93%	Added +66.9k	+66,870 17.4%
18	ISHARES TR CHINA LG-CAP ETF FXI	FXI	632,465	$20.0m0.85%	0.85%	Added +582.5k	+582,465 1164.9%
19	RITHM CAPITAL CORP COM NEW RITM	RITM	2,046,427	$19.2m0.82%	0.82%	Added +561.8k	+561,819 37.8%
20	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	324,092	$16.3m0.70%	0.70%	New
21	ISHARES TR IBOXX HI YD ETF HYG	HYG	193,880	$15.5m0.66%	0.66%	Reduced -36.2k	-36,155 -15.7%
22	NVIDIA CORPORATION COM NVDA	NVDA	74,986	$15.0m0.64%	0.64%	New
23	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	221,293	$14.9m0.64%	0.64%	Added +162.5k	+162,490 276.3%
24	QUANTINUUM INC CL A COM QNT	QNT	175,000	$14.3m0.61%	0.61%	New
25	NOVANTA INC UNIT 11/01/2028 NOVT 6.5 11.01.28	NOVT 6.5 11.01.28	200,249	$13.5m0.58%	0.58%	Added +21.2k	+21,188 11.8%
26	JETBLUE AIRWAYS CORP NOTE 2.500% 9/0 · principal JBLU 2.5 09.01.29 · principal	JBLU 2.5 09.01.29	12,070,000	$13.4m0.57%	0.57%	Added +5.2m	+5,250,000 77.0%
27	TERAWULF INC COM WULF	WULF	483,594	$11.9m0.51%	0.51%	New
28	NATERA INC COM NTRA	NTRA	43,082	$11.7m0.50%	0.50%	New
29	AVERIN CAP ACQUISITION CORP UNIT 01/30/2031 ACAAU	ACAAU	1,150,000	$11.5m0.49%	0.49%	Unchanged
30	ALPHABET INC CAP STK CL A GOOGL	GOOGL	30,385	$10.9m0.46%	0.46%	Added +28.2k	+28,242 1317.9%
31	VISHAY INTERTECHNOLOGY INC COM VSH	VSH	200,000	$10.8m0.46%	0.46%	New
32	KRAKACQUISITION CORPORATION UNIT 12/23/2030 KRAQU	KRAQU	1,050,000	$10.7m0.46%	0.46%	Unchanged
33	ROBINHOOD VENTURES FD I COM SHS RVI	RVI	325,000	$10.7m0.46%	0.46%	New
34	AMERICAN EXCEPTIONALISM ACQU ORD CL A AEXA	AEXA	881,386	$10.4m0.45%	0.45%	Unchanged
35	FORTRESS VALUE ACQU CORP V ORD SHS CL A FVAV	FVAV	1,000,000	$10.2m0.43%	0.43%	Unchanged
36	APPLIED MATLS INC COM AMAT	AMAT	14,000	$10.1m0.43%	0.43%	New
37	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	119,360	$9.9m0.42%	0.42%	New
38	INFINITE EAGLE ACQUISITION C UNIT 01/13/2031 IEAGU	IEAGU	929,633	$9.5m0.41%	0.41%	Unchanged
39	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	201,015	$9.1m0.39%	0.39%	New
40	MICROCHIP TECHNOLOGY INC. DEP SHS REPSTG MCHP 7.5 03.15.28	MCHP 7.5 03.15.28	117,288	$9.0m0.38%	0.38%	Reduced -108.7k	-108,665 -48.1%
41	MKS INC. COM MKSI	MKSI	19,705	$8.8m0.37%	0.37%	Added +2.1k	+2,082 11.8%
42	COLOMBIER ACQUISITION CORP I UNIT 99/99/9999 CLBR.U	CLBR.U	800,000	$8.4m0.36%	0.36%	Unchanged
43	ALUSSA ENERGY ACQUISIT CORP ORD SHS CL A ALUB	ALUB	825,000	$8.3m0.35%	0.35%	Unchanged
44	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	157,051	$8.2m0.35%	0.35%	New
45	ONEIM ACQUISITION CORP UNIT 01/07/2031 OIMAU	OIMAU	800,000	$8.1m0.35%	0.35%	Unchanged
46	SILICON VY ACQUISITION CORP CL A SVAQ	SVAQ	799,969	$8.1m0.34%	0.34%	Added +500.0k	+499,969 166.7%
47	BITDEER TECHNOLOGIES GROUP CL A ORD SHS BTDR	BTDR	506,700	$8.0m0.34%	0.34%	New
48	HYATT HOTELS CORP COM CL A H	H	40,391	$7.8m0.33%	0.33%	New
49	EQV VENTURES AC CORP. II ORD SHS CL A EVAC	EVAC	750,000	$7.6m0.33%	0.33%	Unchanged
50	ARES MANAGEMENT CORPORATION 6.75 SE B PFD ARES 6.75 10.01.27 B	ARES 6.75 10.01.27 B	206,704	$7.6m0.32%	0.32%	Added +174.4k	+174,443 540.7%
51	GDS HLDGS LTD SPONSORED ADS GDS	GDS	250,000	$7.5m0.32%	0.32%	New
52	GREEN PLAINS INC NOTE 5.250%11/0 · principal GPRE 5.25 11.01.30 UNRS · principal	GPRE 5.25 11.01.30 UNRS	5,500,000	$7.5m0.32%	0.32%	Unchanged
53	X-ENERGY INC COM CL A XE	XE	405,000	$7.4m0.32%	0.32%	New
54	MIAMI INTL HLDGS INC COM MIAX	MIAX	200,000	$7.4m0.32%	0.32%	New
55	ARXIS INC CL A COM ARXS	ARXS	160,138	$7.4m0.32%	0.32%	New
56	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	131,463	$7.3m0.31%	0.31%	Reduced -30.9k	-30,915 -19.0%
57	TRAVERE THERAPEUTICS INC NOTE 0.500% 5/1 · principal TVTX 0.5 05.15.32 · principal	TVTX 0.5 05.15.32	6,000,000	$7.1m0.30%	0.30%	New
58	LEMAITRE VASCULAR INC NOTE 2.500% 2/0 · principal LMAT 2.5 02.01.30 · principal	LMAT 2.5 02.01.30	6,500,000	$6.9m0.30%	0.30%	Unchanged
59	JOBY AVIATION INC NOTE 0.750% 2/1 · principal JOBY 0.75 02.15.32 · principal	JOBY 0.75 02.15.32	7,600,000	$6.9m0.30%	0.30%	Added +1.5m	+1,500,000 24.6%
60	ISHARES TR IBOXX INV CP ETF LQD	LQD	62,000	$6.8m0.29%	0.29%	New
61	GLOBAL PMTS INC NOTE 1.500% 3/0 · principal GPN 1.5 03.01.31 · principal	GPN 1.5 03.01.31	7,500,000	$6.7m0.29%	0.29%	New
62	BRIGHTSPRING HEALTH SVCS INC UNIT 02/01/2027 BTSG 6.75 02.01.27	BTSG 6.75 02.01.27	28,435	$6.5m0.28%	0.28%	Reduced -73.5k	-73,458 -72.1%
63	ITHAX ACQUISITION CORP III USD CL A ORD SHS ITHA	ITHA	650,000	$6.5m0.28%	0.28%	Unchanged
64	SIBANYE STILLWATER LTD SPONSORED ADR SBSW	SBSW	763,107	$6.5m0.28%	0.28%	New
65	ISHARES INC MSCI TURKEY ETF TUR	TUR	158,580	$6.2m0.26%	0.26%	New
66	SOREN ACQUISITION CORP UNIT 12/19/2030 SORNU	SORNU	600,000	$6.0m0.26%	0.26%	Unchanged
67	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	129,959	$5.8m0.25%	0.25%	Reduced -325.7k	-325,707 -71.5%
68	ARGAN INC COM AGX	AGX	6,867	$5.5m0.23%	0.23%	New
69	INVESCO EXCH TRADED FD TR II CHINA TECHNLGY CQQQ	CQQQ	95,096	$5.4m0.23%	0.23%	New
70	ISHARES INC MSCI GBL ETF NEW PICK	PICK	90,000	$5.2m0.22%	0.22%	Unchanged
71	FUTURECREST ACQUISITION CORP UNIT 99/99/9999 FCRS.U	FCRS.U	500,000	$5.2m0.22%	0.22%	Reduced -500.0k	-500,000 -50.0%
72	NEW AMER ACQUISITION I CORP UNIT 99/99/9999 NWAX.U	NWAX.U	500,000	$5.2m0.22%	0.22%	Unchanged
73	KARBON CAP PARTNERS CORP UNIT 12/11/2030 KBONU	KBONU	500,000	$5.1m0.22%	0.22%	Unchanged
74	AMERICAN DRIVE ACQUISITION C UNIT 12/04/2030 ADACU	ADACU	500,000	$5.1m0.22%	0.22%	Unchanged
75	LAKE SUPERIOR ACQUISITION CO USD CL A ORD SHS LKSP	LKSP	500,000	$5.1m0.22%	0.22%	Unchanged
76	M EVO GBL ACQUISITION CORP I UNIT 01/23/2031 MEVOU	MEVOU	500,000	$5.0m0.22%	0.22%	Unchanged
77	IDEA ACQUISITION CORP ORD SHS CL A IACO	IACO	509,174	$5.0m0.22%	0.22%	New
78	DRUGS MADE IN AMER ACQ II CO USD ORD SHS DMII	DMII	500,000	$5.0m0.21%	0.21%	Unchanged
79	ACTIVATE ENERGY ACQUISIT COR CL A ORD SHS AEAQ	AEAQ	500,000	$5.0m0.21%	0.21%	Unchanged
80	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	94,430	$4.8m0.21%	0.21%	New
81	NEXTERA ENERGY INC UNIT 06/01/2027 NEE 7.299 06.01.27	NEE 7.299 06.01.27	88,622	$4.7m0.20%	0.20%	Reduced -28.4k	-28,361 -24.2%
82	BAIN CAP GSS INVT CORP UNIT 99/99/9999 BCSS.U	BCSS.U	450,000	$4.7m0.20%	0.20%	Unchanged
83	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	1,455,000	$4.6m0.19%	0.19%	Reduced -13.2m	-13,238,000 -90.1%
84	VANGUARD SCOTTSDALE FDS TOTAL WLD BD ETF BNDW	BNDW	65,002	$4.5m0.19%	0.19%	New
85	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	4,500,000	$4.4m0.19%	0.19%	New
86	RENATUS TACTICAL ACQUIS SHS CL A RTAC	RTAC	403,226	$4.2m0.18%	0.18%	Unchanged
87	SPACE ASSET ACQUISITION CORP UNIT 01/13/2031 SAAQU	SAAQU	400,000	$4.2m0.18%	0.18%	Unchanged
88	QXO INC 5.50 DEP PFD QXO 5.5 05.15.28 B	QXO 5.5 05.15.28 B	84,635	$4.1m0.18%	0.18%	Reduced -23.9k	-23,897 -22.0%
89	AA MISSION ACQUISITION CORP ORD SHS CL A YCY	YCY	400,000	$4.1m0.17%	0.17%	Unchanged
90	PURECYCLE TECHNOLOGIES INC NOTE 4.750% 7/0 · principal PCT 4.75 07.01.32 · principal	PCT 4.75 07.01.32	4,000,000	$4.0m0.17%	0.17%	New
91	RANGE CAP ACQUISITION CORP I CL A ORD SHS RNGT	RNGT	400,000	$4.0m0.17%	0.17%	Unchanged
92	NEXTNAV INC COMMON STOCK NN	NN	225,000	$4.0m0.17%	0.17%	New
93	TWELVE SEAS INVT CO III ORD SHS CL A TWLV	TWLV	400,000	$4.0m0.17%	0.17%	Unchanged
94	PICS NV COM CL A PICS	PICS	375,000	$4.0m0.17%	0.17%	Added +65.0k	+65,000 21.0%
95	TGE VALUE CREATIVE SOLUTIONS UNIT 99/99/9999 BEBE.U	BEBE.U	388,500	$3.9m0.17%	0.17%	Unchanged
96	WHITEHAWK MINERALS CORP CL A WHK	WHK	135,000	$3.8m0.16%	0.16%	New
97	HCM III ACQUISITION CORP ORD SHS CL A HCMA	HCMA	350,000	$3.6m0.15%	0.15%	Unchanged
98	GLOBAL X FDS DEFENSE TECH ETF SHLD	SHLD	60,000	$3.6m0.15%	0.15%	New
99	HCM IV ACQUISITION CORP UNIT 01/20/2031 HACQU	HACQU	350,000	$3.5m0.15%	0.15%	Unchanged
100	SHARONAI HOLDINGS INC COM CL A SHAZ	SHAZ	40,967	$3.5m0.15%	0.15%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WIX COM LTD WIX	WIX	585,000	$52.7m585.0k shares
ON SEMICONDUCTOR CORP ON 0 05.01.27	ON 0 05.01.27	25,000,000	$32.3m25.0m shares
MEDLINE INC MDLN	MDLN	549,000	$24.4m549.0k shares
INTUITIVE MACHINES INC LUNR	LUNR	661,375	$12.3m661.4k shares
TAIWAN SEMICONDUCTOR MFG LTD TSM	TSM	35,824	$12.1m35.8k shares
PPL CORP PPL 7 02.15.29	PPL 7 02.15.29	227,626	$11.7m227.6k shares
ALIBABA GROUP HLDG LTD BABA 0.5 06.01.31	BABA 0.5 06.01.31	6,500,000	$9.0m6.5m shares
CHEESECAKE FACTORY INC CAKE 2 03.15.30	CAKE 2 03.15.30	7,100,000	$7.2m7.1m shares
NETSTREIT CORP NTST	NTST	350,000	$6.6m350.0k shares
HEWLETT PACKARD ENTERPRISE C HPE 7.625 09.01.27	HPE 7.625 09.01.27	97,692	$6.3m97.7k shares
ESSENTIAL PPTYS RLTY TR INC EPRT	EPRT	200,000	$6.1m200.0k shares
VANECK ETF TRUST GDX	GDX	61,158	$5.6m61.2k shares
CHURCHILL CAP CORP XI CCXIU	CCXIU	500,000	$5.1m500.0k shares
SILICON VY ACQUISITION CORP SVAQU	SVAQU	500,000	$5.0m500.0k shares
MINIMED GROUP INC MMED	MMED	275,000	$4.1m275.0k shares
ISHARES INC EWY	EWY	32,500	$4.0m32.5k shares
PG&E CORP PCG 6 12.01.27 A	PCG 6 12.01.27 A	75,290	$3.2m75.3k shares
NEXTERA ENERGY INC NEE 7.234 11.01.27	NEE 7.234 11.01.27	59,092	$3.1m59.1k shares
FIREFLY AEROSPACE INC FLY	FLY	103,698	$3.0m103.7k shares
BOBS DISC FURNITURE INC BOBS	BOBS	250,000	$2.9m250.0k shares
FIGURE TECHNOLOGY SOLUTIO FIGR	FIGR	85,987	$2.9m86.0k shares
SONIDA SENIOR LIVING INC SNDA	SNDA	89,909	$2.9m89.9k shares
ISHARES INC EZA	EZA	40,000	$2.7m40.0k shares
VANECK ETF TRUST GDXJ	GDXJ	22,585	$2.7m22.6k shares
SOUTHERN CO SO	SO	25,962	$2.5m26.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	215,300	$160.8m215.3k shares	Added
MICRON TECHNOLOGY INC MU · Call	MU	Call	50,000	$57.7m50.0k shares	New
VANECK ETF TRUST SMH · Put	SMH	Put	80,000	$52.5m80.0k shares	New
SPDR GOLD TR GLD · Call	GLD	Call	142,000	$52.3m142.0k shares	Added
TAIWAN SEMICONDUCTOR MFG LTD TSM · Put	TSM	Put	100,000	$47.8m100.0k shares	Unchanged
INVESCO EXCH TRADED FD TR II BKLN · Put	BKLN	Put	2,300,000	$46.9m2.3m shares	Reduced
INVESCO QQQ TR QQQ · Put	QQQ	Put	53,500	$39.4m53.5k shares	Added
SPDR GOLD TR GLD · Put	GLD	Put	100,000	$36.8m100.0k shares	New
ISHARES INC EWZ · Call	EWZ	Call	670,000	$23.1m670.0k shares	Added
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	30,000	$22.4m30.0k shares	New
KRANESHARES TRUST KWEB · Call	KWEB	Call	850,000	$20.8m850.0k shares	Reduced
SELECT SECTOR SPDR TR XLF · Put	XLF	Put	300,000	$16.1m300.0k shares	Reduced
OCCIDENTAL PETE CORP OXY · Call	OXY	Call	250,000	$12.1m250.0k shares	New
ISHARES TR HYG · Put	HYG	Put	150,000	$12.0m150.0k shares	Reduced
ALIBABA GROUP HLDG LTD BABA · Call	BABA	Call	120,000	$11.5m120.0k shares	Reduced
BANK AMERICA CORP BAC · Put	BAC	Put	200,000	$11.4m200.0k shares	New
ISHARES BITCOIN TRUST ETF IBIT · Put	IBIT	Put	300,000	$10.0m300.0k shares	Added
ISHARES TR IGV · Call	IGV	Call	100,000	$9.1m100.0k shares	New
ISHARES TR FXI · Call	FXI	Call	235,000	$7.4m235.0k shares	New
SPDR SER TR XBI · Call	XBI	Call	40,500	$6.4m40.5k shares	New
SERVICENOW INC NOW · Call	NOW	Call	50,000	$5.0m50.0k shares	New
ISHARES TR IWM · Put	IWM	Put	15,000	$4.5m15.0k shares	Reduced
INVESCO DB MULTI-SECTOR COMM DBA · Call	DBA	Call	150,000	$4.0m150.0k shares	New
SPACE EXPLORATION TECHN CORP SPCX · Call	SPCX	Call	20,000	$3.4m20.0k shares	New
RUMBLE INC RUM · Call	RUM	Call	500,000	$3.2m500.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
CHURCHILL CAP CORP XI CCXIU · 13G · filed 2026-07-02	CCXIU	5.6%	new	13G	2026-07-02