Fore Capital, LLC

New York, NY · CIK 1714672 · 13F filing filed 2025-08-11

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.

Legal entityFORE CAPITAL, LLC (US)

$50.2m reported value -39.9% vs Q1 2025

29positions

84.6%in top 10

9 new 5 added 7 reduced 28 sold out vs Q1 2025

Options: 5 call positions ($107.3m notional), 4 put positions ($123.1m notional) – listed below, not included above.

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	ISHARES GOLD TR ISHARES NEW IAU	IAU	208,000	$13.0m25.81%	25.81%	Unchanged
2	ETSY INC NOTE 0.250% 6/1 · principal ETSY 0.25 06.15.28 · principal	ETSY 0.25 06.15.28	7,000,000	$6.0m11.99%	11.99%	Added +2.0m	+2,000,000 40.0%
3	ZTO EXPRESS CAYMAN INC NOTE 1.500% 9/0 · principal ZTO 1.5 09.01.27 · principal	ZTO 1.5 09.01.27	5,000,000	$5.0m9.92%	9.92%	Unchanged
4	LITHIUM ARGENTINA AG NOTE 1.750% 1/1 · principal LARCN 1.75 01.15.27 · principal	LARCN 1.75 01.15.27	4,060,000	$3.3m6.60%	6.60%	Unchanged
5	SPROTT ASSET MANAGEMENT LP TR UNIT CEF	CEF	110,000	$3.3m6.59%	6.59%	Unchanged
6	OIL STS INTL INC NOTE 4.750% 4/0 · principal OIS 4.75 04.01.26 · principal	OIS 4.75 04.01.26	3,000,000	$3.0m5.95%	5.95%	Unchanged
7	GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal	GH 0 11.15.27	3,000,000	$2.7m5.43%	5.43%	Added +500.0k	+500,000 20.0%
8	RAPID7 INC NOTE 1.250% 3/1 · principal RPD 1.25 03.15.29 · principal	RPD 1.25 03.15.29	3,000,000	$2.7m5.30%	5.30%	Unchanged
9	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	70,000	$2.4m4.78%	4.78%	Added +14.0k	+14,000 25.0%
10	PERRIGO CO PLC SHS PRGO	PRGO	41,500	$1.1m2.21%	2.21%	New
11	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	35,000	$1.0m2.01%	2.01%	New
12	NOVAGOLD RES INC COM NEW NG	NG	210,000	$858.9k1.71%	1.71%	New
13	BILL HOLDINGS INC NOTE 4/0 · principal BILL 0 04.01.27 · principal	BILL 0 04.01.27	752,000	$687.1k1.37%	1.37%	Reduced -3.7m	-3,748,000 -83.3%
14	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	50,000	$573.0k1.14%	1.14%	New
15	VIZSLA SILVER CORP COM NEW VZLA	VZLA	175,000	$514.5k1.02%	1.02%	New
16	PERPETUA RESOURCES CORP COM PPTA	PPTA	42,000	$509.9k1.01%	1.01%	New
17	PRECIGEN INC COM PGEN	PGEN	341,811	$485.4k0.97%	0.97%	Reduced -50.0k	-50,000 -12.8%
18	CLEAR CHANNEL OUTDOOR HLDGS COM CCO	CCO	410,000	$479.7k0.95%	0.95%	Reduced -60.0k	-60,000 -12.8%
19	GRAFTECH INTL LTD COM EAF	EAF	460,000	$447.4k0.89%	0.89%	Added +50.0k	+50,000 12.2%
20	FUTU HLDGS LTD SPON ADS CL A FUTU	FUTU	3,500	$432.6k0.86%	0.86%	Reduced -5.5k	-5,500 -61.1%
21	CHIME FINL INC COM SHS CL A CHYM	CHYM	11,000	$379.6k0.76%	0.76%	New
22	QIFU TECHNOLOGY INC AMERICAN DEP QFIN	QFIN	7,000	$303.5k0.60%	0.60%	Reduced -13.0k	-13,000 -65.0%
23	GRIFOLS S A SP ADR REP B NVT GRFS	GRFS	30,000	$271.2k0.54%	0.54%	Added +15.0k	+15,000 100.0%
24	CYBIN INC COM NEW COM NEW		31,421	$263.6k0.52%	0.52%	Unchanged
25	MIND MEDICINE MINDMED INC COM NEW COM NEW		35,000	$227.2k0.45%	0.45%	Reduced -5.0k	-5,000 -12.5%
26	PAMPA ENERGIA S A SPONS ADR LVL I PAM	PAM	3,000	$208.1k0.41%	0.41%	New
27	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	20,000	$56.0k0.11%	0.11%	Reduced -15.0k	-15,000 -42.9%
28	OSISKO DEVELOPMENT CORP COM NEW COM NEW		15,000	$32.1k0.06%	0.06%	Unchanged
29	OSISKO DEVELOPMENT CORP W EXP 05/27/202 W EXP 05/27/202		15,000	$8.4k0.02%	0.02%	New

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
NCL CORP LTD NCLH 1.125 02.15.27	NCLH 1.125 02.15.27	6,000,000	$5.8m6.0m shares
CONMED CORP CNMD 2.25 06.15.27	CNMD 2.25 06.15.27	5,000,000	$4.7m5.0m shares
FIVE9 INC FIVN 1 03.15.29	FIVN 1 03.15.29	4,500,000	$3.9m4.5m shares
H WORLD GROUP LTD HTHT 3 05.01.26	HTHT 3 05.01.26	3,000,000	$3.4m3.0m shares
OKTA INC OKTA 0.375 06.15.26	OKTA 0.375 06.15.26	3,000,000	$2.9m3.0m shares
SPROTT PHYSICAL SILVER TR PSLV	PSLV	240,000	$2.8m240.0k shares
VICI PPTYS INC VICI	VICI	60,000	$2.0m60.0k shares
LABCORP HOLDINGS INC LH	LH	8,400	$2.0m8.4k shares
EQUITY LIFESTYLE PPTYS INC ELS	ELS	24,000	$1.6m24.0k shares
CENTENE CORP DEL CNC	CNC	25,000	$1.5m25.0k shares
FIRST MAJESTIC SILVER CORP AGCN 0.375 01.15.27	AGCN 0.375 01.15.27	1,500,000	$1.4m1.5m shares
AMPLIFY ETF TR SILJ	SILJ	95,000	$1.2m95.0k shares
ACADIA HEALTHCARE COMPANY IN ACHC	ACHC	34,000	$1.0m34.0k shares
ATOUR LIFESTYLE HLDGS LTD ATAT	ATAT	25,000	$708.8k25.0k shares
COEUR MNG INC CDE	CDE	70,000	$414.4k70.0k shares
HECLA MNG CO HL	HL	70,000	$389.2k70.0k shares
PAN AMERN SILVER CORP PAAS	PAAS	15,000	$387.4k15.0k shares
MAG SILVER CORP MAG	MAG	25,000	$382.0k25.0k shares
SIBANYE STILLWATER LTD SBSW	SBSW	70,000	$320.6k70.0k shares
AZUL S A		190,000	$311.6k190.0k shares
CLARITEV CORPORATION CTEV	CTEV	14,875	$306.9k14.9k shares
FIRST MAJESTIC SILVER CORP AG	AG	40,000	$267.6k40.0k shares
SEABRIDGE GOLD INC		18,007	$210.1k18.0k shares
URANIUM ENERGY CORP UEC	UEC	30,000	$143.4k30.0k shares
DENISON MINES CORP DNN	DNN	100,000	$130.0k100.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES SILVER TR SLV · Call	SLV	Call	2,595,000	$85.1m2.6m shares	Added
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	100,000	$61.8m100.0k shares	New
SPDR GOLD TR GLD · Put	GLD	Put	150,000	$45.7m150.0k shares	New
ISHARES BITCOIN TRUST ETF IBIT · Call	IBIT	Call	290,000	$17.8m290.0k shares	New
ISHARES TR HYG · Put	HYG	Put	100,000	$8.1m100.0k shares	New
VANECK ETF TRUST GDX · Put	GDX	Put	145,000	$7.5m145.0k shares	New
OSCAR HEALTH INC OSCR · Call	OSCR	Call	95,000	$2.0m95.0k shares	New
ISHARES INC EWZ · Call	EWZ	Call	70,000	$2.0m70.0k shares	New
MIND MEDICINE MINDMED INC Call		Call	55,000	$356.9k55.0k shares	New