Two Seas Capital LP

RYE, NY · CIK 1823138 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2020 · limited partnership

Assets managed$2.8bn
Staff16 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds12 (9 hedge) · $4.7bn gross assets
Websitetwoseascap.com
Form ADV · 2026-03-31SEC adviser record

Legal entityTWO SEAS CAPITAL LP (US)

$2.6bn reported value +20.9% vs Q1 2026

37positions

67.8%in top 10

6 new 13 added 14 reduced 4 sold out vs Q1 2026

Options: 9 call positions ($484.4m notional), 1 put positions ($1.9bn 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	ROIVANT SCIENCES LTD SHS ROIV	ROIV	8,475,356	$299.9m11.45%	11.45%	Reduced -852.9k	-852,935 -9.1%
2	CALUMET INC COM CLMT	CLMT	6,619,708	$238.4m9.10%	9.10%	Added +659.4k	+659,416 11.1%
3	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	9,028,509	$231.0m8.82%	8.82%	Reduced -7.1m	-7,123,324 -44.1%
4	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	3,092,234	$215.9m8.24%	8.24%	Added +1.1m	+1,133,056 57.8%
5	TALEN ENERGY CORP COM TLN	TLN	507,208	$194.9m7.44%	7.44%	Reduced -71.9k	-71,921 -12.4%
6	INDIVIOR PHARMACEUTICALS INC COM INDV	INDV	3,479,493	$142.8m5.45%	5.45%	Reduced -1.3m	-1,267,017 -26.7%
7	IMMUNOVANT INC COM IMVT	IMVT	3,148,505	$121.3m4.63%	4.63%	Reduced -53.5k	-53,457 -1.7%
8	GANNETT CO INC COM TDAY	TDAY	14,070,311	$120.3m4.59%	4.59%	Added +24.9k	+24,868 0.2%
9	SHARONAI HOLDINGS INC COM CL A SHAZ	SHAZ	1,293,753	$109.5m4.18%	4.18%	Added +877.1k	+877,087 210.5%
10	SOTERA HEALTH CO COM SHC	SHC	5,836,053	$103.6m3.95%	3.95%	Reduced -187.3k	-187,318 -3.1%
11	ARBUTUS BIOPHARMA CORP COM ABUS	ABUS	19,095,583	$91.7m3.50%	3.50%	Added +538.0k	+538,040 2.9%
12	VISTRA CORP COM VST	VST	430,621	$68.3m2.61%	2.61%	Added +245.0k	+245,024 132.0%
13	FTAI AVIATION LTD SHS FTAI	FTAI	248,962	$67.4m2.57%	2.57%	Reduced -6.5k	-6,545 -2.6%
14	UNIQURE NV SHS QURE	QURE	1,441,410	$66.4m2.53%	2.53%	Added +141.4k	+141,410 10.9%
15	TERAWULF INC COM WULF	WULF	2,493,139	$61.6m2.35%	2.35%	Reduced -1.5m	-1,530,866 -38.0%
16	GOLAR LNG LTD SHS GLNG	GLNG	1,221,779	$60.9m2.32%	2.32%	Reduced -52.9k	-52,931 -4.2%
17	ECHOSTAR CORP CL A ECHO	ECHO	502,975	$51.1m1.95%	1.95%	Added +120.8k	+120,840 31.6%
18	CIPHER MINING INC COM CIFR	CIFR	2,040,000	$50.0m1.91%	1.91%	Reduced -10.0k	-10,000 -0.5%
19	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	208,890	$35.7m1.36%	1.36%	New
20	ABIVAX SA SPONSORED ADS ABVX	ABVX	244,590	$32.6m1.24%	1.24%	New
21	STAAR SURGICAL CO COM PAR $0.01 STAA	STAA	1,064,389	$30.5m1.17%	1.17%	Added +27.4k	+27,416 2.6%
22	FIRST SOLAR INC COM FSLR	FSLR	127,984	$30.2m1.15%	1.15%	Reduced -175.0k	-175,000 -57.8%
23	DARLING INGREDIENTS INC COM DAR	DAR	516,527	$28.2m1.08%	1.08%	Added +500.0k	+500,000 3025.3%
24	QUANTUM CORP COM QMCO	QMCO	2,488,535	$27.4m1.04%	1.04%	New
25	SABLE OFFSHORE CORP COM SHS SOC	SOC	8,377,636	$25.8m0.98%	0.98%	Added +2.9m	+2,880,925 52.4%
26	BITDEER TECHNOLOGIES GROUP CL A ORD SHS BTDR	BTDR	1,500,000	$23.8m0.91%	0.91%	Reduced -724.0k	-723,999 -32.5%
27	X-ENERGY INC COM CL A XE	XE	1,000,000	$18.4m0.70%	0.70%	New
28	HUT 8 CORP COM HUT	HUT	158,082	$18.2m0.70%	0.70%	Reduced -91.9k	-91,918 -36.8%
29	COREWEAVE INC COM CL A CRWV	CRWV	153,139	$15.2m0.58%	0.58%	New
30	SONOS INC COM SONO	SONO	710,612	$9.6m0.37%	0.37%	Reduced -208.7k	-208,715 -22.7%
31	LUCID DIAGNOSTICS INC COM LUCD	LUCD	6,000,000	$6.4m0.25%	0.25%	Added +3.0m	+3,000,000 100.0%
32	IREN LIMITED ORDINARY SHARES IREN	IREN	140,000	$6.4m0.24%	0.24%	New
33	CORE SCIENTIFIC INC NEW *W EXP 01/23/202 CORZW	CORZW	289,539	$5.4m0.21%	0.21%	Unchanged
34	ODYSSEY MARINE EXPL INC COM NEW OMEX	OMEX	5,592,985	$4.8m0.18%	0.18%	Unchanged
35	FERMI INC COM FRMI	FRMI	352,671	$3.2m0.12%	0.12%	Added +327.5k	+327,460 1298.9%
36	PAVMED INC COM PAVM	PAVM	461,539	$2.7m0.10%	0.10%	Unchanged
37	CORE SCIENTIFIC INC NEW *W EXP 01/23/202 CORZZ	CORZZ	24,107	$600.5k0.02%	0.02%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ESPERION THERAPEUTICS INC NE ESPR	ESPR	11,394,833	$31.2m11.4m shares
TRANSALTA CORP TAC	TAC	1,597,900	$20.9m1.6m shares
NEBIUS GROUP N.V. NBIS	NBIS	196,475	$20.4m196.5k shares
ADVISORSHARES TR MSOS	MSOS	3,302,409	$11.7m3.3m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	2,603,500	$1.9bn2.6m shares	Reduced
CORE SCIENTIFIC INC NEW CORZ · Call	CORZ	Call	6,000,000	$153.5m6.0m shares	Added
FIRST SOLAR INC FSLR · Call	FSLR	Call	471,500	$111.3m471.5k shares	Added
ROIVANT SCIENCES LTD ROIV · Call	ROIV	Call	1,482,600	$52.5m1.5m shares	Added
TERAWULF INC WULF · Call	WULF	Call	1,700,000	$42.0m1.7m shares	New
ABIVAX SA ABVX · Call	ABVX	Call	266,400	$35.5m266.4k shares	New
CIPHER MINING INC CIFR · Call	CIFR	Call	1,446,600	$35.4m1.4m shares	New
BITDEER TECHNOLOGIES GROUP BTDR · Call	BTDR	Call	1,917,500	$30.4m1.9m shares	New
GOLAR LNG LTD GLNG · Call	GLNG	Call	250,000	$12.5m250.0k shares	Unchanged
ADVISORSHARES TR MSOS · Call	MSOS	Call	2,225,300	$11.3m2.2m shares	Unchanged

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
PAVMED INC PAVM · 13G · filed 2026-05-15	PAVM	10.0%≈ $3.9m	new	13G	2026-05-15
ODYSSEY MARINE EXPL INC OMEX · 13D · filed 2026-04-13	OMEX	10.0%≈ $5.0m	no change	13D	2026-04-13
NEKTAR THERAPEUTICS NKTR · 13G · filed 2026-09-28	NKTR	9.8%≈ $233.6m	+0.7 pts	13G	2026-09-28
GANNETT CO INC TDAY · 13G · filed 2025-11-14	TDAY	9.6%≈ $121.2m	+1.9 pts	13G	2025-11-14
ARBUTUS BIOPHARMA CORP ABUS · 13G · filed 2026-05-15	ABUS	9.4%≈ $89.1m	+2.9 pts	13G	2026-05-15
VERADIGM INC MDRX · 13G · filed 2026-05-15	MDRX	8.2%	+1.3 pts	13G	2026-05-15
CALUMET INC CLMT · 13G · filed 2026-08-14	CLMT	7.5%≈ $238.4m	-1.8 pts	13G	2026-08-14
QUANTUM CORP QMCO · 13G · filed 2026-08-14	QMCO	6.3%≈ $27.4m	new	13G	2026-08-14
SABLE OFFSHORE CORP SOC · 13G · filed 2026-08-14	SOC	5.4%≈ $25.8m	new	13G	2026-08-14