Vault-13

MARATHON DIGITAL HOLDINGS IN MARA 1 12.01.26

NOTE 1.000%12/0 · US DOMESTIC · CUSIP 565788AB2

35 institutional holders -3 vs Q1 2023
36,200,00036.2m shares reported held*
$316.8mreported value*
2 new 5 added 12 reduced 6 sold out net sold ≈ $115.9m (-40.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($4.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $8.87. Options: 0 managers hold calls (— notional), 1 hold puts ($85.9m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

02040Q4 22: 31Q1 23: 38Q2 23: 3535Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q4 202231
Q1 202338
Q2 202335

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q1 23: 18 bought or addedQ1 23: 13 cut or sold outQ1 23Q2 23: 7 bought or addedQ2 23: 18 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q1 20231813
Q2 2023718

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$25m$50m$75m$100mQ3 22 calls: $0Q3 22 puts: $0Q3 22P/C —Q4 22 calls: $0Q4 22 puts: $15.6mQ4 22P/C —Q1 23 calls: $0Q1 23 puts: $54.6mQ1 23P/C —Q2 23 calls: $0Q2 23 puts: $85.9mQ2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$0—
Q4 2022$0$15.6m—
Q1 2023$0$54.6m—
Q2 2023$0$85.9m—

Biggest buyers

Solus Alternative Asset Management LP Added +16,133,000+16.1m
Arena Investors LP New +3,000,000+3.0m
Ionic Capital Management LLC Added +1,300,000+1.3m
WHITEBOX ADVISORS LLC Added +1,000,000+1.0m
Segantii Capital Management Ltd Added +250,000+250.0k
CITIGROUP INC New +200,000+200.0k
Context Capital Management, LLC Added +9,685+9.7k

Biggest sellers

Shaolin Capital Management LLC Sold out -148,333,000-148.3m
Anson Funds Management LP Reduced -32,000,000-32.0m
WOLVERINE ASSET MANAGEMENT LLC Reduced -13,100,000-13.1m
LAZARD ASSET MANAGEMENT LLC Reduced -7,142,000-7.1m
AQR Arbitrage LLC Reduced -6,435,000-6.4m
Jefferies Financial Group Inc. Sold out -6,383,000-6.4m
Parkwood LLC Sold out -6,000,000-6.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -5,000,000-5.0m
Arena Investors LP Sold out -5,000,000-5.0m
JANE STREET GROUP, LLC Reduced -3,042,000-3.0m

Biggest calls

None

Biggest puts

Shaolin Capital Management LLC New $85.9m157.5m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WHITEBOX ADVISORS LLC 2.13% of their portfolio MINNEAPOLIS, MN 81,478,00081.5m $44.2m $44.2m 2.13% Added +1.0m +1,000,000
2 Davidson Kempner Capital Management LP 0.90% of their portfolio New York, NY 79,167,00079.2m $43.0m $43.0m 0.90% Not comparable
3 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.07% of their portfolio NEW YORK, NY 65,000,00065.0m $35.6m $35.6m 2.07% Reduced -5.0m -5,000,000
4 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 43,608,00043.6m $23.8m $23.8m 0.03% Reduced -7.1m -7,142,000
5 Solus Alternative Asset Management LP 8.40% of their portfolio Summit, NJ 41,633,00041.6m $22.6m $22.6m 8.40% Added +16.1m +16,133,000
6 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 38,200,00038.2m $20.7m $20.7m 0.03% Unchanged
7 Anson Funds Management LP 4.42% of their portfolio DALLAS, TX 32,000,00032.0m $17.5m $17.5m 4.42% Reduced -32.0m -32,000,000
8 DeepCurrents Investment Group LLC 0.63% of their portfolio NEW YORK, NY 27,000,00027.0m $14.6m $14.6m 0.63% Unchanged
9 WOLVERINE ASSET MANAGEMENT LLC 0.20% of their portfolio CHICAGO, IL 19,200,00019.2m $10.5m $10.5m 0.20% Reduced -13.1m -13,100,000
10 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 17,780,00017.8m $9.6m $9.6m 0.00% Unchanged
11 Hudson Bay Capital Management LP 0.09% of their portfolio STAMFORD, CT 16,500,00016.5m $9.0m $9.0m 0.09% Unchanged
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,350,00012.3m $6.7m $6.7m 0.00% Unchanged
13 Murchinson Ltd. 0.84% of their portfolio TORONTO, A6 11,850,00011.8m $6.5m $6.5m 0.84% Reduced -75.0k -75,000
14 Graham Capital Management, L.P. 0.20% of their portfolio ROWAYTON, CT 10,500,00010.5m $5.7m $5.7m 0.20% Unchanged
15 AQR Arbitrage LLC 0.24% of their portfolio Greenwich, CT 10,000,00010.0m $5.5m $5.5m 0.24% Reduced -6.4m -6,435,000
16 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 10,000,00010.0m $5.5m $5.5m 0.03% Unchanged
17 Parallax Volatility Advisers, L.P. 0.15% of their portfolio San Francisco, CA 8,000,0008.0m $4.3m $4.3m 0.15% Unchanged
18 CAPSTONE INVESTMENT ADVISORS, LLC 0.10% of their portfolio NEW YORK, NY 6,500,0006.5m $3.5m $3.5m 0.10% Reduced -1.5m -1,500,000
19 BOOTHBAY FUND MANAGEMENT, LLC 0.10% of their portfolio NEW YORK, NY 5,925,0005.9m $3.2m $3.2m 0.10% Unchanged
20 III Capital Management 0.21% of their portfolio BOCA RATON, FL 5,000,0005.0m $2.7m $2.7m 0.21% Reduced -500.0k -500,000
21 Ionic Capital Management LLC 1.00% of their portfolio NEW YORK, NY 4,550,0004.5m $2.5m $2.5m 1.00% Added +1.3m +1,300,000
22 BlackRock Inc. 0.00% of their portfolio New York, NY 4,225,0004.2m $2.3m $2.3m 0.00% Reduced -375.0k -375,000
23 CSS LLC/IL 0.15% of their portfolio CHICAGO, IL 3,500,0003.5m $1.9m $1.9m 0.15% Unchanged
24 Arena Investors LP 1.58% of their portfolio PURCHASE, NY 3,000,0003.0m $1.6m $1.6m 1.58% New
25 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 2,000,0002.0m $1.1m $1.1m 0.00% Unchanged
26 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,082,0001.1m $587.0k $587.0k 0.00% Reduced -2.5m -2,467,000
27 BASSO CAPITAL MANAGEMENT, L.P. 0.60% of their portfolio STAMFORD, CT 1,000,0001.0m $542.6k $542.6k 0.60% Unchanged
28 Segantii Capital Management Ltd 0.03% of their portfolio HONG KONG, K3 1,000,0001.0m $548.2k $548.2k 0.03% Added +250.0k +250,000
29 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 400,000400.0k $400.0k $400.0k 0.00% Reduced -400.0k -400,000
30 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 300,000300.0k $164.2k $164.2k 0.00% Unchanged
31 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 200,000200.0k $108.5k $108.5k 0.00% New
32 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 200,000200.0k $108.7k $108.7k 0.00% Reduced -3.0m -3,042,000
33 Context Capital Management, LLC 0.87% of their portfolio LAJOLLA, CA 17,68517.7k $9.6m $9.6m 0.87% Added +9.7k +9,685
34 Verition Fund Management LLC 0.07% of their portfolio GREENWICH, CT 8,5798.6k $4.7m $4.7m 0.07% Unchanged
35 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged