BLACK SPADE ACQUISITION III BIII.WS
*W EXP 99/99/999 · Equity WRT · CUSIP G1154S111
34
institutional holders
+7 vs Q1 2026
4.7m
shares reported held*
$2.1mreported value*
9 new
2 added
3 reduced
2 sold out
net bought ≈ $264.1k (+942.6k 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. Holder counts are more reliable. Implied quarter-end price ≈ $0.44. Options: 1 managers hold calls ($100.0k notional), 0 hold puts (—).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q1 2026 | 27 |
| Q2 2026 | 34 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
CallsPuts
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $0 | $0 | — |
| Q4 2025 | $0 | $0 | — |
| Q1 2026 | $17.5k | $0 | 0.00 |
| Q2 2026 | $100.0k | $0 | 0.00 |
Biggest buyers
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | New | +400.6k |
| SONA ASSET MANAGEMENT (US) LLC | New | +200.0k |
| Wealthspring Capital LLC | New | +185.8k |
| MMCAP International Inc. SPC | New | +83.3k |
| Bulldog Investors, LLP | New | +50.0k |
| StoneX Group Inc. | Added | +45.1k |
| Decagon Asset Management LLP | Added | +25.8k |
| Lineage Point Capital LP | New | +25.0k |
| BOOTHBAY FUND MANAGEMENT, LLC | New | +25.0k |
| Schonfeld Strategic Advisors LLC | New | +17.4k |
Biggest sellers
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | Sold out | -273.0k |
| Shaolin Capital Management LLC | Reduced | -68.4k |
| BERKLEY W R CORP | Sold out | -41.7k |
| TORONTO DOMINION BANK | Reduced | -18.5k |
| Clear Street Group Inc. | Reduced | -500 |
Biggest calls
| MILLENNIUM MANAGEMENT LLC | Added | $100.0k250.0k shares |
Biggest puts
| None |
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 2026
| Manager | Shares | Change |
|---|---|---|
| HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 400.6k $152.2k | New |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio | 400.0k $160.0k | Unchanged |
| ARISTEIA CAPITAL, L.L.C. 0.00% of their portfolio | 366.7k $139.3k | Unchanged |
| TENOR CAPITAL MANAGEMENT Co., L.P. 0.00% of their portfolio | 333.3k $133.3k | Unchanged |
| Magnetar Financial LLC 0.00% of their portfolio | 333.3k $133.3k | Unchanged |
| AQR Arbitrage LLC 0.00% of their portfolio | 264.0k $105.5k | Unchanged |
| Decagon Asset Management LLP 0.02% of their portfolio | 234.6k $93.8k | Added +25.8k |
| SONA ASSET MANAGEMENT (US) LLC 0.00% of their portfolio | 200.0k $80.0k | New |
| Wealthspring Capital LLC 0.01% of their portfolio | 185.8k $66.9k | New |
| Alberta Investment Management Corp 0.00% of their portfolio | 166.7k $66.6k | Unchanged |
| Fort Baker Capital Management LP 0.01% of their portfolio | 166.7k $63.3k | Unchanged |
| Shaolin Capital Management LLC 0.00% of their portfolio | 153.0k $61.2k | Reduced -68.4k |
| Periscope Capital Inc. 0.01% of their portfolio | 139.6k $53.0k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 136.0k $51.7k | Unchanged |
| PICTON MAHONEY ASSET MANAGEMENT 0.00% of their portfolio | 125.0k $50.0k | Unchanged |
| Radcliffe Capital Management, L.P. 0.00% of their portfolio | 116.7k $44.3k | Unchanged |
| WHITEBOX ADVISORS LLC 0.00% of their portfolio | 92.1k $36.8k | Unchanged |
| Clear Street Group Inc. 0.00% of their portfolio | 83.5k $33.4k | Reduced -500 |
| Linden Advisors LP 0.00% of their portfolio | 83.3k $33.3k | Unchanged |
| MMCAP International Inc. SPC 0.00% of their portfolio | 83.3k $33.3k | New |
| Mint Tower Capital Management B.V. 0.00% of their portfolio | 75.0k $30.0k | Unchanged |
| StoneX Group Inc. 0.00% of their portfolio | 67.9k $23.5k | Added +45.1k |
| Context Capital Management, LLC 0.00% of their portfolio | 66.9k $26.7k | Unchanged |
| MOORE CAPITAL MANAGEMENT, LP 0.00% of their portfolio | 66.7k $26.7k | Unchanged |
| GLAZER CAPITAL, LLC 0.00% of their portfolio | 66.7k $25.0k | Unchanged |
| Bulldog Investors, LLP 0.00% of their portfolio | 50.0k $20.0k | New |
| Hudson Bay Capital Management LP 0.00% of their portfolio | 35.0k $14.0k | Unchanged |
| Verition Fund Management LLC 0.00% of their portfolio | 33.3k $13.3k | Unchanged |
| RIVERNORTH CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 26.0k $9.1k | Unchanged |
| BOOTHBAY FUND MANAGEMENT, LLC 0.00% of their portfolio | 25.0k $248.8k | New |
| Lineage Point Capital LP 0.00% of their portfolio | 25.0k $9.5k | New |
| TORONTO DOMINION BANK 0.00% of their portfolio | 24.5k $9.8k | Reduced -18.5k |
| Schonfeld Strategic Advisors LLC 0.00% of their portfolio | 17.4k $6.6k | New |
| Arax Advisory Partners 0.00% of their portfolio | 13.7k $4.9k | New |