Vault-13

GSR III ACQUISITION CORP

CL A · CUSIP G4R103107

58 institutional holders -7 vs Q2 2025
12,217,10612.2m shares reported held*
$125.1mreported value*
23 new 11 added 19 reduced 29 sold out net sold ≈ $14.3m (-1.4m 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 ≈ $10.24. Options: 5 managers hold calls ($4.0m notional), 6 hold puts ($6.5m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q4 24: 18Q1 25: 33Q2 25: 65Q3 25: 5858Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q4 202418
Q1 202533
Q2 202565
Q3 202558

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q1 25: 23 bought or addedQ1 25: 4 cut or sold outQ1 25Q2 25: 42 bought or addedQ2 25: 23 cut or sold outQ2 25Q3 25: 34 bought or addedQ3 25: 48 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025234
Q2 20254223
Q3 20253448

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $201.4kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $4.0mQ3 25 puts: $6.5mQ3 25P/C 1.66
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$201.4k$00.00
Q3 2025$4.0m$6.5m1.66

Biggest buyers

TORONTO DOMINION BANK New +1,303,861+1.3m
Harraden Circle Investments, LLC New +1,231,259+1.2m
HIGHBRIDGE CAPITAL MANAGEMENT LLC New +750,000+750.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +708,919+708.9k
RIVERNORTH CAPITAL MANAGEMENT, LLC New +385,148+385.1k
BARCLAYS PLC New +300,000+300.0k
CITADEL ADVISORS LLC New +264,260+264.3k
Sender Co & Partners, Inc. New +246,098+246.1k
JANE STREET GROUP, LLC New +176,171+176.2k
MIZUHO SECURITIES USA LLC New +136,169+136.2k

Biggest sellers

Governors Lane LP Sold out -983,871-983.9k
Magnetar Financial LLC Reduced -824,347-824.3k
GOLDMAN SACHS GROUP INC Sold out -491,262-491.3k
Linden Advisors LP Reduced -456,000-456.0k
GABELLI & Co INVESTMENT ADVISERS, INC. Reduced -427,250-427.2k
MYDA Advisors LLC Reduced -406,508-406.5k
Militia Capital Partners, LP Sold out -400,000-400.0k
Meteora Capital, LLC Sold out -358,910-358.9k
GABELLI FUNDS LLC Reduced -277,750-277.8k
AQR Arbitrage LLC Sold out -256,832-256.8k

Biggest calls

JANE STREET GROUP, LLC New $1.9m183.1k shares
CITADEL ADVISORS LLC New $722.1k69.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $712.8k68.8k shares
GROUP ONE TRADING LLC New $540.8k52.2k shares
SIMPLEX TRADING, LLC New $80.0k104.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.9m185.9k shares
JANE STREET GROUP, LLC New $1.7m165.3k shares
LMR Partners LLP New $1.5m143.0k shares
GROUP ONE TRADING LLC New $807.0k77.9k shares
CITADEL ADVISORS LLC New $583.3k56.3k shares
SIMPLEX TRADING, LLC New $32.0k75.7k 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
GSR III Sponsor LLC 13G · exempt (held before listing) new · filed 2025-02-12 21.1% new 6.2m 2025-02-12
Shaolin Capital Management LLC 13G · institution new · filed 2025-02-14 8.0% new 1.9m 2025-02-14
BARCLAYS PLC 13G · institution +1.0 pts · filed 2025-11-12 5.7% +1.0 pts 1.3m 2025-11-12
Harraden Circle Investments, LLC 13G · passive investor new · filed 2025-09-15 5.3% new 1.2m 2025-09-15

Fell to 5% or below in the last year: MERUS GLOBAL INVESTMENTS, LLC (0.0%, 2026-02-17), GOLDMAN SACHS GROUP INC (0.0%, 2025-11-14)

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TORONTO DOMINION BANK 0.03% of their portfolio TORONTO, ONTARIO, A6 1,303,8611.3m $13.5m $13.5m 0.03% New
2 Harraden Circle Investments, LLC 2.48% of their portfolio NEW YORK, NY 1,231,2591.2m $12.8m $12.8m 2.48% New
3 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 988,500988.5k $10.2m $10.2m 0.01% Unchanged
4 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 769,612769.6k $8.0m $8.0m 0.01% Added +708.9k +708,919
5 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.39% of their portfolio NEW YORK, NY 750,000750.0k $7.8m $7.8m 0.39% New
6 Magnetar Financial LLC 0.04% of their portfolio EVANSTON, IL 585,653585.7k $6.1m $6.1m 0.04% Reduced -824.3k -824,347
7 Linden Advisors LP 0.03% of their portfolio New York, NY 542,000542.0k $4.1m $4.1m 0.03% Reduced -456.0k -456,000
8 HRT FINANCIAL LP 0.02% of their portfolio NEW YORK, NY 493,220493.2k $5.1m $5.1m 0.02% Added +2.1k +2,148
9 Westchester Capital Management, LLC 0.23% of their portfolio VALHALLA, NY 433,174433.2k $4.5m $4.5m 0.23% Reduced -83.0k -82,963
10 GLAZER CAPITAL, LLC 0.15% of their portfolio New York, NY 421,738421.7k $4.4m $4.4m 0.15% Added +71.6k +71,638
11 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.23% of their portfolio WEST PALM BEACH, FL 385,148385.1k $4.0m $4.0m 0.23% New
12 BERKLEY W R CORP 0.23% of their portfolio Greenwich, CT 343,707343.7k $3.6m $3.6m 0.23% Reduced -39.7k -39,686
13 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 300,000300.0k $3.1m $3.1m 0.00% New
14 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 264,260264.3k $2.7m $2.7m 0.00% New
15 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 250,690250.7k $2.6m $2.6m 0.01% Added +2.3k +2,300
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 249,566249.6k $2.6m $2.6m 0.00% Reduced -60.6k -60,583
17 Sender Co & Partners, Inc. 0.99% of their portfolio NEW YORK, NY 246,098246.1k $2.5m $2.5m 0.99% New
18 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 176,171176.2k $1.8m $1.8m 0.00% New
19 Clear Street Group Inc. 0.01% of their portfolio NEW YORK, NY 175,000175.0k $1.8m $1.8m 0.01% First filing
20 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 163,401163.4k $1.7m $1.7m 0.00% Reduced -68.5k -68,459
21 LMR Partners LLP 0.02% of their portfolio LONDON, X0 155,157155.2k $1.6m $1.6m 0.02% Reduced -202.9k -202,935
22 GABELLI & Co INVESTMENT ADVISERS, INC. 0.26% of their portfolio Rye, NY 153,750153.8k $1.6m $1.6m 0.26% Reduced -427.2k -427,250
23 MYDA Advisors LLC 0.44% of their portfolio WOODMERE, NY 140,000140.0k $1.5m $1.5m 0.44% Reduced -406.5k -406,508
24 GABELLI FUNDS LLC 0.01% of their portfolio Rye, NY 139,250139.2k $1.4m $1.4m 0.01% Reduced -277.8k -277,750
25 MIZUHO SECURITIES USA LLC 0.03% of their portfolio NEW YORK, NY 136,169136.2k $1.4m $1.4m 0.03% New
26 Hudson Bay Capital Management LP 0.01% of their portfolio STAMFORD, CT 109,068109.1k $1.1m $1.1m 0.01% Reduced -21.7k -21,707
27 Polar Asset Management Partners Inc. 0.02% of their portfolio TORONTO, A6 100,000100.0k $1.0m $1.0m 0.02% Reduced -180.6k -180,569
28 Rangeley Capital, LLC 0.97% of their portfolio NEW CANAAN, CT 100,000100.0k $1.0m $1.0m 0.97% Added +89.0k +89,000
29 Shaolin Capital Management LLC 0.05% of their portfolio Miami, FL 98,91098.9k $1.0m $1.0m 0.05% Reduced -65.7k -65,690
30 Diametric Capital, LP 0.37% of their portfolio BOSTON, MA 95,38795.4k $988.2k $988.2k 0.37% New
31 Radcliffe Capital Management, L.P. 0.05% of their portfolio BALA CYNWYD, PA 78,28378.3k $811.0k $811.0k 0.05% Reduced -38.2k -38,217
32 Alpine Global Management, LLC 0.16% of their portfolio NEW YORK, NY 75,00075.0k $777.0k $777.0k 0.16% Reduced -25.0k -25,000
33 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 65,00065.0k $673.4k $673.4k 0.00% Unchanged
34 HEIGHTS CAPITAL MANAGEMENT, INC 0.20% of their portfolio SAN FRANCISCO, CA 60,90060.9k $630.9k $630.9k 0.20% Unchanged
35 FNY Investment Advisers, LLC 0.20% of their portfolio NEW YORK, NY 60,70260.7k $628.0k $628.0k 0.20% Reduced -30.2k -30,198
36 Marex Group Ltd 0.01% of their portfolio London, X0 57,09657.1k $592.7k $592.7k 0.01% Added +37.2k +37,225
37 GROUP ONE TRADING LLC 0.02% of their portfolio CHICAGO, IL 54,56254.6k $565.3k $565.3k 0.02% New
38 Huntleigh Advisors, Inc. 0.10% of their portfolio ST. LOUIS, MO 54,16054.2k $561.1k $561.1k 0.10% Added +27.2k +27,155
39 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 50,84650.8k $526.8k $526.8k 0.01% New
40 TENOR CAPITAL MANAGEMENT Co., L.P. 0.01% of their portfolio NEW YORK, NY 50,00050.0k $518.0k $518.0k 0.01% Unchanged
41 Ionic Capital Management LLC 0.58% of their portfolio NEW YORK, NY 50,00050.0k $518.0k $518.0k 0.58% New
42 Symmetry Investments LP 0.04% of their portfolio ST HELIER, Y9 50,00050.0k $518.0k $518.0k 0.04% New
43 SIMPLEX TRADING, LLC 0.01% of their portfolio CHICAGO, IL 43,91343.9k $454.0k $454.0k 0.01% New
44 PRELUDE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 32,12132.1k $332.8k $332.8k 0.03% New
45 Yaupon Capital Management LP 0.02% of their portfolio NEW YORK, NY 30,51130.5k $316.1k $316.1k 0.02% Added +1.1k +1,123
46 Focused Wealth Management, Inc 0.03% of their portfolio Newburgh, NY 25,00025.0k $259.0k $259.0k 0.03% New
47 FIFTH LANE CAPITAL, LP 0.26% of their portfolio Austin, TX 25,00025.0k $259.0k $259.0k 0.26% Reduced -10.0k -10,000
48 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 10,69410.7k $110.8k $110.8k 0.00% Reduced -2.1k -2,138
49 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 10,00010.0k $103.6k $103.6k 0.00% New
50 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 10,00010.0k $103.6k $103.6k 0.00% New
51 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 8,3008.3k $86.0k $86.0k 0.00% Added +3.5k +3,500
52 Context Capital Management, LLC 0.00% of their portfolio LAJOLLA, CA 4,1444.1k $42.9k $42.9k 0.00% Reduced -83.7k -83,726
53 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,2503.2k $33.7k $33.7k 0.00% Added +2.8k +2,750
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,5232.5k $26.1k $26.1k 0.00% New
55 Caitong International Asset Management Co., Ltd 0.02% of their portfolio HONG KONG, K3 2,1012.1k $21.8k $21.8k 0.02% New
56 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 2,0002.0k $20.7k $20.7k 0.00% New
57 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 189189 $2.0k $2.0k 0.00% Added +115 +115
58 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 6262 $643 $643 0.00% New