MAD RIVER INVESTORS
CIK 1384484 · Holdings on Jun 30, 2025 · First reported Jul 8, 2025
Top ten holdings
Q2 2025- TPL44.97%
- GBTC14.15%
- LB7.11%
- HE5.84%
- PBT4.93%
- WPM4.66%
- MSB3.17%
- FBTC3.09%
- 1436583002.32%
- FNV1.77%
Share classes counted separately92.01%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- TPLWeight decreased · -8.46 pp53.43% → 44.97%Shares -170 (-0.18%)
- GBTCWeight increased · +3.87 pp10.28% → 14.15%Shares -100 (-0.03%)
- PBTWeight increased · +2.95 pp1.98% → 4.93%Shares +412.22K (+87.39%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 23
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | TPLTEXAS PACIFIC LAND CORP View history and evidence | $100.37M | 44.97% | 95.01K shares | 53.43% → 44.97%-8.46 pp -170 (-0.18%) | Reduced | ↗▾ |
| 02 | GBTCGRAYSCALE BITCOIN TRUST ETFSHS REP COM UT View history and evidence | $31.59M | 14.15% | 372.38K shares | 10.28% → 14.15%+3.87 pp -100 (-0.03%) | Reduced | ↗▾ |
| 03 | LBLANDBRIDGE CO LLC-ACL A View history and evidence | $15.86M | 7.11% | 234.75K shares | 7.14% → 7.11%-0.03 pp +501 (+0.21%) | Added | ↗▾ |
| 04 | HEHAWAIIAN ELECTRIC INDS View history and evidence | $13.03M | 5.84% | 1.23M shares | 5.64% → 5.84%+0.20 pp +10.00K (+0.82%) | Added | ↗▾ |
| 05 | PBTPERMIAN BASIN ROYALTY TRUSTUNIT BEN INT View history and evidence | $11.01M | 4.93% | 883.92K shares | 1.98% → 4.93%+2.95 pp +412.22K (+87.39%) | Added | ↗▾ |
| 06 | WPMWHEATON PRECIOUS METALS CORP View history and evidence | $10.41M | 4.66% | 115.92K shares | 4.86% → 4.66%-0.20 pp -31.87K (-21.56%) | Reduced | ↗▾ |
| 07 | MSBMESABI TRUSTCTF BEN INT View history and evidence | $7.08M | 3.17% | 295.41K shares | 3.42% → 3.17%-0.25 pp -1.04K (-0.35%) | Reduced | ↗▾ |
| 08 | FBTCFIDELITY WISE ORIGIN BITCOINSHS View history and evidence | $6.89M | 3.09% | 73.26K shares | 2.29% → 3.09%+0.80 pp -1.79K (-2.39%) | Reduced | ↗▾ |
| 09 | 143658300CARNIVAL CORPUNIT 99/99/9999 View history and evidence | $5.17M | 2.32% | 183.80K shares | 1.56% → 2.32%+0.76 pp -4.30K (-2.29%) | Reduced | ↗▾ |
| 10 | FNVFRANCO-NEVADA CORP View history and evidence | $3.94M | 1.77% | 24.05K shares | 1.86% → 1.77%-0.09 pp -3.75K (-13.48%) | Reduced | ↗▾ |
Options overlay 1
$99.68K notionalPut and Call positions are separate. Notional is based on underlying securities, not option premium, market value or net exposure. Quantities are underlying shares.
| Security | Put / Call | Underlying shares | Notional | Quantity change | |
|---|---|---|---|---|---|
PBTPERMIAN BASIN ROYALTY TRUSTCALL View history and evidence | Call | 8.00K | $99.68K | +8.00K | ▾ |
1 / 1 options · preview only
Exited positions 1
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| DIS WALT DISNEY CO/THE | Non-derivative | -2,400 | -$236.88K | SEC filing ↗ | SEC filing ↗ |
1 / 1 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1384484 · Period 2025-06-30
Data loaded 2026-09-23 · First reported 2025-07-08
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 223277467
}Take these holdings further.
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