MMCAP International Inc. SPC

MMCAP International Inc. SPC is an institution, managing $752.3M across 116 long positions as of Q3 2025 with 49% Unknown concentration, 21% allocation to ARMN, and minimal technology exposure.

Portfolio Value: $752.3M
Positions: 116
Top Holding: ARMN at 21.42%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in MMCAP International Inc. SPC's portfolio (49.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Aris Mining ARMN	Gold Basic Materials	$161.1M	21.42%	+$50.1M Bought	8.12% 16.4M shares	Q3 2023 Held for 2y 2m
2 Algoma Steel Group Inc. ASTL	Steel Basic Materials	$28.7M	3.82%	+$3.1M Bought	7.70% 8.1M shares	Q4 2023 Held for 1y 11m
3 Uranium Energy UEC	Uranium Energy	$27.9M	3.71%	-$182.6M Sold	0.45% 2.1M shares	Q1 2022 Held for 3y 8m
4 Denison Mines DNN	Uranium Energy	$26.1M	3.47%	-$10.7M Sold	1.06% 9.5M shares	Q4 2020 Held for 4y 11m
5 Asset Entities ASST	Internet Content & Information Communication Services	$25.0M	3.32%	+$25.0M New	2.91% 18.5M shares	Q3 2025 Held for 2 months
6 New Providence Acquisition Corp. III Class A Ordinary Shares NPAC	Unknown Unknown	$22.4M	2.97%	+$22.4M New	5.73% 2.2M shares	Q3 2025 Held for 2 months
7 CCCX Churchill Capital Corp X Class A Ordinary Shares CCCX	Unknown Unknown	$20.3M	2.70%	+$20.3M New	3.04% 1.6M shares	Q3 2025 Held for 2 months
8 POET Technologies POET	Semiconductors Technology	$19.9M	2.64%	-$12.8M Sold	3.95% 3.6M shares	Q1 2022 Held for 3y 8m
9 Fifth Era Acquisition Corp I Class A Ordinary Shares FERA	Unknown Unknown	$19.3M	2.57%	+$19.3M New	6.08% 1.9M shares	Q3 2025 Held for 2 months
10 SUIG Sui Group Holdings Limited Common Stock SUIG	Unknown Unknown	$18.4M	2.45%	+$18.4M New	5.83% 4.8M shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MMCAP International Inc. SPC's latest filing

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Market Value

$752.3M

Prior: $660.4M

Q/Q Change

+13.92%

+$91.9M

Net Flows % of MV

-2.52%

Turnover Ratio

40.12%

New Purchases

39 stocks

$237.5M

Added To

8 stocks

+$60.3M

Sold Out Of

20 stocks

$44.4M

Reduced Holdings

10 stocks

-$272.4M

Increased Positions

Position	Shares Δ	Change
1 Asset Entities ASST	New	0 → 18.5M +$25.0M
2 New Providence Acquisition Corp. III Class A Ordinary Shares NPAC	New	0 → 2.2M +$22.4M
3 CCCX Churchill Capital Corp X Class A Ordinary Shares CCCX	New	0 → 1.6M +$20.3M
4 Fifth Era Acquisition Corp I Class A Ordinary Shares FERA	New	0 → 1.9M +$19.3M
5 SUIG Sui Group Holdings Limited Common Stock SUIG	New	0 → 4.8M +$18.4M

Decreased Positions

Position	Shares Δ	Change
1 Galaxy Digital Inc. Class A Common Stock GLXY	Sold	760.1K → 0 −$16.6M
2 HCM II Acquisition Corp. HOND	Sold	962.1K → 0 −$10.7M
3 Cohen Circle Acquisition Corp. CCIR	Sold	454.6K → 0 −$5.0M
4 Spark I Acquisition Corp. SPKL	Sold	350.0K → 0 −$3.8M
5 TDACU Trident Acquisitions Corp. TDACU	Sold	350.0K → 0 −$3.6M