Republic Digital Acquisition Company Class A Ordinary Shares

RDAG • NASDAQ

Republic Digital Acquisition Company Class A Ordinary Shares is a blank checks company on NASDAQ, with a market cap of $382.5M. As of Q3 2025, 70% of shares are held by 53 institutional investors, with Harraden Circle Investments, LLC as the largest holder at 8.0%.

Market Cap$382.5M

BLANK CHECKS

Websiterepublic.com

Overview

Overview of institutional ownership in RDAG as of Q3 2025 with a market cap of $382.9M

All Institutions

Institutions: 53
Value Held: $269.1M
Shares Held: 26.4M
Avg Position: $5.1M
Median Position: $3.1M

Hedge Funds

Hedge Funds: 30
Value Held: $184.7M
Shares Held: 18.1M
Avg Position: $6.2M
Median Position: $3.6M

Ownership Breakdown

Institutional (non-HF)

22.04%

$84.4M

Hedge Funds

48.24%

$184.7M

Retail & Other

29.72%

$113.8M

Based on market cap of $382.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in RDAG as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
H Harraden Circle Investments, LLC Hedge Fund•Event Driven	Frederick Vincent Fortmiller Jr Managing Partner	$30.6M 6.43% of portfolio	8.00% 3.0M shares	Q2 2025 Held for 5 months	$476.2M
Meteora Capital, LLC Hedge Fund•Event Driven	Vikas K Mittal Managing Partner	$24.0M 3.19% of portfolio	6.27% 2.4M shares	Q2 2025 Held for 5 months	$752.0M
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	Boaz Ronald Weinstein Founder	$16.8M 0.57% of portfolio	4.40% 1.7M shares	Q2 2025 Held for 5 months	$3.0B
M MMCAP International Inc. SPC Institution	-	$16.0M 2.12% of portfolio	4.17% 1.6M shares	Q3 2025 Held for 2 months	$752.3M
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	$13.5M 1.39% of portfolio	3.53% 1.3M shares	Q2 2025 Held for 5 months	$971.4M
Governors Lane LP Hedge Fund•Event Driven	Isaac Daniel Corre CIO	$10.2M 1.43% of portfolio	2.67% 1.0M shares	Q2 2025 Held for 5 months	$712.0M
Magnetar Financial LLC Hedge Fund•Multi-Strategy	David Jay Snyderman CEO	$10.2M 0.07% of portfolio	2.67% 1.0M shares	Q2 2025 Held for 5 months	$15.4B
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	-	$10.2M 0.02% of portfolio	2.67% 1.0M shares	Q2 2025 Held for 5 months	$53.3B
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	Robin Rajendra Shah CIO	$10.2M 1.27% of portfolio	2.67% 1.0M shares	Q2 2025 Held for 5 months	$806.7M
L LMR Partners LLP Institution	-	$10.2M 0.20% of portfolio	2.66% 997.1K shares	Q2 2025 Held for 5 months	$5.1B

Net Capital Flow

Institutional buying and selling activity for RDAG in Q3 2025

Traded: +$63.7M
Buyers: 23
Sellers: 18
Total Bought: +$81.5M
Total Sold: −$17.8M
Avg Position: $4.6M

Biggest Buyers

Institution	Net Bought	Current Position
M MMCAP International Inc. SPC Institution	+$16.0M +1.6M shares	$16.0M 1.6M shares
Meteora Capital, LLC Hedge Fund•Event Driven	+$15.0M +1.5M shares	$24.0M 2.4M shares
Wealthspring Capital LLC Hedge Fund•Event Driven	+$8.7M +848.5K shares	$8.7M 848.5K shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	+$7.5M +734.6K shares	$7.5M 734.6K shares
HGC Investment Management Inc. Private Equity	+$5.1M +502.7K shares	$6.2M 602.7K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	+$5.1M +500.0K shares	$5.1M 500.0K shares
H Harraden Circle Investments, LLC Hedge Fund•Event Driven	+$4.6M +454.8K shares	$30.6M 3.0M shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Private Equity	+$4.1M +400.0K shares	$4.1M 400.0K shares
GOLDMAN SACHS GROUP INC Institution	+$2.7M +261.4K shares	$2.7M 261.4K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$2.2M +220.0K shares	$2.2M 220.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	−$3.4M −335.1K shares	$4.8M 475.0K shares
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	−$2.6M −250.0K shares	$16.8M 1.7M shares
C CSS LLC/IL Institution	−$1.6M −152.2K shares	$4.0M 388.6K shares
B Brevan Howard Capital Management LP Institution	−$1.3M −125.0K shares	Sold Off 0 shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$1.3M −124.5K shares	$5.6M 550.5K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	−$1.2M −112.5K shares	Sold Off 0 shares
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	−$1.0M −100.0K shares	Sold Off 0 shares
H HIGHBRIDGE CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$1.0M −100.0K shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$1.0M −100.2K shares	$1.0M 99.7K shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$901.6K −88.3K shares	$175.9K 17.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited RDAG in Q3 2025

New Positions: 17
New Value: $55.9M
Exited Positions: 5
Exited Value: $5.3M

New Positions

Institution	Position Value
M MMCAP International Inc. SPC Institution	$16.0M 1.6M shares
Wealthspring Capital LLC Hedge Fund•Event Driven	$8.7M 848.5K shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	$7.5M 734.6K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$5.1M 500.0K shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Private Equity	$4.1M 400.0K shares
GOLDMAN SACHS GROUP INC Institution	$2.7M 261.4K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.2M 220.0K shares
H HEIGHTS CAPITAL MANAGEMENT, INC Institution	$1.8M 178.0K shares
P potrero capital research llc Hedge Fund•Long/Short	$1.5M 150.0K shares
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$1.5M 148.8K shares

Exited Positions

Institution	Previous Position
B Brevan Howard Capital Management LP Institution	$1.3M 125.0K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$1.2M 112.5K shares
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	$1.0M 100.0K shares
H HIGHBRIDGE CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.0M 100.0K shares
V Virtu Financial LLC Institution	$786.7K 76.7K shares

Options Activity

Institutions with the largest Call and Put options positions in RDAG as of Q3 2025

Call Positions: 1
Call Value: $40.6K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$40.6K 625.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with RDAG as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
H Harraden Circle Investments, LLC Hedge Fund•Event Driven	Frederick Vincent Fortmiller Jr Managing Partner	6.43% $30.6M	8.00% 3.0M shares	Q2 2025 Held for 5 months	$476.2M
Meteora Capital, LLC Hedge Fund•Event Driven	Vikas K Mittal Managing Partner	3.19% $24.0M	6.27% 2.4M shares	Q2 2025 Held for 5 months	$752.0M
HGC Investment Management Inc. Private Equity	Jason Frederick Young CFO	2.78% $6.2M	1.61% 602.7K shares	Q2 2025 Held for 5 months	$221.0M
Context Capital Management, LLC Hedge Fund•Convert Bond Arb	Michael Stuart Rosen CEO	2.72% $5.1M	1.33% 500.0K shares	Q2 2025 Held for 5 months	$187.8M
Wealthspring Capital LLC Hedge Fund•Event Driven	Matthew Simpson Managing Partner	2.44% $8.7M	2.26% 848.5K shares	Q3 2025 Held for 2 months	$355.5M
M MMCAP International Inc. SPC Institution	-	2.12% $16.0M	4.17% 1.6M shares	Q3 2025 Held for 2 months	$752.3M
F FIFTH LANE CAPITAL, LP Institution	-	2.03% $1.9M	0.51% 190.6K shares	Q2 2025 Held for 5 months	$96.1M
Governors Lane LP Hedge Fund•Event Driven	Isaac Daniel Corre CIO	1.43% $10.2M	2.67% 1.0M shares	Q2 2025 Held for 5 months	$712.0M
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	1.39% $13.5M	3.53% 1.3M shares	Q2 2025 Held for 5 months	$971.4M
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	Robin Rajendra Shah CIO	1.27% $10.2M	2.67% 1.0M shares	Q2 2025 Held for 5 months	$806.7M

Hedge Fund Spotlight

Discover hedge funds investing in RDAG

potrero capital research llc

Hedge Fund • Long/Short

Portfolio ManagerJack R Ripsteen

Portfolio Value: $330.9M
Positions: 38
Last Reported: Q3 2025

Sector Allocation

Position in Republic Digital Acquisition Company Class A Ordinary Shares

Market Value: $1.5M
Shares Held: 150.0K
Portfolio Weight: 0.46%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Talen Energy Corporation TLN	Unknown Unknown	$39.8M	12.02%
2 TransAlta TAC	Independent Power Producers Utilities	$34.4M	10.41%
3 Microsoft MSFT	Software - Infrastructure Technology	$20.0M	6.06%