- 01 Feynman Point Asset Management is the New York crypto hedge fund that Joe Naggar, a 16-year veteran of GoldenTree Asset Management, spun out of the startup investor Republic. Its Q1 2026 13F-HR, the quarterly report large investors must file, shows an $81 million U.S.-listed book inside a firm that runs about $314 million across crypto and private markets.
- 02 The 13F holdings grew from $72 million in December to $81 million, even as Feynman Point reshaped nearly every line. A 13F captures only U.S.-listed stocks, options, and funds. The firm's actual crypto tokens sit outside it, so this filing is a window into the stock-market bets, not the whole balance sheet.
- 03 Five holdings now make up about 81% of the stock book: iShares Bitcoin Trust call options at $52 million, the Cantor Equity Partners Bitcoin-treasury SPAC at $5.2 million, M3-Brigade blank-check stock at $3.2 million, a new Figure Technology Solutions stake at $2.9 million, and WhiteFiber at $2.0 million.
- 04 One idea runs through the quarter. Close the hedges and the scattered crypto bets, then pour the cash into a single leveraged Bitcoin wager through iShares call options, ringed by Bitcoin miners and digital-asset treasury companies.
- 05 The next 13F is due by August 14. It will show whether the iShares Bitcoin Trust call options are renewed or cashed in, and whether the miners Feynman Point trimmed this quarter keep shrinking.
How Feynman Point Moved Last Quarter
What to watch
1. The fund’s Q2 2026 13F is due by August 14, 2026. It will show whether the $52 million of iShares Bitcoin Trust call options are renewed or trimmed as the contracts near expiry. That is the clearest read on the fund’s commitment to a leveraged Bitcoin bet.
2. Feynman Point exited a $15 million put against the Nasdaq-100 and a $14 million Hyperliquid stake. Those were its two largest holdings in December. The next filing will show whether the fund keeps betting one way on Bitcoin or rebuilds a hedge if crypto prices turn.
3. Across the rest of the portfolio the fund cut its Bitcoin miners hard, with TeraWulf down 66%, Core Scientific down 48%, and Hut 8 down 44%, while adding to CleanSpark and IREN. The Q2 filing will show whether Feynman Point is leaving mining stocks behind or just culling the weaker operators.
Verified as of June 6, 2026.
Primary Filings & Announcements
SEC EDGAR: Feynman Point Asset Management 13F-HR Information Table (Q1 2026, filed May 18, 2026)
SEC EDGAR: 13F-HR Filing Index, Accession 0001420506-26-001173
SEC EDGAR: Feynman Point Asset Management CIK 0002110123 Full 13F Filing History
Market Coverage
Yahoo Finance: iShares Bitcoin Trust Quote and Performance
Yahoo Finance: Cantor Equity Partners Quote and Performance
Yahoo Finance: M3-Brigade Acquisition V Quote and Performance
Background & Analysis
SEC EDGAR: Feynman Point Asset Management Full Filing History (all forms)
SEC EDGAR: Prior Quarter 13F-HR Information Table (Q4 2025, filed February 18, 2026)
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