The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1RT ACQUISITION CORP. UNIT 06/26/2030 G6757R121 527,500 50,000 SH DFND 1,2,3 50,000 0 0
ARK 21SHARES BITCOIN ETF SHS BEN INT 040919102 201,227,694 5,292,680 SH DFND 1,2,3 5,292,680 0 0
BITCOIN DEPOT INC COM 09174P105 99,200 400,000 SH DFND 1,2,3 400,000 0 0
BITFARMS LTD COM 09173B107 1,974,000 700,000 SH DFND 1,2,3 700,000 0 0
BULLISH ORD SHS G16910120 39,756,250 625,000 SH DFND 1,2,3 625,000 0 0
CANTOR EQUITY PARTNERS II IN CL A ORD SHS G1827P106 525,500 50,000 SH DFND 1,2,3 50,000 0 0
CANTOR EQUITY PARTNERS III I SHS CL A G1828A108 516,000 50,000 SH DFND 1,2,3 50,000 0 0
CHURCHILL CAP CORP X SHS CL A G2130T108 212,962 16,560 SH DFND 1,2,3 16,560 0 0
CIRCLE INTERNET GROUP INC COM CL A 172573107 4,640,300 35,000 SH Call DFND 1,2,3 35,000 0 0
CLEANSPARK INC COM NEW 18452B209 725,000 50,000 SH Call DFND 1,2,3 50,000 0 0
COINBASE GLOBAL INC COM CL A 19260Q107 51,669,719 153,100 SH Put DFND 1,2,3 153,100 0 0
CORE SCIENTIFIC INC NEW COM 21874A106 27,896,700 1,555,000 SH DFND 1,2,3 1,555,000 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 11,221,445 340,250 SH DFND 1,2,3 340,250 0 0
DEFI TECHNOLOGIES INC COM 244916102 18,990,000 9,000,000 SH DFND 1,2,3 9,000,000 0 0
FG NEXUS INC. COM NEW 30329Y304 274,500 50,000 SH DFND 1,2,3 50,000 0 0
FORWARD INDS INC N Y COM NEW 349862409 207,324,322 8,108,108 SH DFND 1,2,3 8,108,108 0 0
FUTURECREST ACQUISITION CORP UNIT 99/99/9999 G3730U123 3,710,000 350,000 SH DFND 1,2,3 350,000 0 0
GRAYSCALE BITCOIN TRUST ETF SHS REP COM UT 389637109 748,233 8,335 SH DFND 1,2,3 8,335 0 0
HCM II ACQUISITION CORP SHS CL A G43658106 1,641,000 100,000 SH DFND 1,2,3 100,000 0 0
HCM III ACQUISITION CORP UNIT 07/23/2030 G4365E129 462,919 44,900 SH DFND 1,2,3 44,900 0 0
HIVE DIGITAL TECHNOLOGIES LT COM 433921103 1,249,300 310,000 SH DFND 1,2,3 310,000 0 0
INVESCO GALAXY BITCOIN ETF COM SHS BEN INT 46091J101 82,657,250 725,000 SH DFND 1,2,3 725,000 0 0
INVESCO GALAXY ETHEREUM ETF SHS 46148D107 12,035,000 290,000 SH DFND 1,2,3 290,000 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 537,030,965 894,500 SH Put DFND 1,2,3 894,500 0 0
IREN LIMITED ORDINARY SHARES Q4982L109 30,269,850 645,000 SH Put DFND 1,2,3 645,000 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101 326,575,665 5,024,241 SH DFND 1,2,3 5,024,241 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101 130,000,000 2,000,000 SH Call DFND 1,2,3 2,000,000 0 0
ISHARES ETHEREUM TR SHS 46438R105 17,516,094 555,890 SH DFND 1,2,3 555,890 0 0
ISHARES ETHEREUM TR SHS 46438R105 47,265,000 1,500,000 SH Put DFND 1,2,3 1,500,000 0 0
JD.COM INC SPON ADS CL A 47215P106 12,697,740 363,000 SH DFND 1,2,3 363,000 0 0
K WAVE MEDIA LTD ORD SHS G53151109 968,000 400,000 SH DFND 1,2,3 400,000 0 0
KRANESHARES TRUST CSI CHI INTERNET 500767306 1,995,475 47,500 SH DFND 1,2,3 47,500 0 0
SHIFT4 PMTS INC CL A 82452J109 689,015 8,902 SH DFND 1,2,3 8,902 0 0
SILVERBOX CORP IV SHS CL A G81354105 261,750 25,000 SH DFND 1,2,3 25,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 59,956,200 90,000 SH Put DFND 1,2,3 90,000 0 0
SSGA ACTIVE TR SPDR GALAXY HEDG 78470P648 42,566,232 1,020,000 SH DFND 1,2,3 1,020,000 0 0
SUI GROUP HOLDINGS LIMITED COM 59982U200 6,114,769 1,584,137 SH DFND 1,2,3 1,584,137 0 0