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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Grayscale Bitcoin Mini Trust E</name>
        <lei>529900WHTNX5LZCNWB27</lei>
        <title>Grayscale Bitcoin Mini Trust ETF</title>
        <cusip>389930207</cusip>
        <identifiers>
          <isin value="US3899302075"/>
          <ticker value="BTC"/>
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        <balance>428419.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11117473.050000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Japan Exchange Group Inc</name>
        <lei>353800578ADEGIJTVW07</lei>
        <title>Japan Exchange Group Inc</title>
        <cusip>471059105</cusip>
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          <isin value="US4710591052"/>
          <ticker value="JPXGY"/>
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        <balance>6200.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78492.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Landbridge Co LLC</name>
        <lei>529900P7NBGGY6C0SF08</lei>
        <title>Landbridge Co LLC</title>
        <cusip>514952100</cusip>
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          <isin value="US5149521008"/>
          <ticker value="LB"/>
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        <balance>66800.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5293232.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Madison Square Garden Entertai</name>
        <lei>N/A</lei>
        <title>Madison Square Garden Entertainment Corp</title>
        <cusip>558256103</cusip>
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          <isin value="US5582561032"/>
          <ticker value="MSGE"/>
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        <balance>4000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>323560.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sphere Entertainment Co</name>
        <lei>254900ZW4JWKYRZZ9A91</lei>
        <title>Sphere Entertainment Co</title>
        <cusip>55826T102</cusip>
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          <isin value="US55826T1025"/>
          <ticker value="SPHR"/>
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        <balance>4000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>692120.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toei Animation Co Ltd</name>
        <lei>N/A</lei>
        <title>Toei Animation Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3560200002"/>
          <ticker value="4816"/>
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        <balance>7000.000000000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nasdaq Inc</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq Inc</title>
        <cusip>631103108</cusip>
        <identifiers>
          <isin value="US6311031081"/>
          <ticker value="NDAQ"/>
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        <balance>2100.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165522.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NZX Ltd</name>
        <lei>254900KTE7C5U39QMD43</lei>
        <title>NZX Ltd</title>
        <cusip>N/A</cusip>
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          <isin value="NZNZXE0001S7"/>
          <ticker value="NZX"/>
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        <balance>1200.000000000000</balance>
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        <currencyConditional curCd="NZD" exchangeRt="1.760720000000"/>
        <valUSD>960.970000000000</valUSD>
        <pctVal>0.0003870523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nippon Television Holdings Inc</name>
        <lei>353800QI43C3H97E4W63</lei>
        <title>Nippon Television Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3732200005"/>
          <ticker value="9404"/>
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        <balance>200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595000000000"/>
        <valUSD>3437.380000000000</valUSD>
        <pctVal>0.0013844823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OTC Markets Group Inc</name>
        <lei>254900LQDMW14QIVAH45</lei>
        <title>OTC Markets Group Inc</title>
        <cusip>67106F108</cusip>
        <identifiers>
          <isin value="US67106F1084"/>
          <ticker value="OTCM"/>
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        <balance>120900.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6226350.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Permian Basin Royalty Trust</name>
        <lei>N/A</lei>
        <title>Permian Basin Royalty Trust</title>
        <cusip>714236106</cusip>
        <identifiers>
          <isin value="US7142361069"/>
          <ticker value="PBT"/>
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        <balance>12550.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>314252.000000000000</valUSD>
        <pctVal>0.1265720784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ProShares UltraPro QQQ</name>
        <lei>03026FQTQRJ0JSTBI779</lei>
        <title>ProShares UltraPro QQQ</title>
        <cusip>74347X831</cusip>
        <identifiers>
          <isin value="US74347X8314"/>
          <ticker value="TQQQ"/>
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        <balance>6627.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536787.000000000000</valUSD>
        <pctVal>0.2162030671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ProShares Ultra Bloomberg Natu</name>
        <lei>549300EPPCKR546IOD19</lei>
        <title>ProShares Ultra Bloomberg Natural Gas</title>
        <cusip>74347Y664</cusip>
        <identifiers>
          <isin value="US74347Y6648"/>
          <ticker value="BOIL"/>
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        <balance>3465.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95079.600000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ProShares UltraShort Bloomberg</name>
        <lei>549300FWNZO2YBRO2888</lei>
        <title>ProShares UltraShort Bloomberg Natural Gas</title>
        <cusip>74347Y813</cusip>
        <identifiers>
          <isin value="US74347Y8131"/>
          <ticker value="KOLD"/>
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        <balance>4591.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103986.150000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ProShares UltraPro Short QQQ</name>
        <lei>KC8ZSAS0N653Z8PPTO65</lei>
        <title>ProShares UltraPro Short QQQ</title>
        <cusip>74350P675</cusip>
        <identifiers>
          <isin value="US74350P6759"/>
          <ticker value="SQQQ"/>
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        <balance>12469.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>452749.390000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>S&amp;P Global Inc</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc</title>
        <cusip>78409V104</cusip>
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          <isin value="US78409V1044"/>
          <ticker value="SPGI"/>
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        <curCd>USD</curCd>
        <valUSD>46020.380000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Texas Pacific Land Corp</name>
        <lei>254900EMA79D44WVLD22</lei>
        <title>Texas Pacific Land Corp</title>
        <cusip>88262P102</cusip>
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          <isin value="US88262P1021"/>
          <ticker value="TPL"/>
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        <curCd>USD</curCd>
        <valUSD>80846987.760000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOLT DATA &amp; ENERGY INC.</name>
        <lei>N/A</lei>
        <title>BOLT DATA &amp; ENERGY INC.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="8AMCSM3C3"/>
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        <balance>800000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4000000.000000000000</valUSD>
        <pctVal>1.6110901875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>US BANK MMDA - USBGFS 7</name>
        <lei>N/A</lei>
        <title>US BANK MMDA - USBGFS 7</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USBGFS7"/>
          <other otherDesc="USER DEFINED" value="8AMMF0FT3"/>
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        <balance>6834943.470000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6834943.470000000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Verisk Analytics Inc</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics Inc</title>
        <cusip>92345Y106</cusip>
        <identifiers>
          <isin value="US92345Y1064"/>
          <ticker value="VRSK"/>
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        <balance>7000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1256710.000000000000</valUSD>
        <pctVal>0.5061682874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>99GRAYSC</name>
        <lei>N/A</lei>
        <title>99GRAYSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="99GRAYSC"/>
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        <balance>200000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000000.000000000000</valUSD>
        <pctVal>0.8055450937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SB Technology Inc</name>
        <lei>N/A</lei>
        <title>SB Technology Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="99SBTECH"/>
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        <balance>165515.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6844045.250000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TXSE Group, Inc</name>
        <lei>N/A</lei>
        <title>TXSE Group, Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="9SPMTKUC1"/>
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        <balance>8700.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200100.000000000000</valUSD>
        <pctVal>0.0805947866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IG Port Inc</name>
        <lei>N/A</lei>
        <title>IG Port Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3833770005"/>
          <ticker value="3791"/>
        </identifiers>
        <balance>32200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595000000000"/>
        <valUSD>258637.720000000000</valUSD>
        <pctVal>0.1041721732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronext NV</name>
        <lei>724500QJ4QSZ3H9QU415</lei>
        <title>Euronext NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0006294274"/>
          <ticker value="2ENX"/>
        </identifiers>
        <balance>1600.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".875200000000"/>
        <valUSD>255941.500000000000</valUSD>
        <pctVal>0.1030862098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ripple Labs Inc Common A Shares</name>
        <lei>N/A</lei>
        <title>Ripple Labs Inc Common A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="RIPPLELABS"/>
        </identifiers>
        <balance>1875.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>246318.750000000000</valUSD>
        <pctVal>0.0992104303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The monthly total returns shown in B.5.a do not reflect the deduction of sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-19</ncom:dateSigned>
      <ncom:nameOfApplicant>Kinetics Portfolios Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jay Kesslen</ncom:signature>
      <ncom:signerName>Kinetics Portfolios Trust</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
