SkyBridge Opportunity Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

 

 

		First Acquisition Date						Cost						Fair Value				% of Shareholders’ Capital
Investments in Investment Funds - ‡
Cryptocurrency and Digital Assets
Brevan Howard Digital Asset Multi-Strategy Fund, L.P. Class B - b,e			04/01/2022			$			127,400,274			$			98,030,120				9.27 %
Brevan Howard Digital Asset Multi-Strategy Fund, L.P.
Class B - side pocket - d			04/01/2022						44,156,134						89,371,988				8.45
Galaxy Institutional Bitcoin Fund, Ltd. - a			11/22/2023						55,000,000						84,288,518				7.96
Kingsway FCI Co-Investment SPC - d			07/01/2024						5,000,000						1,744,088				0.16
Multicoin Capital Offshore, SPC - b,e			12/01/2021						74,312,105						41,968,442				3.97
Multicoin Capital Offshore, SPC - side pocket - d			12/01/2021						7,862,745						513,928				0.05
Pantera Bitcoin Feeder Fund Ltd - a			12/08/2023						17,992,689						24,029,824				2.27
Polychain Global Ltd. - side pocket - d			01/01/2022						2,600,747						196,255				0.02
Total Cryptocurrency and Digital Assets									334,324,694						340,143,163				32.15
Directional Equity
Third Point Venture Offshore Fund I LP - c			10/14/2021						8,030,791						6,590,904				0.62
Pomp Bracket Digital Assets IV, LLC - d,l			08/05/2021						10,229,989						5,127,719				0.48
Whale Rock Flagship Fund Ltd - side pocket - d			11/01/2020						5,827,725						3,688,002				0.35
Total Directional Equity									24,088,505						15,406,625				1.45
Event Driven
Axonic Credit Opportunities Fund L.P. - b			08/01/2011						105,982,189						147,981,924				13.98
Oaktree Value Opportunities (Cayman) Fund, Ltd. - b,e			05/01/2023						6,844,092						11,267,365				1.06
Third Point Partners Qualified LP - side pocket - d			06/01/2023						7,348,731						6,710,573				0.63
Total Event Driven									120,175,012						165,959,862				15.67
Relative Value
Elliott Associates, LP - e,f			07/01/2024						65,000,000						68,195,629				6.44
Elliott International Ltd - b,e			07/01/2024						65,000,000						67,948,165				6.42
Millennium International, Ltd. - b,e			08/01/2015						77,123,780						135,239,061				12.78
Total Relative Value									207,123,780						271,382,855				25.64
Total Investments in Investment Funds - *						$			685,711,991			$			792,892,505				74.91 %

 

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SkyBridge Opportunity Fund

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

 

 

 

		First Acquisition Date						Cost						Fair Value				% of Shareholders’ Capital
Investments in Securities
Antigua and Barbuda
Private Equity - ‡
FTX Trading Ltd. - g,k,l
Common stock (244,196 shares)			10/21/2021			$			5,777,189			$			-				0.00 %
Series B preferred stock (352,658 shares)			08/02/2022						16,836,723						-				0.00
Series B-1 preferred stock (61,049 shares)			10/21/2021						2,222,794						-				0.00
Series C preferred stock (265,710 shares)			01/25/2022						12,370,621						-				0.00
Canada
Exchange Traded Fund (ETF)
3iQ Bitcoin ETF (8,011,000 shares)			11/15/2023						47,389,301						73,140,430				6.92
3iQ Solana Staking ETF (4,912,943 shares)			04/16/2025						51,349,672						29,330,270				2.77
CI Galaxy Bitcoin ETF (646,000 shares)			11/07/2023						4,457,555						6,983,260				0.66
Fidelity Advantage Bitcoin ETF (360,820 shares)			11/14/2023						4,383,094						6,978,259				0.66
Purpose Bitcoin ETF (7,451,950 shares)			11/07/2023						49,019,285						77,425,761				7.32
Cyprus
Private Equity - ‡
Genesis Digital Assets Limited - h,l
Ordinary shares (207,792 shares)			01/24/2022						24,900,962						547,027				0.06
Series A preferred shares (441,558 shares)			08/01/2021						35,416,667						9,549,622				0.90
United States
Private Equity - ‡
Homebrew Ventures I, L.P. - i,j,l			07/01/2021						11,987,538						4,744,426				0.45
Lightning Labs, Inc. - g,l			01/01/2022						2,000,000						1,096,616				0.10
MoonPay SPV LLC - i,l			02/01/2022						1,000,000						648,575				0.06
New York Digital Investment Group LLC
Class B2 (945 shares) - g,l			08/19/2021						22,620,000						3,361,004				0.32
Nova Labs, Inc.
Common stock (187,014 shares) - g,l			04/15/2022						10,016,470						2,430,999				0.23
Payward, Inc. - g,l
Series A preferred stock (352,861 shares)			12/01/2021						18,090,987						15,095,769				1.43
Series seed preferred stock (258,000 shares)			11/01/2021						13,287,000						11,037,514				1.04
West Realm Shires Inc. - g,k,l
Class A common stock (1,310,000 shares)			11/10/2021						199,945						-				0.00
Series A preferred stock (8,533,916 shares)			01/25/2022						19,499,998						-				0.00
Total Investments in Securities - *						$			352,825,801			$			242,369,532				22.92
Other Assets, less Liabilities															23,009,219				2.17
Shareholders’ Capital												$			1,058,271,256				100.00 %

 

2

SkyBridge Opportunity Fund

Consolidated Schedule of Investments (continued)

June 30, 2026 (Unaudited)

 

 

 

Note: Investments in underlying Investment Funds are categorized by investment strategy.

a	Redemptions permitted daily.

b	Redemptions permitted quarterly.

c	Term vehicles with multi-year hard lock, subject to periodic distributions. The Company held $6,590,904 (0.83% of total Investments in Investment Funds) of term vehicles at June 30, 2026.

d	Illiquid, redeemable only when underlying investment is realized or converted to liquid interest in Investment Fund. The Company held $107,352,553 (13.54% of total Investments in Investment Funds) of illiquid investments at June 30, 2026.

e	As of June 30, 2026, subject to gated redemptions (these are investor-level percentage limitations on redemption).

f	Redemptions permitted semi-annually.

g	The industry for these securities is digital asset trading & servicing.

h	The industry for these securities is digital asset mining.

i	The industry for these securities is financial technology.

j	Forward agreement to receive shares of Plaid Inc. at a future date.

k	During the period, a related party owning a passive economic interest in the Adviser had a controlling interest in the private investments. The private investments are currently under Chapter 11 bankruptcy proceedings.

l	As of June 30, 2026, the value of this investment was determined using significant unobservable inputs.

‡	The Company’s Investments in Investment Funds and private equities are exempt from registration under the Securities Act of 1933, as amended, and contain restrictions on resale and cannot be sold publicly.

*	All Investments in Investment Funds and securities are non-income producing.

†	The cost and unrealized appreciation/(depreciation) of investments as of June 30, 2026, as computed for federal tax purposes, were as follows:

 

 

3

SkyBridge Opportunity Fund

Notes to Schedule of Investments

June 30, 2026 (Unaudited)

 

 

1.	Fair Value Disclosures

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“GAAP”), SkyBridge Opportunity Fund (formerly known as SkyBridge Multi-Adviser Hedge Fund Portfolios LLC and had a name change on July 29, 2024 to SkyBridge Opportunity Fund LLC) (the “Company”) discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurement). The guidance establishes three levels of fair value as listed below.

Level 1- Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2- Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3- Inputs that are unobservable.

The notion of unobservable inputs is intended to allow for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Under Level 3, the owner of an asset must determine valuation based on their own assumptions about what market participants would take into account in determining the fair value of the asset, using the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following is a summary of the Company’s assets measured at fair value as of June 30, 2026, by Accounting Standards Codification (“ASC”) 820 fair value hierarchy levels:

 

Description		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Investments Measured at Net Asset Value				Total Fair Value  at June 30, 2026
Investments in Investment Funds		$	—			$	—			$	5,127,719			$	787,764,786			$	792,892,505
Investments in Securities
Exchange Traded Fund (ETF)		$	193,857,980			$	—			$	—			$	—			$	193,857,980
Private Equity		$	—			$	—			$	48,511,552			$	—			$	48,511,552

 

4

SkyBridge Opportunity Fund

Notes to Schedule of Investments (continued)

June 30, 2026 (Unaudited)

 

 

1.	Fair Value Disclosures (continued)

The Company’s investments in Investment Funds for which fair value is measured using NAV per share as a practical expedient, in the amount of $787,764,786 have not been categorized in the fair value hierarchy. There were no purchases or sales into Level 3. There was $(5,102,270) and $(147,715,342) unrealized depreciation on cryptocurrency and digital assets and private equity respectively, for the period ended June 30, 2026.

The following table summarizes the valuation methodology and significant unobservable inputs used to estimate the fair value of Level 3 investments as of June 30, 2026.

 

Type of Level 3 Investment

Fair Value as of June 30, 2026

Valuation Technique

Unobservable Input

Input Range

Input  (weighted  average)(1)

Investments in Investment Funds

$

5,127,719

Market comparable companies

ARR Multiple

40.0x-42.0x

41.00x

Investments in Securities

Private Equity

$

48,511,552

Market comparable companies

Revenue Multiple

1.00x-60.00x

7.58x

Market comparable companies

Actual Hash Rate

30.0-65.0

40.71

(1) Unobservable inputs were weighted by the relative fair value of the investments.

Changes in inputs such as Revenue multiple, EBITDA multiple or Actual Hash Rate multiple, each in isolation, may change the fair value of certain Company’s investments. Generally, an increase in Revenue multiples, EBITDA multiples, and Actual Hash Rates multiples may result in an increase in the fair value of certain Company’s investments.

The following is a summary of the investment strategies, their liquidity and redemption notice periods and any restrictions on the liquidity provisions of the investments in Investment Funds held by the Company as of June 30, 2026. and measured at fair value using the NAV per share practical expedient. Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents which would be considered in fair value measurement and disclosure.

Cryptocurrency and Digital Assets Investment Managers may pursue a variety of investment strategies in managing digital assets of an Investment Fund, and the Company may invest in Investment Funds that provide access to a particular digital asset or assets without a discretionary investment strategy. The Company may also invest in Investment Funds whose Investment Managers have discretion to manage a diversified portfolio of digital assets. The Company and Investment Funds may hold long and short positions in digital assets. The Company and Investment Funds may also invest in securities of companies related, in whole or in part, to digital assets or digital asset technologies (including digital asset miners, payment technologies, digital security, or crypto trading exchanges), or that otherwise have direct or indirect exposure to emerging technologies. The Company and Investment

 

5

SkyBridge Opportunity Fund

Notes to Schedule of Investments (continued)

June 30, 2026 (Unaudited)

 

 

1.	Fair Value Disclosures (continued)

Funds may invest in derivative contracts on digital assets, including cryptocurrency swap agreements, for hedging purposes and non-hedging purposes. The Company may use its assets to offset the carbon footprint associated with the Company’s exposure to Bitcoin and other digital assets. Generally, the Investment Funds within this strategy have daily to quarterly liquidity, subject to a 1 to 90 day notice period. Investment Funds in this strategy, representing approximately 27 percent of the Investment Funds in this strategy are illiquid or side pocket investments with suspended redemptions. Approximately 41 percent of the Investment Funds in this strategy have gated redemptions. The remaining approximately 32 percent of the Investment Funds in this strategy can be redeemed with no restrictions as of the measurement date.

Directional Equity funds take long and short stock positions. The manager may attempt to profit from both long and short stock positions independently, or profit from the relative outperformance of long positions against short positions. The stock picking and portfolio construction process is usually based on bottom-up fundamental stock analysis, but may also include top-down macro-based views, market trends and sentiment factors. Directional equity managers may specialize by region (e.g., global, U.S., Europe or Japan) or by sector. No assurance can be given that the managers will be able to correctly locate profitable trading opportunities, and such opportunities may be adversely affected by unforeseen events. In addition, short selling creates the risk of loss if the security that has been sold short appreciates in value. Generally, the Investment Funds within this strategy are illiquid. Investment Funds in this strategy, representing approximately 57 percent of the Investment Funds in this strategy are illiquid or side pocket investments with suspended redemptions. Approximately 43 percent of the Investment Funds in this strategy are term vehicles with multi-year hard locks subject to periodic distributions.

Event Driven strategies involve investing in opportunities created by significant transactional events such as spin-offs, mergers and acquisitions, bankruptcies, recapitalizations and share buybacks. Event driven strategies include “merger arbitrage” and “distressed securities”. Generally, the Investment Funds within this strategy have quarterly liquidity, subject to a 90 day notice period. Investment Funds in this strategy, representing approximately 4 percent of the Investment Funds in this strategy are illiquid or side pocket investments with suspended redemptions. Approximately 7 percent of the Investment Funds in this strategy have gated redemptions. The remaining approximately 89 percent of the Investment Funds in this strategy can be redeemed with no restrictions as of the measurement date.

Relative Value strategies seek to take advantage of specific pricing anomalies, while also seeking to maintain minimal exposure to systematic market risk. This may be achieved by purchasing one security previously believed to be undervalued, while selling short another security perceived to be overvalued. Relative value arbitrage strategies include equity market neutral, statistical arbitrage, convertible arbitrage, and fixed income arbitrage. Some investment managers classified as multi-strategy relative value arbitrage use a combination of these substrategies. Generally, the Investment Funds within this strategy have quarterly to semi-annual liquidity, subject to a 60 to 90 day notice period. 100 percent of

 

6

SkyBridge Opportunity Fund

Notes to Schedule of Investments (continued)

June 30, 2026 (Unaudited)

 

 

1.	Fair Value Disclosures (continued)

the Investment Funds in this strategy have gated redemptions, which are estimated to be lifted after 12 months.

Private Equity Investments: The Company also makes investments in private investments in emerging portfolio companies (e.g., venture capital and growth equity investments) and may, on occasion, purchase and hold public equities. Equity investments are valued at initial transaction price and may subsequently be valued using valuation models in the absence of readily observable market prices. Valuation models are generally based on (i) earnings before interest, taxes, depreciation and amortization (EBITDA) multiples analysis, (ii) the value attributable to the equity instrument from the enterprise value of the portfolio company or the proceeds that would be received if the portfolio company liquidated, and (iii) market and income (discounted cash flow) approaches, in which various internal and external factors are considered. Factors include key financial inputs and recent public and private transactions for comparable investments. Key inputs used for the discounted cash flow approach include the weighted average cost of capital and investment terminal values derived from EBITDA multiples. An illiquidity discount may be applied where appropriate.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the investment. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a readily available market existed for such assets or liabilities and the values that may ultimately be realized. Accordingly, the degree of judgment exercised by the Manager in determining fair value is greatest for assets or liabilities categorized as Level 3.

The Company follows the authoritative guidance under GAAP on determining fair value when the volume and level of activity for the asset or liability have significantly changed and identifying transactions that are not orderly. Accordingly, if the Company determines that either the volume and/or level of activity for an asset or liability has significantly changed (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

The guidance also provides a list of factors to determine whether there has been a significant change in relation to normal market activity. Regardless of the valuation technique and inputs used, the objective for the fair value measurement in those circumstances is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price.

 

7