# Pale Fire Capital SE: Form 13F holdings

An institutional investment manager in Prague. SEC CIK 1922318.

- Quarter ended: 2026-06-30
- Filed: 2026-08-13
- Reported value: $1.41bn
- Positions: 72 (72 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1922318/000092189526002114/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [GROUPON INC (GRPN)](/companies/grpn.md) | COM NEW | $245.0m | 17.3% | 10,181,070 |  | Unchanged |
| [B2GOLD CORP (BTG)](/companies/btg.md) | COM | $241.5m | 17.1% | 64,560,777 |  | Reduced −5,179,356 |
| [ZIFF DAVIS INC (ZD)](/companies/zd.md) | COM | $139.3m | 9.9% | 2,660,554 |  | Reduced −122,812 |
| DOLE PLC | ORD SHS | $129.3m | 9.1% | 9,427,476 |  | Unchanged |
| [COURSERA INC (COUR)](/companies/cour.md) | COM | $115.2m | 8.1% | 20,432,950 |  | Added +9,921,347 |
| [PHREESIA INC (PHR)](/companies/phr.md) | COM | $91.8m | 6.5% | 8,924,329 |  | Added +275,000 |
| [LIGHTSPEED COMMERCE INC (LSPD)](/companies/lspd.md) | SUB VTG SHS | $60.6m | 4.3% | 5,773,932 |  | Added +249,341 |
| [ALIBABA GROUP HLDG LTD (BABA)](/companies/baba.md) | SPONSORED ADS | $49.8m | 3.5% | 518,964 |  | New +518,964 |
| [PELOTON INTERACTIVE INC (PTON)](/companies/pton.md) | CL A COM | $45.7m | 3.2% | 7,728,586 |  | Added +1,494,009 |
| [CARS COM INC (CARS)](/companies/cars.md) | COM | $43.8m | 3.1% | 4,008,218 |  | Added +51,600 |
| [I-80 GOLD CORP (IAUX)](/companies/iaux.md) | COM | $27.1m | 1.9% | 18,809,579 |  | Reduced −2,033,477 |
| [AT&T INC (T)](/companies/t.md) | COM | $23.6m | 1.7% | 1,140,000 |  | New +1,140,000 |
| [ANGI INC (ANGI)](/companies/angi.md) | CL A NEW | $23.4m | 1.7% | 3,930,416 |  | Unchanged |
| [TELADOC HEALTH INC (TDOC)](/companies/tdoc.md) | COM | $16.7m | 1.2% | 1,973,762 |  | Reduced −1,424,729 |
| [MINERALYS THERAPEUTICS INC (MLYS)](/companies/mlys.md) | COM | $16.6m | 1.2% | 614,284 |  | Added +248,658 |
| [ORACLE CORP (ORCL)](/companies/orcl.md) | COM | $14.9m | 1.1% | 102,000 |  | New +102,000 |
| [CARGURUS INC (CARG)](/companies/carg.md) | COM CL A | $13.1m | 0.9% | 384,626 |  | New +384,626 |
| [GODADDY INC (GDDY)](/companies/gddy.md) | CL A | $10.8m | 0.8% | 127,179 |  | New +127,179 |
| NU HLDGS LTD | ORD SHS CL A | $9.8m | 0.7% | 735,954 |  | New +735,954 |
| [GALIANO GOLD INC (GAU)](/companies/gau.md) | COM | $9.4m | 0.7% | 5,036,654 |  | Added +1,036,654 |
| [TENCENT MUSIC ENTMT GROUP (TME)](/companies/tme.md) | SPON ADS | $9.1m | 0.6% | 1,094,729 |  | New +1,094,729 |
| [COMMERCE.COM INC (CMRC)](/companies/cmrc.md) | COM SER 1 | $9.0m | 0.6% | 3,054,890 |  | Added +102,796 |
| [WEAVE COMMUNICATIONS INC (WEAV)](/companies/weav.md) | COM | $8.9m | 0.6% | 1,492,806 |  | Unchanged |
| [STATE STR SPDR S&P 500 ETF T (SPY)](/companies/spy.md) | TR UNIT | $8.3m | 0.6% | 11,100 | Put | New +11,100 |
| [GERON CORP (GERN)](/companies/gern.md) | COM | $6.8m | 0.5% | 5,307,204 |  | Added +418,900 |
| [REGENXBIO INC (RGNX)](/companies/rgnx.md) | COM | $5.6m | 0.4% | 466,209 |  | Reduced −27,517 |
| [DOCUSIGN INC (DOCU)](/companies/docu.md) | COM | $4.8m | 0.3% | 108,000 |  | New +108,000 |
| FRACTYL HEALTH INC | COM | $4.0m | 0.3% | 5,003,237 |  | Reduced −917,808 |
| [JOURNEY MED CORP (DERM)](/companies/derm.md) | COM | $3.7m | 0.3% | 528,584 |  | Added +46,597 |
| [SYNDAX PHARMACEUTICALS INC (SNDX)](/companies/sndx.md) | COM | $2.7m | 0.2% | 125,550 |  | Reduced −158,910 |
| [SPROUT SOCIAL INC (SPT)](/companies/spt.md) | COM CL A | $2.6m | 0.2% | 343,841 |  | Unchanged |
| [INTEGRA RES CORP (ITRG)](/companies/itrg.md) | COM | $2.4m | 0.2% | 1,054,986 |  | New +1,054,986 |
| [DOUBLEVERIFY HLDGS INC (DV)](/companies/dv.md) | COM | $2.4m | 0.2% | 220,336 |  | Added +109,836 |
| [SAGIMET BIOSCIENCES INC (SGMT)](/companies/sgmt.md) | COM SER A | $1.7m | 0.1% | 221,875 |  | Unchanged |
| [HERON THERAPEUTICS INC (HRTX)](/companies/hrtx.md) | COM | $1.1m | <0.1% | 2,511,478 |  | Reduced −204,850 |
| CYBIN INC | COM NEW | $1.0m | <0.1% | 153,505 |  | Unchanged |
| [PERMA-FIX ENVIRONMENTAL SVCS (PESI)](/companies/pesi.md) | COM NEW | $794.9k | <0.1% | 55,627 |  | Added +7,001 |
| [RAPID7 INC (RPD)](/companies/rpd.md) | COM | $641.9k | <0.1% | 79,249 |  | Unchanged |
| [KURA ONCOLOGY INC (KURA)](/companies/kura.md) | COM | $620.9k | <0.1% | 56,600 |  | Reduced −800,874 |
| [TARSUS PHARMACEUTICALS INC (TARS)](/companies/tars.md) | COM | $616.9k | <0.1% | 9,802 |  | Added +4,150 |
| GEOPARK LTD | USD SHS | $576.0k | <0.1% | 63,300 |  | Added +41,800 |
| [RIGEL PHARMACEUTICALS INC (RIGL)](/companies/rigl.md) | COM | $557.5k | <0.1% | 14,252 |  | Unchanged |
| [ULTRAGENYX PHARMACEUTICAL IN (RARE)](/companies/rare.md) | COM | $551.4k | <0.1% | 16,514 |  | Unchanged |
| [PHATHOM PHARMACEUTICALS INC (PHAT)](/companies/phat.md) | COM | $539.4k | <0.1% | 49,713 |  | New +49,713 |
| [ABEONA THERAPEUTICS INC (ABEO)](/companies/abeo.md) | COM NEW | $506.4k | <0.1% | 81,945 |  | Added +12,100 |
| [DELCATH SYS INC (DCTH)](/companies/dcth.md) | COM NEW | $504.7k | <0.1% | 40,085 |  | Unchanged |
| [ONITY GROUP INC (ONIT)](/companies/onit.md) | COM NEW | $470.4k | <0.1% | 11,833 |  | Added +2,000 |
| [SLM CORP (SLM)](/companies/slm.md) | COM | $448.8k | <0.1% | 17,300 |  | New +17,300 |
| [HARROW INC (HROW)](/companies/hrow.md) | COM | $446.6k | <0.1% | 10,515 |  | Added +2,000 |
| [TENET HEALTHCARE CORP (THC)](/companies/thc.md) | COM NEW | $374.2k | <0.1% | 2,000 |  | New +2,000 |
| [GLOBAL PMTS INC (GPN)](/companies/gpn.md) | COM | $366.4k | <0.1% | 5,050 |  | New +5,050 |
| [PELTHOS THERAPEUTICS INC (PTHS)](/companies/pths.md) | COM SHS | $365.1k | <0.1% | 12,919 |  | Unchanged |
| [KASPI KZ JSC (KSPI)](/companies/kspi.md) | SPONSORED ADS | $311.9k | <0.1% | 3,600 |  | Unchanged |
| [NEUROGENE INC (NGNE)](/companies/ngne.md) | COM | $297.5k | <0.1% | 9,460 |  | New +9,460 |
| [PARKE BANCORP INC (PKBK)](/companies/pkbk.md) | COM | $285.8k | <0.1% | 8,620 |  | New +8,620 |
| [TOAST INC (TOST)](/companies/tost.md) | CL A | $278.2k | <0.1% | 10,000 |  | Unchanged |
| [LIQUIDIA CORPORATION (LQDA)](/companies/lqda.md) | COM NEW | $277.4k | <0.1% | 3,479 |  | Reduced −384,898 |
| [NORTHPOINTE BANCSHARES INC. (NPB)](/companies/npb.md) | COM SHS | $254.3k | <0.1% | 13,258 |  | Added +3,000 |
| [EXPENSIFY INC (EXFY)](/companies/exfy.md) | COM CL A | $240.6k | <0.1% | 134,409 |  | Reduced −346,642 |
| [NEKTAR THERAPEUTICS (NKTR)](/companies/nktr.md) | COM NEW | $233.9k | <0.1% | 3,350 |  | New +3,350 |
| [PALISADE BIO INC (PALI)](/companies/pali.md) | COM | $232.8k | <0.1% | 111,410 |  | Unchanged |
| [CORBUS PHARMACEUTICALS HLDGS (CRBP)](/companies/crbp.md) | COM NEW | $227.9k | <0.1% | 24,301 |  | Added +2,951 |
| [CULLINAN THERAPEUTICS INC (CGEM)](/companies/cgem.md) | COM | $226.1k | <0.1% | 12,418 |  | Reduced −1,800 |
| [RELMADA THERAPEUTICS INC (RLMD)](/companies/rlmd.md) | COM | $219.0k | <0.1% | 31,650 |  | Unchanged |
| [SPRUCE BIOSCIENCES INC (SPRB)](/companies/sprb.md) | COM NEW | $206.2k | <0.1% | 3,818 |  | New +3,818 |
| [PRIORITY TECHNOLOGY HLDGS IN (PRTH)](/companies/prth.md) | COM | $166.8k | <0.1% | 25,000 |  | New +25,000 |
| [KALARIS THERAPEUTICS INC (KLRS)](/companies/klrs.md) | COM | $161.3k | <0.1% | 39,626 |  | New +39,626 |
| [LARIMAR THERAPEUTICS INC (LRMR)](/companies/lrmr.md) | COM | $131.2k | <0.1% | 43,000 |  | New +43,000 |
| [ARVINAS INC (ARVN)](/companies/arvn.md) | COM | $99.3k | <0.1% | 11,951 |  | New +11,951 |
| [MERLIN INC (MRLN)](/companies/mrln.md) | COM | $91.0k | <0.1% | 16,000 |  | New +16,000 |
| [CYTOMX THERAPEUTICS INC. (CTMX)](/companies/ctmx.md) | COM | $85.9k | <0.1% | 22,900 |  | New +22,900 |
| [CONTEXT THERAPEUTICS INC (CNTX)](/companies/cntx.md) | COM | $6.5k | <0.1% | 11,796 |  | New +11,796 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [AGIOS PHARMACEUTICALS INC (AGIO)](/companies/agio.md) | COM | $0 | 0.0% | 0 |  | Sold out −13,650 |
| [BAXTER INTL INC (BAX)](/companies/bax.md) | COM | $0 | 0.0% | 0 |  | Sold out −1,582,743 |
| ENGENE HOLDINGS INC | COM | $0 | 0.0% | 0 |  | Sold out −24,004 |
| [FULCRUM THERAPEUTICS INC (FULC)](/companies/fulc.md) | COM | $0 | 0.0% | 0 |  | Sold out −26,100 |
| [GRACE THERAPEUTICS INC (GRCE)](/companies/grce.md) | COM | $0 | 0.0% | 0 |  | Sold out −37,762 |
| [IAC INC (PPLI)](/companies/ppli.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −54,281 |
| IMMATICS N.V | SHS | $0 | 0.0% | 0 |  | Sold out −16,272 |
| [KOSMOS ENERGY LTD (KOS)](/companies/kos.md) | COM | $0 | 0.0% | 0 |  | Sold out −145,000 |
| MAREX GROUP PLC | ORD | $0 | 0.0% | 0 |  | Sold out −5,368 |
| [SM ENERGY COMPANY (SM)](/companies/sm.md) | COM | $0 | 0.0% | 0 |  | Sold out −14,700 |
| SOLENO THERAPEUTICS INC | COM | $0 | 0.0% | 0 |  | Sold out −8,450 |
| UDEMY INC | COM | $0 | 0.0% | 0 |  | Sold out −1,307,141 |
| [X4 PHARMACEUTICALS INC (XFOR)](/companies/xfor.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −167,590 |

Source: SEC EDGAR, Form 13F-HR, accession 0000921895-26-002114. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.