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Two Seas Capital LP
Two Seas Capital LP is an alternative investment management firm headquartered in Rye, New York. The firm manages assets as an SEC-registered investment adviser, primarily serving institutional clients and active in public market investments. Two Seas is notably the largest active shareholder of Core Scientific as of 2025. The firm was incorporated in Delaware and maintains a focus on alternative investments.
Investment Strategy
Two Seas Capital LP follows an active, event-driven investment approach in public equities and related securities, targeting opportunities in high-impact sectors such as technology and AI infrastructure. Its strategy includes both long and short positions as well as the use of various derivatives. The firm actively trades securities, seeking to capitalize on transaction-driven and value-oriented investments, with a focus on undervalued assets and special situations in markets experiencing rapid technological change and capital flows.
Latest 13F Filing Activity
Two Seas Capital LP filed their most recent 13F report on Jun 30, 2025 disclosing 32 equity positions and 6 options positions with a total 13F market value of $6B. The fund increased holdings in Indivior PLC, Core Scientific Inc. New, Calumet Inc. among other positions. Two Seas Capital LP reduced exposure to Talen Energy Corp., Ardelyx Inc., Sonos Inc. among others.
Top Holdings
Equity Positions (32)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I INDV | INDIVIOR PLC | 2.82% | $168.2M | 11,407,795 | $23.25 | $14.74 | +$61.6M |
R ROIV | ROIVANT SCIENCES LTD | 2.01% | $119.4M | 10,598,040 | $7.12 | $11.27 | +$17.2M |
C CORZ | CORE SCIENTIFIC INC NEW | 1.94% | $115.6M | 6,770,027 | $6.78 | $17.07 | +$57.7M |
T TLN | TALEN ENERGY CORP | 1.47% | $87.4M | 300,698 | $130.01 | $290.77 | -$6.9M |
C CLMT | CALUMET INC | 1.19% | $70.9M | 4,497,609 | $17.21 | $15.76 | +$34.5M |
Options Positions (6)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $3.70B | 59,875 | $617.85 | $598.87 | +39,525 | +$2.56B |
H HYG | ISHARES TR | — | Put | $590.8M | 73,255 | $80.65 | $78.89 | 0 | +$12.9M |
F FSLR | FIRST SOLAR INC | New | Call | $470.8M | 28,440 | $165.54 | $165.54 | +28,440 | +$470.8M |
H HUM | HUMANA INC | New | Call | $100.6M | 4,115 | $244.48 | $244.48 | +4,115 | +$100.6M |
C CORZ | CORE SCIENTIFIC INC NEW | Bought | Call | $58.0M | 34,000 | $17.07 | $14.65 | +25,635 | +$52.0M |
Industry Allocation
Investment Team (5)
| Name | Role | Location | |
|---|---|---|---|
 | Head of Research | United States | |
 | Partner and Head of Trading | New York, NY , United States | |
J Julia Tolmachyov | Investment Analyst | United States | |
 | Chief Investment Officer | New York, NY , United States | |
| Analyst | New York, NY , United States |
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