MAD RIVER INVESTORS
•CIK: 1384484•Filing: Q4 2025
**MAD RIVER INVESTORS** manages $219M across a concentrated portfolio of 34 positions. The fund exhibits significant overweighting in digital asset infrastructure, highlighted by a $82.2M position in TPL and a $24.6M allocation to GBTC. Further notable holdings include $16.8M in PBT and $15.8M in HE, indicating a focused, high-conviction approach within the digital asset and related technology sectors.
Total AUM
$219.4M
QoQ Performance
-6.0%
Positions
34
Top 10 Concentration
86.8%
Latest Filing
Q4 2025
Top Holdings Allocation
TPL
GBTC
PBT
HE
LB
WPM
MSB
TPL37.4%
GBTC11.2%
PBT7.6%
HE7.2%
LB5.9%
WPM5.2%
MSB5.2%
FBTC2.5%
📈 Biggest Buys
📉 Biggest Sells
Sector Breakdown
Other97.3%
Technology1.6%
Healthcare0.4%
Consumer0.4%
Financial0.4%
🚪 Exited Positionssold since Q3 2025
Changes from Q3 2025
NEW1 new position
↑12 increased
↓7 decreased
Historical Filings
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022