AKUNA SECURITIES LLC

Akuna Securities, the Chicago-based options market-making firm, holds $44B in reported 13F positions—a figure that more likely reflects derivatives inventory and collateralized positions than long-term equity conviction. For smart-money researchers, Akuna's 13F signals market structure positioning and optionable equity footprint rather than investment thesis. The positions most worth tracking are the ETF core that underlies its options delta hedging program.