ParaFi Capital LP

Key Holdings

The portfolio is heavily dominated by spot Bitcoin Exchange Traded Funds (ETFs), which form the core of the fund's current strategy.

• BITB (Bitwise Bitcoin ETF): This is the largest holding, valued at $121.95 million, representing 48.69% of the portfolio. ParaFi holds 1.96 million shares.
• IBIT (iShares Bitcoin Trust): The second-largest position is valued at $95.88 million, accounting for 38.28% of the portfolio. With 1.48 million shares, the combined allocation to BITB and IBIT totals approximately 86.97% of assets.
• Kindly MD Inc: This is the third-largest holding and the most significant non-Bitcoin ETF position, valued at $19.01 million (7.59% of the portfolio). This new position represents a notable diversification into healthcare/biotech.
• COIN (Coinbase Global Inc): The fund holds a reduced position in Coinbase, valued at $4.39 million (1.75%).

Sector Allocation

The sector allocation is heavily skewed toward Financial Services, which comprises $222.21 million or approximately 88.7% of the total portfolio. This allocation is almost entirely derived from the Bitcoin ETFs (BITB, IBIT) and the remaining Coinbase exposure. The remaining 11.3% ($28.27 million) is classified as "Unknown," which includes the new position in Kindly MD and several SPAC or special purpose acquisition vehicles (Columbus Circle Capital Corp., Cantor Equity Partners). The lack of sector breadth underscores the fund's specific focus on digital assets and financial infrastructure during this reporting period.