Who owns Black Spade Acquisition III Co (BIII)
Which tracked institutional funds hold BIII, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See BIII company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-14). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
4 tracked funds added or opened BIII while 8 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
BIII’s largest tracked holder by dollar value, TENOR CAPITAL MANAGEMENT Co., L.P., sizes it at 1.6% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 1.6pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in BIII divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 44 tracked filers holding BIII, 9 increased or opened the position and 14 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in BIII between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 1
- CSS LLC/IL$1M
Full exits 5
- TENOR CAPITAL MANAGEMENT Co., L.P.$127M
- Decagon Asset Management LLP$73M
- GLAZER CAPITAL, LLC$5M
- Mint Tower Capital Management B.V.$3M
- Virtu Financial LLC$840K
Largest adds
- Fort Baker Capital Management LP$2M
- StoneX Group Inc.$810K
- Schonfeld Strategic Advisors LLC$255K
Largest trims
- Context Capital Management, LLC$23M
- TORONTO DOMINION BANK$6M
- Shaolin Capital Management LLC$1M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| ARISTEIA CAPITAL, L.L.C. | 1,100,000 | $11M | 3.3% | 2026-Q2 |
| Magnetar Financial LLC | 999,993 | $10M | 3.0% | 2026-Q2 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 825,000 | $8M | 2.5% | 2026-Q2 |
| AQR Arbitrage LLC | 760,440 | $8M | 2.3% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC added | 750,000 | $7M | 2.3% | 2026-Q2 |
| Fort Baker Capital Management LP added | 700,000 | $7M | 2.1% | 2026-Q2 |
| SONA ASSET MANAGEMENT (US) LLC | 600,000 | $6M | 1.8% | 2026-Q2 |
| Wealthspring Capital LLC trimmed | 551,820 | $5M | 1.7% | 2026-Q2 |
| LMR Partners LLP | 500,000 | $5M | 1.5% | 2026-Q2 |
| Alberta Investment Management Corp | 500,000 | $5M | 1.5% | 2026-Q2 |
| BNP PARIBAS FINANCIAL MARKETS | 439,560 | $4M | 1.3% | 2026-Q2 |
| Periscope Capital Inc. | 418,800 | $4M | 1.3% | 2026-Q2 |
| PICTON MAHONEY ASSET MANAGEMENT | 375,000 | $4M | 1.1% | 2026-Q2 |
| Radcliffe Capital Management, L.P. added | 369,263 | $4M | 1.1% | 2026-Q2 |
| First Trust Capital Management L.P. | 350,000 | $3M | 1.1% | 2026-Q2 |
| OMERS ADMINISTRATION Corp | 300,000 | $3M | 0.9% | 2026-Q2 |
| Shaolin Capital Management LLC trimmed | 282,712 | $3M | 0.9% | 2026-Q2 |
| WHITEBOX ADVISORS LLC | 276,200 | $3M | 0.8% | 2026-Q2 |
| BERKLEY W R CORP | 273,849 | $3M | 0.8% | 2026-Q2 |
| Linden Advisors LP | 250,000 | $2M | 0.8% | 2026-Q2 |
| MMCAP International Inc. SPC | 250,000 | $2M | 0.8% | 2026-Q2 |
| Hudson Bay Capital Management LP | 225,000 | $2M | 0.7% | 2026-Q2 |
| TWO SIGMA INVESTMENTS, LP | 201,517 | $2M | 0.6% | 2026-Q2 |
| Context Capital Management, LLC added | 200,601 | $2M | 0.6% | 2026-Q2 |
| MOORE CAPITAL MANAGEMENT, LP | 200,000 | $2M | 0.6% | 2026-Q2 |
| Clear Street Group Inc. trimmed | 177,851 | $2M | 0.5% | 2026-Q2 |
| Lineage Point Capital LP | 165,000 | $2M | 0.5% | 2026-Q2 |
| Bulldog Investors, LLP trimmed | 149,997 | $1M | 0.5% | 2026-Q2 |
| CSS LLC/IL added | 109,803 | $1M | 0.3% | 2026-Q2 |
| StoneX Group Inc. added | 104,740 | $1M | 0.3% | 2026-Q2 |
| WOLVERINE ASSET MANAGEMENT LLC added | 102,808 | $1M | 0.3% | 2026-Q2 |
| Verition Fund Management LLC | 100,000 | $995K | 0.3% | 2026-Q2 |
| RIVERNORTH CAPITAL MANAGEMENT, LLC | 78,114 | $778K | 0.2% | 2026-Q2 |
| Schonfeld Strategic Advisors LLC added | 77,535 | $771K | 0.2% | 2026-Q2 |
| Centiva Capital, LP new | 50,000 | $498K | 0.2% | 2026-Q2 |
| BOOTHBAY FUND MANAGEMENT, LLC trimmed | 50,000 | $498K | 0.2% | 2026-Q2 |
| Parallax Volatility Advisers, L.P. trimmed | 49,999 | $497K | 0.2% | 2026-Q2 |
| Arax Advisory Partners new | 40,995 | $408K | 0.1% | 2026-Q2 |
| GTS SECURITIES LLC trimmed | 39,045 | $396K | 0.1% | 2026-Q2 |
| RLH Capital LLC trimmed | 34,900 | $353K | 0.1% | 2026-Q2 |
| Quarry LP trimmed | 34,900 | $353K | 0.1% | 2026-Q2 |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC added | 400,635 | $152K | 0.0% | 2026-Q2 |
| MANGROVE PARTNERS IM, LLC trimmed | 12,876 | $128K | 0.0% | 2026-Q2 |
| TORONTO DOMINION BANK trimmed | 24,470 | $10K | 0.0% | 2026-Q2 |
| TENOR CAPITAL MANAGEMENT Co., L.P. new | 333,333 | $117M | 35.5% | 2026-Q1 stale (1 quarter behind) |
| Decagon Asset Management LLP new | 208,860 | $73M | 22.3% | 2026-Q1 stale (1 quarter behind) |
| GLAZER CAPITAL, LLC added | 500,000 | $5M | 1.5% | 2026-Q1 stale (1 quarter behind) |
| Mint Tower Capital Management B.V. new | 225,000 | $2M | 0.7% | 2026-Q1 stale (1 quarter behind) |
| Virtu Financial LLC new | 85,402 | $840K | 0.3% | 2026-Q1 stale (1 quarter behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.