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-Q1 13F filings (latest filed 2026-05-15). 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
31 tracked funds added or opened BIII while 25 trimmed or exited it between 2025-Q1 and 2026-Q1 — 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 2025-Q1 and 2026-Q1, across 44 tracked filers holding BIII, 36 increased or opened the position and 35 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 2025-Q1 and 2026-Q1 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 23
- TENOR CAPITAL MANAGEMENT Co., L.P.$127M
- Decagon Asset Management LLP$73M
- Context Capital Management, LLC$25M
- HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND$8M
- MILLENNIUM MANAGEMENT LLC$7M
- SONA ASSET MANAGEMENT (US) LLC$6M
Full exits 16
- CLEAR STREET LLC$85M
- Harraden Circle Investments, LLC$29M
- GRITSTONE ASSET MANAGEMENT LLC$16M
- MASO CAPITAL PARTNERS Ltd$15M
- Polar Asset Management Partners Inc.$14M
- Bracebridge Capital, LLC$10M
Largest adds
- AQR Arbitrage LLC$7M
- TORONTO DOMINION BANK$5M
- Magnetar Financial LLC$5M
- Wealthspring Capital LLC$5M
- GLAZER CAPITAL, LLC$5M
- ARISTEIA CAPITAL, L.L.C.$4M
Largest trims
- Linden Advisors LP$84M
- Periscope Capital Inc.$27M
- Fort Baker Capital Management LP$8M
- First Trust Capital Management L.P.$4M
- LMR Partners LLP$2M
- TWO SIGMA INVESTMENTS, LP$2M
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 |
|---|---|---|---|---|
| TENOR CAPITAL MANAGEMENT Co., L.P. new | 333,333 | $117M | 24.6% | 2026-Q1 |
| Decagon Asset Management LLP new | 208,860 | $73M | 15.4% | 2026-Q1 |
| Context Capital Management, LLC new | 66,867 | $23M | 4.9% | 2026-Q1 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND new | 825,000 | $8M | 1.7% | 2026-Q1 |
| AQR Arbitrage LLC added | 760,440 | $7M | 1.6% | 2026-Q1 |
| MILLENNIUM MANAGEMENT LLC added | 750,000 | $7M | 1.6% | 2026-Q2 |
| SONA ASSET MANAGEMENT (US) LLC new | 600,000 | $6M | 1.3% | 2026-Q1 |
| Wealthspring Capital LLC added | 558,890 | $6M | 1.2% | 2026-Q1 |
| LMR Partners LLP added | 500,000 | $5M | 1.1% | 2026-Q1 |
| Alberta Investment Management Corp new | 500,000 | $5M | 1.0% | 2026-Q1 |
| GLAZER CAPITAL, LLC added | 500,000 | $5M | 1.0% | 2026-Q1 |
| Fort Baker Capital Management LP added | 500,000 | $5M | 1.0% | 2026-Q1 |
| BNP PARIBAS FINANCIAL MARKETS new | 439,560 | $4M | 0.9% | 2026-Q1 |
| First Trust Capital Management L.P. trimmed | 350,000 | $3M | 0.7% | 2026-Q1 |
| OMERS ADMINISTRATION Corp new | 300,000 | $3M | 0.6% | 2026-Q1 |
| MMCAP International Inc. SPC new | 250,000 | $2M | 0.5% | 2026-Q1 |
| Linden Advisors LP trimmed | 250,000 | $2M | 0.5% | 2026-Q1 |
| Mint Tower Capital Management B.V. new | 225,000 | $2M | 0.5% | 2026-Q1 |
| TWO SIGMA INVESTMENTS, LP | 201,517 | $2M | 0.4% | 2026-Q2 |
| Lineage Point Capital LP new | 165,000 | $2M | 0.3% | 2026-Q1 |
| Bulldog Investors, LLP new | 150,000 | $2M | 0.3% | 2026-Q1 |
| WOLVERINE ASSET MANAGEMENT LLC new | 100,000 | $984K | 0.2% | 2026-Q1 |
| Virtu Financial LLC new | 85,402 | $840K | 0.2% | 2026-Q1 |
| Schonfeld Strategic Advisors LLC added | 77,535 | $771K | 0.2% | 2026-Q2 |
| BOOTHBAY FUND MANAGEMENT, LLC added | 75,000 | $750K | 0.2% | 2026-Q1 |
| Parallax Volatility Advisers, L.P. added | 50,000 | $494K | 0.1% | 2026-Q1 |
| GTS SECURITIES LLC added | 41,988 | $420K | 0.1% | 2026-Q1 |
| Quarry LP trimmed | 37,500 | $375K | 0.1% | 2026-Q1 |
| RLH Capital LLC new | 37,500 | $375K | 0.1% | 2026-Q1 |
| StoneX Group Inc. added | 25,000 | $246K | 0.1% | 2026-Q1 |
| Magnetar Financial LLC trimmed | 333,331 | $133K | 0.0% | 2026-Q2 |
| MANGROVE PARTNERS IM, LLC trimmed | 12,876 | $128K | 0.0% | 2026-Q2 |
| ARISTEIA CAPITAL, L.L.C. trimmed | 366,666 | $125K | 0.0% | 2026-Q1 |
| Shaolin Capital Management LLC trimmed | 221,353 | $77K | 0.0% | 2026-Q1 |
| Clear Street Group Inc. new | 6,057 | $61K | 0.0% | 2026-Q1 |
| Periscope Capital Inc. added | 139,600 | $49K | 0.0% | 2026-Q1 |
| PICTON MAHONEY ASSET MANAGEMENT trimmed | 124,999 | $44K | 0.0% | 2026-Q1 |
| Radcliffe Capital Management, L.P. new | 116,665 | $40K | 0.0% | 2026-Q1 |
| WHITEBOX ADVISORS LLC added | 92,066 | $32K | 0.0% | 2026-Q1 |
| MOORE CAPITAL MANAGEMENT, LP new | 66,666 | $23K | 0.0% | 2026-Q1 |
| TORONTO DOMINION BANK trimmed | 43,000 | $15K | 0.0% | 2026-Q1 |
| BERKLEY W R CORP trimmed | 41,694 | $15K | 0.0% | 2026-Q1 |
| Hudson Bay Capital Management LP | 35,000 | $14K | 0.0% | 2026-Q2 |
| Verition Fund Management LLC trimmed | 33,333 | $13K | 0.0% | 2026-Q2 |
| RIVERNORTH CAPITAL MANAGEMENT, LLC trimmed | 26,038 | $9K | 0.0% | 2026-Q1 |
| CLEAR STREET LLC added | 382,083 | $84M | 17.7% | 2025-Q1 stale |
| Harraden Circle Investments, LLC | 130,826 | $29M | 6.1% | 2025-Q1 stale |
| MASO CAPITAL PARTNERS Ltd | 66,666 | $15M | 3.1% | 2025-Q1 stale |
| Polar Asset Management Partners Inc. | 1,400,000 | $14M | 3.0% | 2025-Q1 stale |
| GRITSTONE ASSET MANAGEMENT LLC trimmed | 63,274 | $14M | 2.9% | 2025-Q1 stale |
| GOLDMAN SACHS GROUP INC trimmed | 605,511 | $6M | 1.3% | 2025-Q1 stale |
| D. E. Shaw & Co., Inc. | 465,821 | $5M | 1.0% | 2025-Q1 stale |
| Athos Capital Ltd | 250,000 | $3M | 0.5% | 2025-Q1 stale |
| Karpus Management, Inc. trimmed | 231,235 | $2M | 0.5% | 2025-Q1 stale |
| DLD Asset Management, LP new | 215,739 | $2M | 0.5% | 2025-Q1 stale |
| Westchester Capital Management, LLC | 194,588 | $2M | 0.4% | 2025-Q1 stale |
| Kepos Capital LP | 67,500 | $689K | 0.1% | 2025-Q1 stale |
| Dakota Wealth Management | 50,000 | $508K | 0.1% | 2025-Q1 stale |
| HEIGHTS CAPITAL MANAGEMENT, INC | 20,000 | $203K | 0.0% | 2025-Q1 stale |
| ROBINSON CAPITAL MANAGEMENT, LLC trimmed | 19,000 | $193K | 0.0% | 2025-Q1 stale |
| UBS Group AG added | 12,405 | $118K | 0.0% | 2025-Q1 stale |
| CITADEL ADVISORS LLC new | 10,752 | $109K | 0.0% | 2025-Q1 stale |
| CONDOR CAPITAL MANAGEMENT | 10,287 | $104K | 0.0% | 2025-Q1 stale |
| Bracebridge Capital, LLC trimmed | 325,000 | $72K | 0.0% | 2025-Q1 stale |
| K2 PRINCIPAL FUND, L.P. | 262,382 | $58K | 0.0% | 2025-Q1 stale |
| Schechter Investment Advisors, LLC trimmed | 147,324 | $32K | 0.0% | 2025-Q1 stale |
| BARCLAYS PLC trimmed | 2,059 | $20K | 0.0% | 2025-Q1 stale |
| CSS LLC/IL new | 33,381 | $7K | 0.0% | 2025-Q1 stale |
| METEORA CAPITAL, LLC trimmed | 32,061 | $7K | 0.0% | 2025-Q1 stale |
| MORGAN STANLEY new | 18 | $183 | 0.0% | 2025-Q1 stale |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q1 stale |
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.