MAD RIVER INVESTORS 13F Holdings

CIK 0001384484 · BOSTON, MA

As of Sep 30, 2025, MAD RIVER INVESTORS reported 37 positions worth $233.8M in its SEC Form 13F filing.

Top 25 holdings

SecurityTickerSectorSharesValue% of portfolio
TEXAS PACIFIC LAND CORPTPLEnergy95,172$88.9M38.01%
GRAYSCALE BITCOIN TRUST ETFGBTC—360,954$32.4M13.86%
PERMIAN BASIN ROYALTY TRUSTPBTEnergy922,230 6.8M7.20%
HAWAIIAN ELECTRIC INDUSTRIES INCHEUtilities1,230,250 3.6M5.81%
LANDBRIDGE CO LLCLBEnergy241,056 2.9M5.50%
WHEATON PRECIOUS METALS CORPWPMBasic Materials97,927 1.0M4.69%
MESABI TRMSBBasic Materials295,523$8.6M3.70%
FIDELITY WISE ORIGIN BITCOIN FUNDFBTC—71,804$7.2M3.07%
WATERBRIDGE INFRASTRUCTURE LWBIEnergy251,700$6.3M2.72%
FRANCO NEVADA CORPFNVBasic Materials23,579$5.3M2.25%
CARNIVAL CORPCCLIndustrials155,396$4.5M1.92%
GRAYSCALE BITCOIN MINI TRUST ETFBTC—82,179$4.2M1.78%
VANGUARD TOTAL STOCK MKT ETFVTI—12,122$4.0M1.70%
MIAMI INTL HLDGS INCMIAXFinancial Services74,600$3.0M1.28%
ORACLE CORPORCLTechnology8,050$2.3M0.97%
CBOE GLOBAL MARKETS INCCBOEFinancial Services6,655 .6M0.70%
INTERCONTINENTAL EXCHANGE INCICEFinancial Services7,720 .3M0.56%
APPLE INCAAPLTechnology5,000 .3M0.54%
PALO ALTO NETWORKS INCPANWTechnology5,484 .1M0.48%
AMAZON.COM INCAMZNEquity3,400$746.5K0.32%
BERKSHIRE HATHAWAY INCBRK/BFinancial Services1,175$590.7K0.25%
UNITEDHEALTH GROUP INCUNHHealthcare1,700$587.0K0.25%
CINCINNATI FINANCIAL CORPCINFFinancial Services3,600$569.2K0.24%
VANGUARD DIVIDEND APPREC ETFVIG—2,600$561.1K0.24%
SANDSTORM GOLD LTDSANDBasic Materials42,592$533.3K0.23%