Black Spade Acquisition II (BSII)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)		1.96 mm	1.96 mm	1.96 mm	1.96 mm	1.96 mm
Cash burn (monthly)		(no burn)	549.21 k	152.69 k	91.14 k	22.79 k
Cash used (since last report)		n/a	941.18 k	261.66 k	156.19 k	39.05 k
Cash remaining		n/a	1.02 mm	1.70 mm	1.80 mm	1.92 mm
Runway (months of cash)		n/a	1.9	11.1	19.8	84.3

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Financial data from company earnings reports.

Institutional ownership, Q4 2024

BSII institutional ownership history Ownership history

89.6% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	40	7	+471.4%
Opened positions	33	7	+371.4%
Closed positions	0	0
Increased positions	3	0	NEW
Reduced positions	3	0	NEW

13F shares	Current	Prev Q	Change
Total value	103.21 bn	15.09 bn	+583.8%
Total shares	17.14 mm	4.33 mm	+295.6%
Total puts	0.00	0.00
Total calls	0.00	0.00
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Polar Asset Management Partners	1.87 mm	$14.11 bn	NEW
Fort Baker Capital Management	1.68 mm	$13.66 bn	+59.1%
Bracebridge Capital	1.30 mm	$9.82 bn	NEW
Linden Advisors	1.05 mm	$7.58 bn	+40.2%
BCS Barclays	975.00 k	$0.00	NEW
LMR Partners	966.67 k	$7.30 bn	NEW
Aristeia Capital	933.33 k	$7.06 bn	NEW
Clear Street	898.37 k	$5.32 mm	NEW
Aqr Capital Management	857.75 k	$0.00	-42.2%
Vivaldi Asset Management	743.35 k	$7.38 bn	-0.0%

Largest transactions	Shares	Bought/sold	Change
Polar Asset Management Partners	1.87 mm	+1.87 mm	NEW
Bracebridge Capital	1.30 mm	+1.30 mm	NEW
BCS Barclays	975.00 k	+975.00 k	NEW
LMR Partners	966.67 k	+966.67 k	NEW
Aristeia Capital	933.33 k	+933.33 k	NEW
Clear Street	898.37 k	+898.37 k	NEW
Picton Mahoney Asset Management	666.66 k	+666.66 k	NEW
Aqr Capital Management	857.75 k	-627.25 k	-42.2%
Fort Baker Capital Management	1.68 mm	+625.33 k	+59.1%
GS The Goldman Sachs Group, Inc.	605.67 k	+605.67 k	NEW

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.