NINE MASTS CAPITAL 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABERCROMBIE & FITCH CO	CL A	002896207	252,754	1,691	SH		SOLE		1,691	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	1,043,409	2,966	SH		SOLE		2,966	0	0
ADOBE INC	COM	00724F101	1,883,664	4,236	SH		SOLE		4,236	0	0
ADOBE INC	COM	00724F101	48,625	5,000	SH	Call	SOLE		5,000	0	0
ADOBE INC	COM	00724F101	760,175	6,500	SH	Put	SOLE		6,500	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	2,623,559	21,720	SH		SOLE		21,720	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	546,615	40,300	SH	Call	SOLE		40,300	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	2,271,235	69,700	SH	Put	SOLE		69,700	0	0
AERCAP HOLDINGS NV	SHS	N00985106	2,006,638	20,968	SH		SOLE		20,968	0	0
AGNICO EAGLE MINES LTD	COM	008474108	642,250	35,000	SH	Call	SOLE		35,000	0	0
AGNICO EAGLE MINES LTD	COM	008474108	1,338	53,500	SH	Put	SOLE		53,500	0	0
AGORA INC	ADS	00851L103	183,040	44,000	SH		SOLE		44,000	0	0
AIRBNB INC	COM CL A	009066101	555,601	4,228	SH		SOLE		4,228	0	0
AIRBNB INC	COM CL A	009066101	107,500	10,000	SH	Call	SOLE		10,000	0	0
AIRBNB INC	COM CL A	009066101	331,500	20,000	SH	Put	SOLE		20,000	0	0
ALBERTSONS COS INC	COMMON STOCK	013091103	746,320	38,000	SH		SOLE		38,000	0	0
AMAZON COM INC	COM	023135106	109,800	9,000	SH	Call	SOLE		9,000	0	0
AMAZON COM INC	COM	023135106	239,010	12,400	SH	Put	SOLE		12,400	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	5,900	1,180,000	SH	Put	SOLE		1,180,000	0	0
APPLE INC	COM	037833100	572,400	16,000	SH	Call	SOLE		16,000	0	0
APPLE INC	COM	037833100	310,050	31,800	SH	Put	SOLE		31,800	0	0
ASE TECHNOLOGY HLDG CO LTD	SPONSORED ADS	00215W100	11,709,920	1,162,852	SH		SOLE		1,162,852	0	0
AT&T INC	COM	00206R102	2,033,065	89,287	SH		SOLE		89,287	0	0
AUTODESK INC	COM	052769106	296,400	8,000	SH	Call	SOLE		8,000	0	0
AUTODESK INC	COM	052769106	138,160	8,800	SH	Put	SOLE		8,800	0	0
BAKER HUGHES COMPANY	CL A	05722G100	441,000	70,000	SH	Call	SOLE		70,000	0	0
BAKER HUGHES COMPANY	CL A	05722G100	5,250	70,000	SH	Put	SOLE		70,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	16,342,080	24	SH		SOLE		24	0	0
BHP GROUP LTD	SPONSORED ADS	088606108	2,976,463	60,800	SH		SOLE		60,800	0	0
BLACKROCK INVT QUALITY MUN T	COM	09247D105	268,927	24,119	SH		SOLE		24,119	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257P105	1,742,614	84,634	SH		SOLE		84,634	0	0
BLACKROCK MUNIHLDGS NJ QLTY	COM	09254X101	378,860	34,224	SH		SOLE		34,224	0	0
BLACKROCK MUNIHLDNGS CALI QL	COM	09254L107	209,475	19,706	SH		SOLE		19,706	0	0
BLACKROCK SCIENCE & TECHNOLO	SHS	09258G104	510,816	13,972	SH		SOLE		13,972	0	0
BLACKROCK TAX MUNICPAL BD TR	SHS	09248X100	3,521,624	218,463	SH		SOLE		218,463	0	0
BNY MELLON STRATEGIC MUNS IN	COM	05588W108	160,712	26,608	SH		SOLE		26,608	0	0
BROOKFIELD RENEWABLE PARTNER	PARTNERSHIP UNIT	G16258108	3,135,289	137,573	SH		SOLE		137,573	0	0
CANADA GOOSE HLDGS INC	SHS SUB VTG	135086106	212,355	21,172	SH		SOLE		21,172	0	0
CARNIVAL CORP	UNIT 99/99/9999	143658300	135,000	3,000,000	SH	Put	SOLE		3,000,000	0	0
CONOCOPHILLIPS	COM	20825C104	1,734,186	17,487	SH		SOLE		17,487	0	0
CONOCOPHILLIPS	COM	20825C104	1,750	17,500	SH	Call	SOLE		17,500	0	0
DATADOG INC	CL A COM	23804L103	328,750	10,000	SH	Call	SOLE		10,000	0	0
DATADOG INC	CL A COM	23804L103	399,910	20,300	SH	Put	SOLE		20,300	0	0
DEVON ENERGY CORP NEW	COM	25179M103	1,155,336	35,299	SH		SOLE		35,299	0	0
DEVON ENERGY CORP NEW	COM	25179M103	371,840	66,400	SH	Put	SOLE		66,400	0	0
DISNEY WALT CO	COM	254687106	194,625	15,000	SH	Call	SOLE		15,000	0	0
DISNEY WALT CO	COM	254687106	58,100	14,000	SH	Put	SOLE		14,000	0	0
DUN & BRADSTREET HLDGS INC	COM	26484T106	15,180	27,600	SH	Put	SOLE		27,600	0	0
DUPONT DE NEMOURS INC	COM	26614N102	194,361	2,549	SH		SOLE		2,549	0	0
DUPONT DE NEMOURS INC	COM	26614N102	126,000	15,000	SH	Put	SOLE		15,000	0	0
ELEMENT SOLUTIONS INC	COM	28618M106	971,223	38,192	SH		SOLE		38,192	0	0
ELI LILLY & CO	COM	532457108	540,400	700	SH		SOLE		700	0	0
EOG RES INC	COM	26875P101	1,923,280	15,690	SH		SOLE		15,690	0	0
EOG RES INC	COM	26875P101	6,000	16,000	SH	Call	SOLE		16,000	0	0
EOG RES INC	COM	26875P101	307,200	16,000	SH	Put	SOLE		16,000	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	265,375	11,000	SH	Call	SOLE		11,000	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	288,860	14,300	SH	Put	SOLE		14,300	0	0
EXXON MOBIL CORP	COM	30231G102	569,583	5,295	SH		SOLE		5,295	0	0
EXXON MOBIL CORP	COM	30231G102	26,240	8,200	SH	Call	SOLE		8,200	0	0
EXXON MOBIL CORP	COM	30231G102	194,925	11,500	SH	Put	SOLE		11,500	0	0
FISCALNOTE HOLDINGS INC	*W EXP 07/29/202	337655112	46,714	299,447	PRN		SOLE		299,447	0	0
FOX CORP	CL B COM	35137L204	1,987,129	43,444	SH		SOLE		43,444	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	3,259,420	85,594	SH		SOLE		85,594	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	41,750	100,000	SH	Call	SOLE		100,000	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	1,635,750	135,000	SH	Put	SOLE		135,000	0	0
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	137,000	20,000	SH	Call	SOLE		20,000	0	0
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	127,200	15,900	SH	Put	SOLE		15,900	0	0
GITLAB INC	CLASS A COM	37637K108	883,399	15,677	SH		SOLE		15,677	0	0
GRINDR INC	*W EXP 11/18/202	39854F119	2,748,506	407,186	PRN		SOLE		407,186	0	0
GRINDR INC	COM	39854F101	1,427,200	80,000	SH		SOLE		80,000	0	0
GXO LOGISTICS INCORPORATED	COMMON STOCK	36262G101	482,981	11,103	SH		SOLE		11,103	0	0
HASBRO INC	COM	418056107	1,352,463	24,190	SH		SOLE		24,190	0	0
HDFC BANK LTD	SPONSORED ADS	40415F101	37,590,423	588,638	SH		SOLE		588,638	0	0
HONEYWELL INTL INC	COM	438516106	649,300	43,000	SH	Call	SOLE		43,000	0	0
INCYTE CORP	COM	45337C102	395,909	5,732	SH		SOLE		5,732	0	0
INTEGRAL AD SCIENCE HLDNG CO	COM	45828L108	671,198	64,291	SH		SOLE		64,291	0	0
INTEL CORP	COM	458140100	571,425	28,500	SH		SOLE		28,500	0	0
INTEL CORP	COM	458140100	16,905	483,000	SH	Call	SOLE		483,000	0	0
INTERPUBLIC GROUP COS INC	COM	460690100	259,970	9,278	SH		SOLE		9,278	0	0
ISHARES BITCOIN TRUST ETF	SHS BEN INT	46438F101	80,540,510	1,518,200	SH		SOLE		1,518,200	0	0
ISHARES TR	CORE S&P500 ETF	464287200	207,215,360	352,000	SH		SOLE		352,000	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	1,492,148	18,972	SH		SOLE		18,972	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	1,171,088	5,300	SH		SOLE		5,300	0	0
ISRAEL ACQUISITIONS CORP	*W EXP 99/99/999	G49667119	16,040	400,000	PRN		SOLE		400,000	0	0
ISRAEL ACQUISITIONS CORP	CLASS A ORD	G49667101	4,524,000	400,000	SH		SOLE		400,000	0	0
KRAFT HEINZ CO	COM	500754106	1,842,293	59,990	SH		SOLE		59,990	0	0
KRAFT HEINZ CO	COM	500754106	300	60,000	SH	Call	SOLE		60,000	0	0
KRAFT HEINZ CO	COM	500754106	408,000	60,000	SH	Put	SOLE		60,000	0	0
KRANESHARES TRUST	CSI CHI INTERNET	500767306	291,961	9,985	SH		SOLE		9,985	0	0
LAMB WESTON HLDGS INC	COM	513272104	751,303	11,242	SH		SOLE		11,242	0	0
LEGEND BIOTECH CORP	SPONSORED ADS	52490G102	1,251,684	38,466	SH		SOLE		38,466	0	0
LI AUTO INC	SPONSORED ADS	50202M102	6,637,200	274,400	SH		SOLE		274,400	0	0
LIGHTSPEED COMMERCE INC	SUB VTG SHS	53229C107	578,740	38,000	SH		SOLE		38,000	0	0
LINDE PLC	SHS	G54950103	1,829,169	4,369	SH		SOLE		4,369	0	0
LINDE PLC	SHS	G54950103	140,250	33,000	SH	Call	SOLE		33,000	0	0
LINDE PLC	SHS	G54950103	630,875	17,500	SH	Put	SOLE		17,500	0	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	425,196	5,725	SH		SOLE		5,725	0	0
MEDTRONIC PLC	SHS	G5960L103	1,207,147	15,112	SH		SOLE		15,112	0	0
MEDTRONIC PLC	SHS	G5960L103	42,750	15,000	SH	Call	SOLE		15,000	0	0
MEDTRONIC PLC	SHS	G5960L103	190,500	30,000	SH	Put	SOLE		30,000	0	0
NASDAQ INC	COM	631103108	273,755	3,541	SH		SOLE		3,541	0	0
NETFLIX INC	COM	64110L106	290,100	2,000	SH	Call	SOLE		2,000	0	0
NEWMONT CORP	COM	651639106	246,099	6,612	SH		SOLE		6,612	0	0
NEWS CORP NEW	CL A	65249B109	10,035,466	364,396	SH		SOLE		364,396	0	0
NIO INC	NOTE 0.500% 2/0	62914VAF3	17,523,000	17,700	PRN		SOLE		17,700	0	0
NIO INC	NOTE 4.625%10/1	62914VAK2	3,467,500	5,000	PRN		SOLE		5,000	0	0
NUVEEN DYNAMIC MUN OPPORTUNI	COM SHS	67079X102	4,284,722	427,617	SH		SOLE		427,617	0	0
NUVEEN MUN CR OPPORTUNITIES	COM	670663103	2,481,764	233,908	SH		SOLE		233,908	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	554,115	64,507	SH		SOLE		64,507	0	0
PALO ALTO NETWORKS INC	COM	697435105	464,726	2,554	SH		SOLE		2,554	0	0
PDD HOLDINGS INC	NOTE 12/0	722304AC6	2,888,100	3,000	PRN		SOLE		3,000	0	0
PIMCO MUN INCOME FD II	COM	72200W106	1,916,294	236,872	SH		SOLE		236,872	0	0
PRENETICS GLOBAL LTD	*W EXP 05/18/202	G72245114	2,827	362,456	PRN		SOLE		362,456	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	270,836	26,736	SH		SOLE		26,736	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	2,416,936	3,393	SH		SOLE		3,393	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	5,500	2,500	SH	Call	SOLE		2,500	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	706,010	3,400	SH	Put	SOLE		3,400	0	0
ROBLOX CORP	CL A	771049103	387,000	40,000	SH	Call	SOLE		40,000	0	0
ROBLOX CORP	CL A	771049103	496,375	55,000	SH	Put	SOLE		55,000	0	0
SCHLUMBERGER LTD	COM STK	806857108	1,627,955	42,461	SH		SOLE		42,461	0	0
SCHLUMBERGER LTD	COM STK	806857108	1,700	42,500	SH	Call	SOLE		42,500	0	0
SCHLUMBERGER LTD	COM STK	806857108	687,438	42,500	SH	Put	SOLE		42,500	0	0
SCHWAB CHARLES CORP	COM	808513105	1,226,272	16,569	SH		SOLE		16,569	0	0
SCHWAB CHARLES CORP	COM	808513105	322,088	31,500	SH	Put	SOLE		31,500	0	0
SELECT SECTOR SPDR TR	INDL	81369Y704	172,800	72,000	SH	Call	SOLE		72,000	0	0
SERVICENOW INC	COM	81762P102	499,317	471	SH		SOLE		471	0	0
SERVICENOW INC	COM	81762P102	186,800	2,000	SH	Call	SOLE		2,000	0	0
SERVICENOW INC	COM	81762P102	708,775	5,000	SH	Put	SOLE		5,000	0	0
SHOPIFY INC	CL A	82509L107	813,450	33,000	SH	Call	SOLE		33,000	0	0
SHOPIFY INC	CL A	82509L107	190,500	30,000	SH	Put	SOLE		30,000	0	0
SNOWFLAKE INC	CL A	833445109	125,450	13,000	SH	Call	SOLE		13,000	0	0
SNOWFLAKE INC	CL A	833445109	428,500	20,000	SH	Put	SOLE		20,000	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	48,644,640	83,000	SH		SOLE		83,000	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,803,825	325,000	SH	Call	SOLE		325,000	0	0
SPDR SER TR	S&P BIOTECH	78464A870	81,500	20,000	SH	Call	SOLE		20,000	0	0
SPDR SER TR	S&P BIOTECH	78464A870	357,500	20,000	SH	Put	SOLE		20,000	0	0
SURGERY PARTNERS INC	COM	86881A100	606,478	28,648	SH		SOLE		28,648	0	0
TAKE-TWO INTERACTIVE SOFTWAR	COM	874054109	371,289	2,017	SH		SOLE		2,017	0	0
TAPESTRY INC	COM	876030107	558,180	8,544	SH		SOLE		8,544	0	0
TARGET CORP	COM	87612E106	82,250	10,000	SH	Call	SOLE		10,000	0	0
TARGET CORP	COM	87612E106	107,100	12,000	SH	Put	SOLE		12,000	0	0
TECK RESOURCES LTD	CL B	878742204	619,055	15,274	SH		SOLE		15,274	0	0
THE TRADE DESK INC	COM CL A	88339J105	497,740	4,235	SH		SOLE		4,235	0	0
THE TRADE DESK INC	COM CL A	88339J105	352,600	20,500	SH	Put	SOLE		20,500	0	0
T-MOBILE US INC	COM	872590104	392,500	20,000	SH	Put	SOLE		20,000	0	0
TRIP COM GROUP LTD	ADS	89677Q107	1,351,686	19,445	SH		SOLE		19,445	0	0
UBER TECHNOLOGIES INC	COM	90353T100	417,656	6,924	SH		SOLE		6,924	0	0
UBER TECHNOLOGIES INC	COM	90353T100	126,250	25,000	SH	Call	SOLE		25,000	0	0
UBER TECHNOLOGIES INC	COM	90353T100	481,938	27,500	SH	Put	SOLE		27,500	0	0
UIPATH INC	CL A	90364P105	21,488	22,500	SH	Call	SOLE		22,500	0	0
UIPATH INC	CL A	90364P105	71,803	38,500	SH	Put	SOLE		38,500	0	0
UNITED STATES STL CORP NEW	COM	912909108	575,893	16,943	SH		SOLE		16,943	0	0
UNITED STATES STL CORP NEW	COM	912909108	60,858	34,200	SH	Call	SOLE		34,200	0	0
UNITED STATES STL CORP NEW	COM	912909108	55,200	12,000	SH	Put	SOLE		12,000	0	0
UNITY SOFTWARE INC	COM	91332U101	567,500	100,000	SH	Call	SOLE		100,000	0	0
UNITY SOFTWARE INC	COM	91332U101	584,165	122,700	SH	Put	SOLE		122,700	0	0
VALE S A	SPONSORED ADS	91912E105	2,247,321	253,362	SH		SOLE		253,362	0	0
VALE S A	SPONSORED ADS	91912E105	1,000	200,000	SH	Call	SOLE		200,000	0	0
VALE S A	SPONSORED ADS	91912E105	1,149,300	263,200	SH	Put	SOLE		263,200	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	3,482,868	6,464	SH		SOLE		6,464	0	0
VIKING THERAPEUTICS INC	COM	92686J106	1,483,126	36,857	SH		SOLE		36,857	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	191,602	18,127	SH		SOLE		18,127	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	290,500	175,000	SH	Call	SOLE		175,000	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	344,400	210,000	SH	Put	SOLE		210,000	0	0
WESTERN DIGITAL CORP	COM	958102105	17,531	294	SH		SOLE		294	0	0
WESTERN DIGITAL CORP	COM	958102105	30,250	12,500	SH	Call	SOLE		12,500	0	0
WESTERN DIGITAL CORP	COM	958102105	179,490	18,600	SH	Put	SOLE		18,600	0	0
WOODSIDE ENERGY GROUP LTD	SPONSORED ADR	980228308	522,474	34,317	SH		SOLE		34,317	0	0
WORKDAY INC	CL A	98138H101	227,400	6,000	SH	Call	SOLE		6,000	0	0
WORKDAY INC	CL A	98138H101	85,800	6,000	SH	Put	SOLE		6,000	0	0
ZILLOW GROUP INC	CL A	98954M101	11,595,169	163,658	SH		SOLE		163,658	0	0