Horizon Kinetics Q2 2026: Major Shifts in Energy and Bitcoin Holdings

As of June 30, 2026, Horizon Kinetics Asset Management Llc has shown a distinct pattern of strategic buying and selling in its portfolio. The investment firm appears to have focused on strengthening positions in established sectors like Energy while simultaneously reducing exposure in Real Estate.

Prominent Purchases This Quarter

Horizon Kinetics demonstrated significant buying activity, most notably increasing its stake in Texas Pacific Land Corp (TPL). The investment firm added over 1.7 million shares to this position during the quarter, resulting in a nearly 65% allocation of the portfolio.

The trust focused on Bitcoin mini (BTC) also saw substantial growth, with Horizon adding over 3 million shares. This resulted in an almost 102% increase in holdings and pushed its allocation percentage to nearly two percent of the total portfolio value.

Furthermore, Horizon increased its position in Permiand Basin Royalty Trust (PBT) by over 350 thousand shares. This was a significant purchase, contributing to the Energy sector's continued dominance.

Strategic Reductions and Exits

In contrast, Horizon Kinetics sold shares from several holdings. The firm significantly reduced its stake in GrayScale Bitcoin Trust ETF (GBTC), selling over 1.8 million shares which represented a roughly 13% reduction and lowered its allocation to just under seven percent.

The firm also sold shares from Landbridge Company LLC (LB), decreasing the position by around 0.26%. This was a smaller exit compared to others, but still noteworthy given the overall trend of reducing non-energy assets.

Energy Sector Focus Continues

Within the Energy sector, Horizon maintained its focus on major players like Hawaiian Electric Industries Inc MTN B (HE) and Permiand Basin Royalty Trust (PBT). The firm increased HE's position by over 760 thousand shares, boosting its allocation to nearly three-and-a-half percent.

Additionally, the investment firm bolstered its stake in several other Energy-related holdings including San Juan Basin Royalty Trust (SJT) and Triple Flag Precious Metal (TFPM). These purchases further solidified Horizon's commitment to this sector despite overall portfolio changes.

Mixed Activity Elsewhere

Horizon Kinetics also purchased shares in other sectors. The firm increased its stake in VANGUARD BD INDEX FDS (VUSB) by over 120 thousand shares, resulting in a nearly 36% increase and pushing the allocation to just under one percent.

In the Utilities sector, Horizon purchased shares of Centuri Holdings Inc (CTRI), increasing its position by 100%. This was a complete buy-in for this small holding. The firm also added shares in Tejon Ranch Co (TRC) and Howdard Hughes Holdings Inc (HHH).

Real Estate Reduction

The most pronounced selling activity occurred within the Real Estate sector, where Horizon Kinetics completely exited DigitalBridge Group Inc (DBRG). The firm sold all 12 thousand shares held in this position.

Additionally, the investment firm reduced its stake significantly in Howard Hughes Holdings Inc (HHH), cutting it by nearly 72%. Wendy's Co (WEN) also saw a substantial reduction of over 59%.