Mint Tower's Diverse Rotation
Mint Tower Capital Actively Diversifies Portfolio with Norfolk Southern, New SPACs, and Bitcoin Trust
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Key Points
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In Mint Tower’s Norfolk Southern filing, the railroad stock was described as its “25th largest holding” and about 0.6% of the portfolio; the news report also notes the firm added exactly 2,000 shares to reach 17,000.
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Several other investors were specifically cited as taking new Norfolk Southern positions around the same time as Mint Tower—for example, Picton Mahoney Asset Management purchased a new stake valued at about $24.033 million, while Primecap Management Co. CA owned 1,132,583 shares valued at about $340.239 million after buying an additional 82,500 shares.
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Weiss Ratings’ actions on the specific SPACs went beyond “negative stance”: for Armada Acquisition Corp. II, Weiss “restated a ‘sell (d-)’ rating” on May 29; for Cohen Circle Acquisition Corp. II, Weiss “upgraded…from a ‘sell (e+)’ rating to a ‘sell (d-)’ rating” on May 1; and for Starboard Value Acquisition Corp., Weiss “raised” the stock from ‘sell (e+)’ to ‘sell (d-)’ on June 1.
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For Osprey Bitcoin Trust, the report adds structural detail: it is “structured as a Delaware statutory trust,” with bitcoin “custody services provided by a regulated third-party custodian,” and its shares are described as fractional ownership of bitcoin held by the trust.
Mint Tower Capital Management B.V. added 2,000 shares of Norfolk Southern to its portfolio, bringing its total position to 17,000 shares worth about $4.9 million, according to Watchlist News. The Dutch investment firm ranks the railroad stock as its 25th largest holding, making up just 0.6% of its total portfolio.
The move is part of a broader wave of institutional buying in Norfolk Southern. Picton Mahoney Asset Management took a new stake worth about $24 million, while Primecap Management Co. CA holds over 1.1 million shares valued at $340 million, per Watchlist News.
Mint Tower Piles Into SPACs Despite Persistent Sell Ratings
Alongside its Norfolk Southern buy, Mint Tower made three large bets on blank-check companies, known as SPACs. It bought 250,000 shares of Armada Acquisition Corp. II for $2.6 million, 400,000 shares of Cohen Circle Acquisition Corp. II for $4.1 million, and 450,000 shares of Starboard Value Acquisition Corp. for $4.6 million, according to Watchlist News.
Independent ratings firm Weiss Ratings was not impressed. It restated a 'sell (d-)' rating on Armada on May 29. It upgraded Cohen Circle from 'sell (e+)' to 'sell (d-)' on May 1. It raised Starboard from 'sell (e+)' to 'sell (d-)' on June 1. Every rating was still a sell.
Why a Cautious Fund Buys Assets Analysts Hate
Mint Tower is known for a market-neutral strategy aimed at steady returns with low risk. Buying SPACs at prices near their $10 redemption value is a common arbitrage tactic. The fund earns a small but reliable yield while holding a free option on any future merger announcement.
This approach fits Mint Tower's stated goal of capital preservation. The firm is not necessarily betting the SPAC deals will succeed. If no merger happens, it can redeem shares for the trust value plus interest and move on.
Mint Tower Adds Bitcoin Exposure Through a Delaware Trust
Mint Tower also bought 48,176 shares of Osprey Bitcoin Trust for about $1.36 million, according to Watchlist News. The trust is structured as a Delaware statutory trust. Each share represents fractional ownership of bitcoin held by the trust, with custody handled by a regulated third-party provider.
This lets Mint Tower get bitcoin price exposure through a standard brokerage account. There is no need to hold actual bitcoin or manage digital wallets. The move signals that even conservative, arbitrage-focused firms now treat crypto-linked trusts as ordinary portfolio tools.
Norfolk Southern Draws Bigger Institutional Money Than Mint Tower
Mint Tower's $4.9 million Norfolk Southern position looks tiny next to its peers. Primecap Management holds 1,132,583 shares worth $340.2 million after adding 82,500 shares in the same period. Picton Mahoney started a brand-new position worth $24 million, per Watchlist News.
Norfolk Southern reported $3.0 billion in revenue in Q1 2026 with an adjusted operating ratio of 68.7%, a key measure of railroad efficiency where lower is better. CEO Mark George pointed to 'disciplined execution on safety, service, and cost control' as driving results despite harsh winter weather.
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