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Jane Street Group, LLC reported beneficial ownership of 19,835,217 Applied Digital Corp. (APLD) shares, or 6.3% of the class, with shared voting and dispositive power. The reported holding includes 15,960,478 shares acquirable through warrants and 410 shares acquirable through convertible bonds, both held by Jane Street Global Trading, LLC.
Key Figures
Beneficial ownership:19,835,217 sharesPercentage of class:6.3%Shares acquirable through warrants:15,960,478 shares+3 more
6 metrics
Beneficial ownership19,835,217 sharesReported for Jane Street Group, LLC
Percentage of class6.3%Jane Street Group, LLC
Shares acquirable through warrants15,960,478 sharesHeld by Jane Street Global Trading, LLC
Shares acquirable through convertible bonds410 sharesHeld by Jane Street Global Trading, LLC
Shares outstanding299,094,373 sharesAs of September 8, 2026
Ownership calculation denominator315,054,851 sharesUsed to calculate reported ownership percentages
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerregulatory
"Shared voting power"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared dispositive power"
warrantsfinancial
"shares that can be acquired from warrants"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
convertible bondsfinancial
"shares that can be acquired from convertible bonds"
A convertible bond is a loan a company issues that pays regular interest and can be exchanged for a fixed number of the company’s shares under specified terms. It matters to investors because it combines the steady income and lower downside risk of a bond with the upside potential of owning stock—like holding a ticket that can be cashed for equity if the share price rises—affecting returns, risk, and shareholder dilution.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Jane Street calculate its 6.3% APLD ownership?
Jane Street calculated 6.3% using a denominator of 315,054,851 shares. It based that figure on 299,094,373 shares outstanding as of September 8, 2026, plus 15,960,478 shares acquirable through warrants and convertible bonds held by Jane Street Global Trading, LLC.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Applied Digital Corp.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
038169207
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
038169207
1
Names of Reporting Persons
JANE STREET GROUP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
19,835,217.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
19,835,217.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
19,835,217.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: The reported holding includes 15,960,478 shares that can be acquired from warrants and 410 shares that can be acquired from convertible bonds, both held by Jane Street Global Trading, LLC (JSGT). The % ownership calculation uses 315,054,851 outstanding shares which is based on (1) 299,094,373 shares outstanding as of September 8, 2026 as stated in the issuer's proxy statement filing on September 25, 2026; and (2) dilution of the outstanding shares due to 15,960,478 shares acquirable via the warrants and convertible bonds held by JSGT.
SCHEDULE 13G
CUSIP Number(s):
038169207
1
Names of Reporting Persons
Jane Street Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,638,565.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,638,565.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,638,565.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.8 %
12
Type of Reporting Person (See Instructions)
BD
Comment for Type of Reporting Person: The % ownership calculation uses 315,054,851 outstanding shares which is based on (1) 299,094,373 shares outstanding as of September 8, 2026 as stated in the issuer's proxy statement filing on September 25, 2026; and (2) dilution of the outstanding shares due to 15,960,478 shares acquirable via the warrants and convertible bonds held by JSGT.
SCHEDULE 13G
CUSIP Number(s):
038169207
1
Names of Reporting Persons
Jane Street Options, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
BD
Comment for Type of Reporting Person: The % ownership calculation uses 315,054,851 outstanding shares which is based on (1) 299,094,373 shares outstanding as of September 8, 2026 as stated in the issuer's proxy statement filing on September 25, 2026; and (2) dilution of the outstanding shares due to 15,960,478 shares acquirable via the warrants and convertible bonds held by JSGT.
SCHEDULE 13G
CUSIP Number(s):
038169207
1
Names of Reporting Persons
Jane Street Global Trading, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
15,965,011.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,965,011.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,965,011.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported holding includes 15,960,478 shares that can be acquired from warrants and 410 shares that can be acquired from convertible bonds, both held by Jane Street Global Trading, LLC (JSGT). The % ownership calculation uses 315,054,851 outstanding shares which is based on (1) 299,094,373 shares outstanding as of September 8, 2026 as stated in the issuer's proxy statement filing on September 25, 2026; and (2) dilution of the outstanding shares due to 15,960,478 shares acquirable via the warrants and convertible bonds held by JSGT.
SCHEDULE 13G
CUSIP Number(s):
038169207
1
Names of Reporting Persons
Leonard Street Holdings, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,230,629.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,230,629.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,230,629.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The % ownership calculation uses 315,054,851 outstanding shares which is based on (1) 299,094,373 shares outstanding as of September 8, 2026 as stated in the issuer's proxy statement filing on September 25, 2026; and (2) dilution of the outstanding shares due to 15,960,478 shares acquirable via the warrants and convertible bonds held by JSGT.
SCHEDULE 13G
CUSIP Number(s):
038169207
1
Names of Reporting Persons
Jane Street Singapore Pte. Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SINGAPORE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,012.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,012.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,012.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The % ownership calculation uses 315,054,851 outstanding shares which is based on (1) 299,094,373 shares outstanding as of September 8, 2026 as stated in the issuer's proxy statement filing on September 25, 2026; and (2) dilution of the outstanding shares due to 15,960,478 shares acquirable via the warrants and convertible bonds held by JSGT.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Applied Digital Corp.
(b)
Address of issuer's principal executive offices:
3811 TURTLE CREEK BLVD., SUITE 2100, 3811 TURTLE CREEK BLVD., SUITE 2100, DALLAS, TEXAS, 75219.
Item 2.
(a)
Name of person filing:
Jane Street Group, LLC
Jane Street Capital, LLC
Jane Street Options, LLC
Jane Street Global Trading, LLC
Leonard Street Holdings, LP
Jane Street Singapore Pte. Limited
(b)
Address or principal business office or, if none, residence:
Jane Street Group, LLC
250 Vesey Street 3rd Floor
New York, NY 10281
Jane Street Capital, LLC
250 Vesey Street 3rd Floor
New York, NY 10281
Jane Street Options, LLC
250 Vesey Street 3rd Floor
New York, NY 10281
Jane Street Global Trading, LLC
250 Vesey Street 3rd Floor
New York, NY 10281
Leonard Street Holdings, LP
250 Vesey Street 3rd Floor
New York, NY 10281
Jane Street Singapore Pte. Limited
2 Central Boulevard, #43-01
IOI Central Boulevard Towers (West Tower)
018916, Singapore
(c)
Citizenship:
See Item 4 of Cover Page
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
038169207
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
19,835,217.00
(b)
Percent of class:
6.3%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
19,835,217.00
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
19,835,217.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Subsidiary
Jane Street Capital, LLC
Jane Street Options, LLC
Jane Street Global Trading, LLC
Leonard Street Holdings, LP
Jane Street Singapore Pte. Limited
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
