Wolverine Asset Management, LLC and affiliated entities reported collective beneficial ownership of 584,505 Ordinary Shares of Quartzsea Acquisition Corp, representing 5.12% of the outstanding class based on 11,409,900 shares outstanding as of 07/10/2025. The filing states the shares are managed by Wolverine Asset Management with shared voting and dispositive power of 584,505 shares and no sole voting or dispositive power. Wolverine identifies Wolverine Flagship Fund Trading Limited as a party with the right to receive dividends or sale proceeds for these shares. The filing certifies the securities were acquired in the ordinary course of business and not for the purpose of changing control.
Positive
Transparent disclosure of beneficial ownership at the 5.12% threshold
Consistent classification as an investment adviser/managed position (no sole control)
Negative
Shared voting power only could limit the filer’s ability to influence corporate actions
Concentration risk for funds receiving dividends/proceeds (Wolverine Flagship Fund Trading Limited)
Insights
Wolverine group holds a meaningful passive stake of 5.12% in QSEA.
The group reports shared voting and dispositive power over 584,505 Ordinary Shares, equaling 5.12% of the class based on 07/10/2025 share count. Classification entries identify the filer as an investment adviser and related entities, indicating an advisory/managed position rather than a sole-control stake.
This holding crosses the common regulatory threshold that requires public disclosure and may attract attention from investors tracking ownership blocs; verify any future amendments if the position changes or if voting arrangements alter within the next 30–90 days.
Filing signals passive intent: shares were acquired in the ordinary course and not to affect control.
The certification explicitly states the shares "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer." Shared voting power is reported while sole power is zero, aligning with a managed, non‑controlling stake held on behalf of a fund.
Watch for any future Schedule 13D or amendments that would indicate an active intent; absent that, this position is consistent with advisory holdings and typical fund ownership profiles over the near term.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Quartzsea Acquisition Corp
(Name of Issuer)
Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G7314B104
(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)
SCHEDULE 13G
CUSIP No.
G7314B104
1
Names of Reporting Persons
WOLVERINE ASSET MANAGEMENT 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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
584,505.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
584,505.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
584,505.00
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)
5.12 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
G7314B104
1
Names of Reporting Persons
Wolverine Trading Partners, Inc.
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
584,505.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
584,505.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
584,505.00
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)
5.12 %
12
Type of Reporting Person (See Instructions)
CO, HC
SCHEDULE 13G
CUSIP No.
G7314B104
1
Names of Reporting Persons
Wolverine Holdings, L.P.
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
584,505.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
584,505.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
584,505.00
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)
5.12 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
G7314B104
1
Names of Reporting Persons
Christopher L. Gust
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
584,505.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
584,505.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
584,505.00
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)
5.12 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
CUSIP No.
G7314B104
1
Names of Reporting Persons
Robert R. Bellick
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
584,505.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
584,505.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
584,505.00
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)
5.12 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Quartzsea Acquisition Corp
(b)
Address of issuer's principal executive offices:
1185 Avenue of the Americas, Suite 304, New York, 10036
Item 2.
(a)
Name of person filing:
Wolverine Asset Management, LLC
Wolverine Holdings, L.P.
Wolverine Trading Partners, Inc.
Christopher L. Gust
Robert R. Bellick
(b)
Address or principal business office or, if none, residence:
c/o Wolverine Asset Management, LLC
175 West Jackson Boulevard, Suite 340
Chicago, IL 60604
(c)
Citizenship:
Wolverine Asset Management, LLC - Illinois
Wolverine Holdings, L.P. - Illinois
Wolverine Trading Partners, Inc. - Illinois
Christopher L. Gust - U.S. Citizen
Robert R. Bellick - U.S. Citizen
(d)
Title of class of securities:
Ordinary Shares, par value $0.0001 per share
(e)
CUSIP No.:
G7314B104
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:
Wolverine Asset Management, LLC ("WAM") is an investment manager and has voting and dispositive power over 584,505 Ordinary Shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings.
(b)
Percent of class:
5.12%. WAM may be deemed the beneficial owner of 5.12% of the Issuer's Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.12% of the Issuer's outstanding Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 11,409,900 (the number of Ordinary Shares outstanding as of July 10, 2025 according to Issuer's Form 10-Q for May 31, 2025).
(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:
584,505
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
584,505
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
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 acquired and are held in the ordinary course of business and 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.
What stake does Wolverine report in Quartzsea Acquisition Corp (QSEA)?
Wolverine reports beneficial ownership of 584,505 shares, equal to 5.12% of QSEA's outstanding Ordinary Shares.
Does Wolverine claim control of QSEA after this filing?
No; the filing states the shares were acquired in the ordinary course of business and not to change or influence control, with 0 shares of sole voting or dispositive power.
Which entities are included in the filing for QSEA?
The filing lists Wolverine Asset Management, LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Christopher L. Gust and Robert R. Bellick.
What share count was used to calculate the 5.12% figure?
Percentages were calculated using 11,409,900 Ordinary Shares outstanding as of 07/10/2025.
Who may receive dividends or proceeds for these shares?
Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends or sale proceeds related to the shares.
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