<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001083387</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000005031</seriesId>
        <classId>C000013724</classId>
        <classId>C000013722</classId>
        <classId>C000013725</classId>
        <classId>C000013723</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Kinetics Mutual Funds</regName>
      <regFileNumber>811-09303</regFileNumber>
      <regCik>0001083387</regCik>
      <regLei>254900Z4PTNUE2SN9529</regLei>
      <regStreet1>470 Park Avenue South</regStreet1>
      <regCity>New York</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10016</regZipOrPostalCode>
      <regPhone>800-930-3828</regPhone>
      <seriesName>Kinetics Small Cap Opportunities Fund Feeder 1</seriesName>
      <seriesId>S000005031</seriesId>
      <seriesLei>254900CEFNLF33T4M830</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>446474149.890000000000</totAssets>
      <totLiabs>214799.480000000000</totLiabs>
      <netAssets>446259350.410000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000013722" rtn1=".820000000000" rtn2="-5.020000000000" rtn3="-1.410000000000"/>
          <monthlyTotReturn classId="C000013723" rtn1=".890000000000" rtn2="-4.960000000000" rtn3="-1.340000000000"/>
          <monthlyTotReturn classId="C000013724" rtn1=".860000000000" rtn2="-4.980000000000" rtn3="-1.370000000000"/>
          <monthlyTotReturn classId="C000013725" rtn1=".900000000000" rtn2="-4.950000000000" rtn3="-1.320000000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-1218.400000000000" netUnrealizedAppr="4735627.450000000000"/>
        <othMon2 netRealizedGain="360945.890000000000" netUnrealizedAppr="-23956233.880000000000"/>
        <othMon3 netRealizedGain="-11554.850000000000" netUnrealizedAppr="-6572510.460000000000"/>
      </returnInfo>
      <mon1Flow redemption="15264273.760000000000" reinvestment=".000000000000" sales="9528920.220000000000"/>
      <mon2Flow redemption="10603277.810000000000" reinvestment=".000000000000" sales="5960436.710000000000"/>
      <mon3Flow redemption="11806446.130000000000" reinvestment="991061.520000000000" sales="6460927.990000000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>N/A</nameDesignatedIndex>
          <indexIdentifier>N/A</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>KINETICS SMALL CAP OPP</name>
        <lei>N/A</lei>
        <title>KINETICS SMALL CAP OPP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="943350"/>
          <other otherDesc="USER DEFINED" value="943350"/>
        </identifiers>
        <balance>1.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446394316.400000000000</valUSD>
        <pctVal>100.0302438458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The monthly total returns shown in B.5.a do not reflect the deduction of sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-02-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Kinetics Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jay Kesslen</ncom:signature>
      <ncom:signerName>Kinetics Mutual Funds Inc</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
