CROWD: RED
Active holders jumped 76 to 91 recently (20% in one quarter). Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
91
of 246 total, index funds excluded
This quarter
+40
25 out
Conviction
5 bps
median holder weight: token bet
Streak
4q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2022Mar 2026
Holdings as of Mar 31, 2026, filed by May 16, 2026. Counts for the newest quarter keep settling for a few weeks as amendments land.
The tide
funds in (up) vs out (down)
Top holders
by reported value · $1.4B held
Fund
Value
Note
BlackRock, Inc.
$156M
VANGUARD CAPITAL MANAGEMENT…
$83M
JANE STREET GROUP, LLC
$70M
Driehaus Capital Management…
$64M
TWO SIGMA INVESTMENTS, LP
$59M
MORGAN STANLEY
$53M
GEODE CAPITAL MANAGEMENT, L…
$47M
STATE STREET CORP
$46M
UBS Group AG
$39M
GOLDMAN SACHS GROUP INC
$38M
Tourists vs true believers
every holder a dot · right = bigger bet in their own book, up = patient money
Hover any dot for the fund and its bet size. Patience is measured from each filer's actual quarter-to-quarter turnover across our whole database.