CROWD: RED
Active holders jumped 19 to 52 recently (174% 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
52
of 127 total, index funds excluded
This quarter
+34
1 out
Conviction
5 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2024Mar 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 · $356M held
Fund
Value
Note
L1 Capital Pty Ltd
$43M
Nantahala Capital Managemen…
$31M
Sio Capital Management, LLC
$30M
BlackRock, Inc.
$27M
ADAR1 Capital Management, L…
$21M
PERCEPTIVE ADVISORS LLC
$19M
RA CAPITAL MANAGEMENT, L.P.
$17M
BVF INC/IL
$17M
FMR LLC
$16M
Ensign Peak Advisors, Inc
$12M
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.