CROWD: RED
Active holders jumped 220 to 230 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
230
of 462 total, index funds excluded
This quarter
+67
56 out
Conviction
3 bps
median holder weight: token bet
Streak
1q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2023Mar 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 · $7.0B held
Fund
Value
Note
SC US (TTGP), LTD.
$1.0B
D1 Capital Partners L.P.
$845M
BlackRock, Inc.
$633M
VANGUARD PORTFOLIO MANAGEME…
$310M
VANGUARD CAPITAL MANAGEMENT…
$290M
FMR LLC
$226M
STATE STREET CORP
$206M
DIMENSIONAL FUND ADVISORS LP
$187M
GCM Grosvenor Holdings, LLC
$155M
Holocene Advisors, LP
$147M
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.