CROWD: RED
Active holders jumped 180 to 180 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
180
of 367 total, index funds excluded
This quarter
+65
65 out
Conviction
2 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2021Mar 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 · $4.0B held
Fund
Value
Note
V3 Holding Ltd
$789M
BlackRock, Inc.
$366M
VANGUARD PORTFOLIO MANAGEME…
$287M
D. E. Shaw & Co., Inc.
$211M
VANGUARD CAPITAL MANAGEMENT…
$208M
JANE STREET GROUP, LLC
$147M
Value Aligned Research Advi…
$142M
GEODE CAPITAL MANAGEMENT, L…
$108M
STATE STREET CORP
$106M
UBS Group AG
$69M
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.