CROWD: RED
Active holders jumped 21 to 24 recently (14% 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
24
of 69 total, index funds excluded
This quarter
+9
6 out
Conviction
7 bps
median holder weight: token bet
Streak
1q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2020Mar 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 · $101M held
Fund
Value
Note
Alyeska Investment Group, L…
$13M
Bleichroeder LP
$11M
ROYAL BANK OF CANADA
$9M
Northern Right Capital Mana…
$7M
MORGAN STANLEY
$7M
VANGUARD CAPITAL MANAGEMENT…
$7M
Covalis Capital LLP
$5M
Shay Capital LLC
$5M
GRATIA CAPITAL, LLC
$4M
Regal Partners Ltd
$3M
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.