CROWD: RED
Active holders jumped 25 to 45 recently (80% 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
45
of 140 total, index funds excluded
This quarter
+28
8 out
Conviction
9 bps
median holder weight: token bet
Streak
1q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2025Mar 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 · $738M held
Fund
Value
Note
FMR LLC
$93M
WD Thunder CV Ultimate GP L…
$90M
AMERICAN CENTURY COMPANIES …
$51M
BlackRock, Inc.
$36M
SCHRODER INVESTMENT MANAGEM…
$36M
JPMORGAN CHASE & CO
$35M
VANGUARD CAPITAL MANAGEMENT…
$29M
VANGUARD PORTFOLIO MANAGEME…
$27M
Encompass Capital Advisors …
$26M
LOOMIS SAYLES & CO L P
$19M
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.