CROWD: RED
Active holders jumped 799 to 693 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
693
of 962 total, index funds excluded
This quarter
+108
212 out
Conviction
3 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2016Mar 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 · $18.5B held
Fund
Value
Note
BlackRock, Inc.
$2.7B
VANGUARD CAPITAL MANAGEMENT…
$1.3B
VANGUARD PORTFOLIO MANAGEME…
$1.1B
STATE STREET CORP
$1.0B
GEODE CAPITAL MANAGEMENT, L…
$612M
Invesco Ltd.
$524M
Hill City Capital, LP
$430M
JPMORGAN CHASE & CO
$426M
Amundi
$404M
FMR LLC
$357M
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.