CROWD: RED
Active holders jumped 30 to 51 recently (70% 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
51
of 123 total, index funds excluded
This quarter
+29
8 out
Conviction
1 bps
median holder weight: token bet
Streak
1q
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 · $197M held
Fund
Value
Note
MARSHALL WACE, LLP
$15M
VANGUARD CAPITAL MANAGEMENT…
$13M
MORGAN STANLEY
$12M
PUNCH & ASSOCIATES INVESTME…
$11M
DIMENSIONAL FUND ADVISORS LP
$8M
Driehaus Capital Management…
$7M
RENAISSANCE TECHNOLOGIES LLC
$6M
BlackRock, Inc.
$6M
ARROWSTREET CAPITAL, LIMITE…
$6M
MILLENNIUM MANAGEMENT LLC
$5M
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.