CROWD: RED
Active holders jumped 302 to 289 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
289
of 534 total, index funds excluded
This quarter
+91
103 out
Conviction
1 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2019Mar 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 · $3.5B held
Fund
Value
Note
BlackRock, Inc.
$478M
VANGUARD PORTFOLIO MANAGEME…
$294M
Tetragon Partners GP Ltd
$280M
VANGUARD CAPITAL MANAGEMENT…
$206M
STATE STREET CORP
$148M
BANK OF AMERICA CORP /DE/
$112M
UBS Group AG
$104M
MORGAN STANLEY
$94M
GEODE CAPITAL MANAGEMENT, L…
$89M
Senvest Management, LLC
$86M
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.