CROWD: RED
Active holders jumped 28 to 31 recently (11% 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
31
of 116 total, index funds excluded
This quarter
+12
9 out
Conviction
5 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2018Mar 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 · $86M held
Fund
Value
Note
Buckley Capital Advisors, L…
$10M
BlackRock, Inc.
$8M
FourWorld Capital Managemen…
$7M
Steamboat Capital Partners,…
$6M
VANGUARD CAPITAL MANAGEMENT…
$6M
PRELUDE CAPITAL MANAGEMENT,…
$4M
WELLS FARGO & COMPANY/MN
$3M
GEODE CAPITAL MANAGEMENT, L…
$3M
Divisadero Street Capital M…
$3M
Norwood Investment Partners…
$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.