CROWD: RED
Active holders jumped 169 to 185 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
185
of 359 total, index funds excluded
This quarter
+59
43 out
Conviction
4 bps
median holder weight: token bet
Streak
6q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2017Mar 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 · $3.7B held
Fund
Value
Note
BlackRock, Inc.
$233M
MILLENNIUM MANAGEMENT LLC
$129M
VANGUARD CAPITAL MANAGEMENT…
$115M
VAN ECK ASSOCIATES CORP
$110M
TWO SIGMA INVESTMENTS, LP
$110M
FMR LLC
$105M
Encompass Capital Advisors …
$99M
SUMMIT PARTNERS PUBLIC ASSE…
$98M
MORGAN STANLEY
$96M
Driehaus Capital Management…
$92M
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.