CROWD: RED
Active holders jumped 52 to 62 recently (19% 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
62
of 186 total, index funds excluded
This quarter
+27
17 out
Conviction
3 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2025Mar 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 · $956M held
Fund
Value
Note
BlackRock, Inc.
$138M
VANGUARD PORTFOLIO MANAGEME…
$83M
AMERICAN CENTURY COMPANIES …
$62M
Capital World Investors
$52M
ARROWSTREET CAPITAL, LIMITE…
$48M
UBS Group AG
$46M
VANGUARD CAPITAL MANAGEMENT…
$45M
DME Capital Management, LP
$30M
Capital International Inves…
$28M
GEODE CAPITAL MANAGEMENT, L…
$27M
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.