CROWD: RED
Active holders jumped 64 to 49 recently (-23% 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
49
of 187 total, index funds excluded
This quarter
+19
33 out
Conviction
2 bps
median holder weight: token bet
Streak
0q
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 · $1.0B held
Fund
Value
Note
BROADWOOD CAPITAL INC
$302M
BlackRock, Inc.
$125M
Yunqi Capital Ltd
$61M
Madison Avenue Partners, LP
$46M
VANGUARD PORTFOLIO MANAGEME…
$40M
STATE STREET CORP
$34M
VANGUARD CAPITAL MANAGEMENT…
$32M
Anatole Investment Manageme…
$30M
fast money
MORGAN STANLEY
$28M
GOLDMAN SACHS GROUP INC
$20M
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.