CROWD: RED
Active holders jumped 19 to 25 recently (32% 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
25
of 85 total, index funds excluded
This quarter
+12
6 out
Conviction
4 bps
median holder weight: token bet
Streak
4q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2023Mar 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 · $83M held
Fund
Value
Note
First Light Asset Managemen…
$20M
AWM Investment Company, Inc.
$8M
Nantahala Capital Managemen…
$8M
BlackRock, Inc.
$6M
WASATCH ADVISORS LP
$6M
VANGUARD CAPITAL MANAGEMENT…
$5M
GILDER GAGNON HOWE & CO LLC
$4M
Cerity Partners LLC
$3M
GEODE CAPITAL MANAGEMENT, L…
$3M
THOMPSON SIEGEL & WALMSLEY …
$2M
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.