CROWD: RED
Active holders jumped 206 to 190 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
190
of 413 total, index funds excluded
This quarter
+41
56 out
Conviction
2 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2019Mar 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 · $3.6B held
Fund
Value
Note
BlackRock, Inc.
$526M
FMR LLC
$507M
VANGUARD PORTFOLIO MANAGEME…
$191M
VANGUARD CAPITAL MANAGEMENT…
$147M
STATE STREET CORP
$131M
Invesco Ltd.
$103M
UBS AM, a distinct business…
$93M
NOMURA ASSET MANAGEMENT INT…
$88M
GOLDMAN SACHS GROUP INC
$86M
GEODE CAPITAL MANAGEMENT, L…
$83M
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.