CROWD: RED
Active holders jumped 48 to 66 recently (38% 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
66
of 151 total, index funds excluded
This quarter
+30
12 out
Conviction
1 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 · $558M held
Fund
Value
Note
Merk Investments LLC
$101M
MIRAE ASSET GLOBAL ETFS HOL…
$50M
VAN ECK ASSOCIATES CORP
$41M
ALPS ADVISORS INC
$36M
VANGUARD CAPITAL MANAGEMENT…
$32M
Connor, Clark & Lunn Invest…
$28M
TWO SIGMA INVESTMENTS, LP
$24M
ARROWSTREET CAPITAL, LIMITE…
$23M
NewGen Asset Management Ltd
$23M
Polar Asset Management Part…
$14M
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.