CROWD: RED
Active holders jumped 108 to 117 recently (8% 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
117
of 310 total, index funds excluded
This quarter
+39
30 out
Conviction
1 bps
median holder weight: token bet
Streak
3q
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 · $2.3B held
Fund
Value
Note
BlackRock, Inc.
$257M
FMR LLC
$185M
WELLINGTON MANAGEMENT GROUP…
$154M
VANGUARD PORTFOLIO MANAGEME…
$117M
Capital World Investors
$99M
Azora Capital LP
$87M
Invesco Ltd.
$85M
VANGUARD CAPITAL MANAGEMENT…
$81M
STATE STREET CORP
$74M
Simcoe Capital Management, …
$68M
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.