CROWD: RED
Active holders jumped 216 to 243 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
243
of 445 total, index funds excluded
This quarter
+86
59 out
Conviction
4 bps
median holder weight: token bet
Streak
4q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2021Mar 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 · $4.6B held
Fund
Value
Note
BlackRock, Inc.
$406M
VANGUARD PORTFOLIO MANAGEME…
$324M
LONE PINE CAPITAL LLC
$287M
VANGUARD CAPITAL MANAGEMENT…
$226M
MARSHALL WACE, LLP
$135M
GEODE CAPITAL MANAGEMENT, L…
$123M
Value Aligned Research Advi…
$113M
TWO SIGMA INVESTMENTS, LP
$113M
STATE STREET CORP
$110M
SCOGGIN MANAGEMENT LP
$108M
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.