B2GOLD CORP BTG
COM · Common Stock · CUSIP 11777Q209 · ISIN CA11777Q2099
- SectorMaterials
- IndustryGold and Silver Ores
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.77. Options: 21 managers hold calls ($34.7m notional), 17 hold puts ($45.8m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 212 |
| Q4 2022 | 215 |
| Q1 2023 | 229 |
| Q2 2023 | 232 |
| Q3 2023 | 237 |
| Q4 2023 | 227 |
| Q1 2024 | 254 |
| Q2 2024 | 263 |
| Q3 2024 | 254 |
| Q4 2024 | 243 |
| Q1 2025 | 257 |
| Q2 2025 | 258 |
| Q3 2025 | 288 |
| Q4 2025 | 291 |
| Q1 2026 | 299 |
| Q2 2026 | 303 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 117 | 124 |
| Q4 2024 | 98 | 124 |
| Q1 2025 | 144 | 90 |
| Q2 2025 | 132 | 114 |
| Q3 2025 | 159 | 111 |
| Q4 2025 | 164 | 127 |
| Q1 2026 | 149 | 138 |
| Q2 2026 | 153 | 131 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $41.3m | $40.1m | 0.97 |
| Q4 2025 | $50.1m | $51.1m | 1.02 |
| Q1 2026 | $90.6m | $34.3m | 0.38 |
| Q2 2026 | $34.7m | $45.8m | 1.32 |
Biggest buyers
| L1 Capital Pty Ltd | New | +48.8m |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +12.9m |
| First Eagle Investment Management, LLC | Added | +9.7m |
| Equinox Partners Investment Management LLC | New | +6.0m |
| GLOBAL STRATEGIC MANAGEMENT INC | Added | +5.7m |
| TD Asset Management Inc | Added | +5.3m |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Added | +4.7m |
| BARCLAYS PLC | Added | +4.5m |
| AMERICAN CENTURY COMPANIES INC | Added | +4.3m |
| MORGAN STANLEY | Added | +4.3m |
Biggest sellers
| JANE STREET GROUP, LLC | Reduced | -17.2m |
| TT International Asset Management LTD | Sold out | -9.5m |
| D. E. Shaw & Co., Inc. | Reduced | -9.1m |
| Maple Rock Capital Partners Inc. | Sold out | -8.2m |
| TWO SIGMA INVESTMENTS, LP | Reduced | -6.6m |
| Pale Fire Capital SE | Reduced | -5.2m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Reduced | -4.7m |
| VAN ECK ASSOCIATES CORP | Reduced | -4.3m |
| GOLDMAN SACHS GROUP INC | Reduced | -4.2m |
| BANK OF AMERICA CORP /DE/ | Reduced | -3.5m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $6.9m1.8m shares |
| SIMPLEX TRADING, LLC | Reduced | $4.5m1.2m shares |
| GROUP ONE TRADING LLC | Reduced | $4.5m1.2m shares |
| JANE STREET GROUP, LLC | Reduced | $3.7m988.4k shares |
| CITADEL ADVISORS LLC | Reduced | $2.4m643.3k shares |
| IMC-Chicago, LLC | Added | $2.4m636.6k shares |
| UBS Group AG | New | $1.9m499.9k shares |
| SIG North Trading, ULC | Added | $1.6m438.4k shares |
| PEAK6 LLC | Added | $1.5m400.0k shares |
| BANK OF MONTREAL /CAN/ | Unchanged | $918.1k245.0k shares |
Biggest puts
| Extract Advisors LLC | New | $22.5m6.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $6.2m1.6m shares |
| CITADEL ADVISORS LLC | Reduced | $4.4m1.2m shares |
| SIG North Trading, ULC | Reduced | $2.7m721.5k shares |
| GROUP ONE TRADING LLC | Reduced | $2.2m593.2k shares |
| IMC-Chicago, LLC | Reduced | $1.9m507.5k shares |
| JANE STREET GROUP, LLC | Reduced | $1.8m472.9k shares |
| SIMPLEX TRADING, LLC | Added | $1.5m410.8k shares |
| Caption Management, LLC | Added | $1.0m275.0k shares |
| Walleye Trading LLC | Added | $796.2k212.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VAN ECK ASSOCIATES CORP 13G · institution -1.6 pts · filed 2026-05-15 | 7.1% |
| Pale Fire Capital SE 13G · passive investor +0.2 pts · filed 2026-02-12 | 5.2% |
Fell to 5% or below in the last year: FMR LLC (2.7%, 2026-02-05)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| VAN ECK ASSOCIATES CORP 0.21% of their portfolio | 91.1m $340.8m | Reduced -4.3m |
| Pale Fire Capital SE 17.17% of their portfolio | 64.6m $241.5m | Reduced -5.2m |
| L1 Capital Pty Ltd 6.14% of their portfolio | 48.8m $182.7m | New |
| AMERICAN CENTURY COMPANIES INC 0.07% of their portfolio | 39.3m $147.3m | Added +4.3m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 36.9m $138.3m | Reduced -72.9k |
| TWO SIGMA INVESTMENTS, LP 0.10% of their portfolio | 36.5m $136.4m | Reduced -6.6m |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 35.3m $132.0m | Added +1.8m |
| Connor, Clark & Lunn Investment Management Ltd. 0.20% of their portfolio | 28.8m $107.8m | Added +12.9m |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 24.8m $92.8m | Added +1.9m |
| First Eagle Investment Management, LLC 0.06% of their portfolio | 19.4m $72.7m | Added +9.7m |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 19.1m $71.5m | Reduced -9.1m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 18.5m $69.4m | Reduced -4.2m |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 17.1m $64.0m | Added +5.6k |
| MORGAN STANLEY 0.00% of their portfolio | 16.3m $61.1m | Added +4.3m |
| NORGES BANK 0.01% of their portfolio | 14.7m $55.0m | Not comparable |
| ACADIAN ASSET MANAGEMENT LLC 0.05% of their portfolio | 11.8m $44.3m | Added +2.7m |
| Condire Management, LP 4.59% of their portfolio | 11.6m $43.3m | Unchanged |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 11.2m $41.9m | Reduced -84.5k |
| TD Asset Management Inc 0.03% of their portfolio | 10.7m $40.2m | Added +5.3m |
| FIL Ltd 0.03% of their portfolio | 10.2m $38.1m | Added +86.4k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 8.8m $32.9m | Reduced -2.6m |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 8.6m $32.0m | Reduced -3.5m |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio | 8.2m $30.8m | Added +4.7m |
| Euro Pacific Asset Management, LLC 3.50% of their portfolio | 8.1m $30.8m | Added +7.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 7.6m $28.5m | Reduced -3.2m |
| MAC Alpha Capital Management, LP 12.53% of their portfolio | 7.2m $27.1m | Added +2.3m |
| MACKENZIE FINANCIAL CORP 0.04% of their portfolio | 7.2m $38.2m | Added +34.5k |
| Legal & General Group Plc 0.01% of their portfolio | 7.1m $26.5m | Reduced -125.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio | 6.3m $23.7m | Added +3.7m |
| GLOBAL STRATEGIC MANAGEMENT INC 17.99% of their portfolio | 6.2m $23.3m | Added +5.7m |
| Equinox Partners Investment Management LLC 10.62% of their portfolio | 6.0m $22.6m | New |
| BARCLAYS PLC 0.01% of their portfolio | 5.4m $20.0m | Added +4.5m |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 5.3m $19.9m | Reduced -532.4k |
| Amundi 0.00% of their portfolio | 5.3m $19.8m | Reduced -2.2m |
| UBS Group AG 0.00% of their portfolio | 5.2m $19.6m | Added +2.4m |
| TORONTO DOMINION BANK 0.03% of their portfolio | 5.2m $19.5m | Added +2.9m |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 5.0m $18.7m | Added +189.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 4.7m $17.6m | Reduced -294.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 4.5m $16.8m | Added +82.0k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 4.4m $16.4m | Reduced -219.9k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 4.3m $15.9m | Added +3.7m |
| Vanguard Global Advisers, LLC 0.01% of their portfolio | 4.2m $15.8m | Added +188.4k |
| Regal Partners Ltd 0.82% of their portfolio | 4.0m $14.8m | Added +725.5k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 3.9m $14.8m | Added +3.7m |
| NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio | 3.8m $14.1m | Reduced -3.2m |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 3.7m $14.0m | Reduced -17.2m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.6m $16.6m | Added +381.7k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 3.6m $13.4m | Added +113.3k |
| EASTERLY INVESTMENT PARTNERS LLC 0.63% of their portfolio | 3.3m $12.4m | Added +19.7k |
| Squarepoint Ops LLC 0.02% of their portfolio | 3.3m $12.2m | Added +3.2m |
| JUPITER ASSET MANAGEMENT LTD 0.05% of their portfolio | 2.9m $10.8m | Added +974.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.6m $9.8m | Added +973.3k |
| CIBC WORLD MARKET INC. 0.02% of their portfolio | 2.6m $9.7m | Reduced -46.9k |
| Swiss National Bank 0.01% of their portfolio | 2.6m $9.6m | Added +84.1k |
| Man Group plc 0.02% of their portfolio | 2.5m $9.2m | Reduced -2.0m |
| Allianz Asset Management GmbH 0.01% of their portfolio | 2.4m $11.1m | Unchanged |
| Jump Financial, LLC 0.07% of their portfolio | 2.2m $8.1m | Reduced -19.6k |
| Merk Investments LLC 2.39% of their portfolio | 2.0m $7.5m | Unchanged |
| Groupe la Francaise 0.09% of their portfolio | 1.9m $7.1m | Added +100.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.03% of their portfolio | 1.9m $7.1m | Reduced -4.7m |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 1.8m $6.9m | Added +1.1m |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.04% of their portfolio | 1.6m $6.2m | Added +498.6k |
| BlackRock, Inc. 0.00% of their portfolio | 1.4m $5.3m | Added +183.7k |
| Assenagon Asset Management S.A. 0.00% of their portfolio | 1.4m $5.2m | Added +810.4k |
| CIBC Asset Management Inc 0.01% of their portfolio | 1.3m $5.0m | Added +74.7k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 1.3m $4.7m | Added +82.4k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio | 1.3m $4.7m | Added +201.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 1.2m $4.6m | Reduced -13.1k |
| GROUP ONE TRADING LLC 0.13% of their portfolio | 1.2m $4.5m | Reduced -308.2k |
| McAlvany Wealth Management LLC 3.35% of their portfolio | 1.2m $4.5m | Added +397.8k |
| Pavaki Capital Management LLC 2.52% of their portfolio | 1.2m $4.4m | Unchanged |
| SIG North Trading, ULC 0.80% of their portfolio | 1.2m $4.4m | Reduced -205.1k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 1.2m $4.4m | Added +5.7k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 1.2m $4.3m | Added +503.6k |
| Eurizon Capital SGR S.p.A. 0.01% of their portfolio | 1.0m $3.8m | Added +770.8k |
| Verition Fund Management LLC 0.03% of their portfolio | 1.0m $3.7m | Reduced -100.0k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio | 1.0m $3.7m | Unchanged |
| Nuveen, LLC 0.00% of their portfolio | 995.9k $3.7m | Added +44.4k |
| LPL Financial LLC 0.00% of their portfolio | 914.1k $3.4m | Reduced -448.1k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio | 818.8k $3.1m | Unchanged |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 773.7k $2.9m | Added +85.9k |
| CITIGROUP INC 0.00% of their portfolio | 754.6k $2.8m | Reduced -191.6k |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.20% of their portfolio | 740.0k $2.8m | Reduced -18.8k |
| SPROTT INC. 0.09% of their portfolio | 695.3k $2.6m | Added +230.5k |
| HRT FINANCIAL LP 0.01% of their portfolio | 648.3k $2.4m | Reduced -687.2k |
| Maryland State Retirement & Pension System 0.04% of their portfolio | 644.5k $2.4m | Added +34.9k |
| Federation des caisses Desjardins du Quebec 0.01% of their portfolio | 618.1k $2.3m | Added +211.0k |
| BANK OF NOVA SCOTIA 0.00% of their portfolio | 610.9k $2.3m | Reduced -896.7k |
| LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio | 603.9k $2.3m | Added +443.0k |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 602.2k $2.3m | Reduced -716.8k |
| PKO Investment Management Joint-Stock Co 0.16% of their portfolio | 600.3k $2.2m | Added +45.0k |
| IMC-Chicago, LLC 0.02% of their portfolio | 593.1k $2.2m | Reduced -125.2k |
| Public Sector Pension Investment Board 0.00% of their portfolio | 499.9k $1.9m | Added +4.4k |
| Invesco Ltd. 0.00% of their portfolio | 482.3k $1.8m | Reduced -976.2k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 481.1k $1.8m | Unchanged |
| WINMILL & CO. INC 0.39% of their portfolio | 475.0k $1.8m | Unchanged |
| Artisan Partners Limited Partnership 0.00% of their portfolio | 430.9k $1.6m | Added +235.9k |
| SG Americas Securities, LLC 0.00% of their portfolio | 409.0k $1.5m | Added +24.1k |
| Jefferies Financial Group Inc. 0.01% of their portfolio | 407.5k $1.5m | New |
| Journey Advisory Group, LLC 0.11% of their portfolio | 397.5k $1.5m | New |