Vault-13

COINBASE GLOBAL INC COIN 0.5 06.01.26

NOTE 0.500% 6/0 · US DOMESTIC · CUSIP 19260QAB3

63 institutional holders -2 vs Q1 2025
96,981,25697.0m shares reported held*
$1.6bnreported value*
12 new 13 added 21 reduced 13 sold out net sold ≈ $388.3m (+61.2m shares)

* 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. Holder counts are more reliable. Implied quarter-end price ≈ $16.03.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 54Q4 22: 57Q1 23: 60Q2 23: 53Q3 23: 55Q4 23: 50Q1 24: 45Q2 24: 47Q3 24: 49Q4 24: 58Q1 25: 65Q2 25: 6363Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202254
Q4 202257
Q1 202360
Q2 202353
Q3 202355
Q4 202350
Q1 202445
Q2 202447
Q3 202449
Q4 202458
Q1 202565
Q2 202563

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 25 bought or addedQ3 23: 24 cut or sold outQ4 23: 33 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 22 bought or addedQ1 24: 37 cut or sold outQ2 24: 27 bought or addedQ2 24: 23 cut or sold outQ2 24Q3 24: 20 bought or addedQ3 24: 19 cut or sold outQ4 24: 34 bought or addedQ4 24: 21 cut or sold outQ4 24Q1 25: 30 bought or addedQ1 25: 28 cut or sold outQ2 25: 25 bought or addedQ2 25: 34 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232524
Q4 20233323
Q1 20242237
Q2 20242723
Q3 20242019
Q4 20243421
Q1 20253028
Q2 20252534

Biggest buyers

Graham Capital Management, L.P. New +75,500,000+75.5m
D. E. Shaw & Co., Inc. Added +48,950,000+49.0m
LAZARD ASSET MANAGEMENT LLC Added +33,925,000+33.9m
Sculptor Capital LP Added +12,500,000+12.5m
DeepCurrents Investment Group LLC Added +10,478,000+10.5m
SONA ASSET MANAGEMENT (US) LLC Added +5,500,000+5.5m
BNP PARIBAS FINANCIAL MARKETS New +5,401,000+5.4m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +5,000,000+5.0m
ParaFi Capital LP New +5,000,000+5.0m
CSS LLC/IL New +4,500,000+4.5m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -263,555,000-263.6m
Graham Capital Management, L.P. Sold out -75,500,000-75.5m
Linden Advisors LP Sold out -55,696,000-55.7m
BANK OF MONTREAL /CAN/ Reduced -35,000,000-35.0m
MILLENNIUM MANAGEMENT LLC Sold out -25,000,000-25.0m
NOMURA HOLDINGS INC Reduced -23,524,388-23.5m
Walleye Capital LLC Reduced -18,336,000-18.3m
Point72 Asset Management, L.P. Sold out -15,000,000-15.0m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -9,439,000-9.4m
Calamos Advisors LLC Reduced -5,710,000-5.7m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.42% of their portfolio ATLANTA, GA 365,345,000365.3m $422.7m $422.7m 0.42% Reduced -263.6m -263,555,000
2 D. E. Shaw & Co., Inc. 0.17% of their portfolio New York, NY 145,225,000145.2m $168.4m $168.4m 0.17% Added +49.0m +48,950,000
3 WOLVERINE ASSET MANAGEMENT LLC 2.00% of their portfolio CHICAGO, IL 103,085,000103.1m $119.4m $119.4m 2.00% Unchanged
4 Graham Capital Management, L.P. 2.66% of their portfolio ROWAYTON, CT 75,500,00075.5m $87.4m $87.4m 2.66% New
5 LAZARD ASSET MANAGEMENT LLC 0.08% of their portfolio NEW YORK, NY 50,150,00050.1m $58.0m $58.0m 0.08% Added +33.9m +33,925,000
6 Sculptor Capital LP 0.94% of their portfolio New York, NY 50,000,00050.0m $57.9m $57.9m 0.94% Added +12.5m +12,500,000
7 Walleye Capital LLC 0.54% of their portfolio NEW YORK, NY 50,000,00050.0m $57.9m $57.9m 0.54% Reduced -18.3m -18,336,000
8 DeepCurrents Investment Group LLC 1.97% of their portfolio NEW YORK, NY 46,384,00046.4m $53.7m $53.7m 1.97% Added +10.5m +10,478,000
9 Parallax Volatility Advisers, L.P. 1.85% of their portfolio San Francisco, CA 40,000,00040.0m $46.2m $46.2m 1.85% Unchanged
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.94% of their portfolio NEW YORK, NY 37,162,00037.2m $43.0m $43.0m 0.94% Added +145.0k +145,000
11 WHITEBOX ADVISORS LLC 1.00% of their portfolio MINNEAPOLIS, MN 31,921,00031.9m $36.9m $36.9m 1.00% Reduced -500.0k -500,000
12 Calamos Advisors LLC 0.14% of their portfolio NAPERVILLE, IL 27,500,00027.5m $31.8m $31.8m 0.14% Reduced -5.7m -5,710,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 24,632,00024.6m $28.5m $28.5m 0.00% Reduced -1.4m -1,400,000
14 SONA ASSET MANAGEMENT (US) LLC 0.90% of their portfolio NEW YORK, NY 23,000,00023.0m $26.7m $26.7m 0.90% Added +5.5m +5,500,000
15 SILVERBACK ASSET MANAGEMENT LLC 3.69% of their portfolio DURHAM, NC 20,725,00020.7m $24.0m $24.0m 3.69% Reduced -702.0k -702,000
16 LORD, ABBETT & CO. LLC 0.07% of their portfolio JERSEY CITY, NJ 18,825,00018.8m $21.8m $21.8m 0.07% Added +1.5m +1,543,000
17 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 17,513,00017.5m $20.2m $20.2m 0.01% Reduced -4.3m -4,330,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 16,585,00016.6m $19.1m $19.1m 0.00% Unchanged
19 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 12,677,00012.7m $14.6m $14.6m 0.03% Reduced -2.5m -2,500,000
20 BlackRock, Inc. 0.00% of their portfolio New York, NY 12,200,00012.2m $14.1m $14.1m 0.00% Reduced -1.1m -1,150,000
21 SHENKMAN CAPITAL MANAGEMENT INC 1.34% of their portfolio NEW YORK, NY 11,267,00011.3m $13.5m $13.5m 1.34% Reduced -9.4m -9,439,000
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 9,900,0009.9m $11.5m $11.5m 0.01% Reduced -200.0k -200,000
23 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,906,6007.9m $9.1m $9.1m 0.00% Reduced -657.0k -657,000
24 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 6,994,0007.0m $8.1m $8.1m 0.01% Added +2.1m +2,144,000
25 PALISADE CAPITAL MANAGEMENT, LP 0.18% of their portfolio FORT LEE, NJ 5,500,0005.5m $6.4m $6.4m 0.18% Unchanged
26 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 5,401,0005.4m $6.3m $6.3m 0.00% New
27 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 5,000,0005.0m $5.8m $5.8m 0.01% New
28 ParaFi Capital LP 1.06% of their portfolio NEW YORK, NY 5,000,0005.0m $5.8m $5.8m 1.06% New
29 CSS LLC/IL 0.33% of their portfolio CHICAGO, IL 4,500,0004.5m $5.2m $5.2m 0.33% New
30 Pinpoint Asset Management (Singapore) Pte. Ltd. 0.91% of their portfolio SINGAPORE, U0 4,500,0004.5m $5.2m $5.2m 0.91% First filing
31 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,933,0002.9m $3.4m $3.4m 0.00% Added +2.7m +2,692,000
32 MIZUHO SECURITIES USA LLC 0.06% of their portfolio NEW YORK, NY 2,500,0002.5m $2.9m $2.9m 0.06% First filing
33 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 2,050,0002.0m $2.4m $2.4m 0.00% Added +1.1m +1,050,000
34 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 2,000,0002.0m $2.3m $2.3m 0.01% New
35 ZAZOVE ASSOCIATES LLC 0.19% of their portfolio INCLINE VILLAGE, NV 2,000,0002.0m $2.3m $2.3m 0.19% Unchanged
36 KIM, LLC 0.24% of their portfolio WICHITA, KS 2,000,0002.0m $2.3m $2.3m 0.24% New
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,732,0001.7m $2.0m $2.0m 0.00% Reduced -300.0k -300,000
38 AXA S.A. 0.01% of their portfolio PARIS, I0 1,530,0001.5m $1.8m $1.8m 0.01% Unchanged
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,313,0001.3m $1.5m $1.5m 0.00% Reduced -3.3m -3,278,000
40 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,309,0001.3m $1.5m $1.5m 0.00% Reduced -4.9m -4,934,000
41 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 950,000950.0k $1.1m $1.1m 0.00% Unchanged
42 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 800,000800.0k $926.6k $926.6k 0.00% Unchanged
43 NOMURA HOLDINGS INC 0.72% of their portfolio TOKYO, M0 254,312254.3k $89.1m $89.1m 0.72% Reduced -23.5m -23,524,388
44 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $231.6k $231.6k 0.00% New
45 Man Group plc 0.00% of their portfolio LONDON, X0 200,000200.0k $229.8k $229.8k 0.00% Unchanged
46 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 180,000180.0k $263.1k $263.1k 0.00% Reduced -78.0k -78,000
47 AQR Arbitrage LLC 0.00% of their portfolio Greenwich, CT 130,000130.0k $150.4k $150.4k 0.00% New
48 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 125,000125.0k $144.3k $144.3k 0.00% Unchanged
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 112,000112.0k $129.7k $129.7k 0.00% Reduced -126.0k -126,000
50 NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio TOKYO, M0 100,000100.0k $115.7k $115.7k 0.00% Reduced -475.0k -475,000
51 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 33,00033.0k $37.9k $37.9k 0.00% Added +23.0k +23,000
52 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 27,85027.9k $3.2m $3.2m 0.01% Added +1.3k +1,300
53 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 26,00026.0k $30.0k $30.0k 0.00% Unchanged
54 FARMERS & MERCHANTS INVESTMENTS INC 0.00% of their portfolio LINCOLN, NE 25,00025.0k $28.9k $28.9k 0.00% Unchanged
55 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 10,00010.0k $11.5k $11.5k 0.00% Reduced -21.0k -21,000
56 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 6,0006.0k $6.9k $6.9k 0.00% New
57 Alpine Global Management, LLC 0.93% of their portfolio NEW YORK, NY 3,5003.5k $4.0m $4.0m 0.93% Added +2.5k +2,500
58 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 3,4443.4k $1.2m $1.2m 0.01% New
59 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 3,0003.0k $3.5k $3.5k 0.00% Reduced -35.0m -35,000,000
60 Context Capital Management, LLC 0.06% of their portfolio LAJOLLA, CA 1,5001.5k $1.7m $1.7m 0.06% New
61 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,5001.5k $1.7k $1.7k 0.00% Unchanged
62 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $1.2k $1.2k 0.00% Unchanged
63 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged