Vault-13

COINBASE GLOBAL INC COIN 0.25 04.01.30

NOTE 0.250% 4/0 · US DOMESTIC · CUSIP 19260QAF4

73 institutional holders -1 vs Q2 2025
23,846,66423.8m shares reported held*
$1.4bnreported value*
15 new 26 added 20 reduced 14 sold out net sold ≈ $100.1m (-7.8m 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 ($5.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $58.32.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q1 25: 25Q2 25: 74Q3 25: 7373Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q1 202525
Q2 202574
Q3 202573

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 25: 62 bought or addedQ2 25: 9 cut or sold outQ2 25Q3 25: 41 bought or addedQ3 25: 34 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q2 2025629
Q3 20254134

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2m$4m$6mQ4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $4.6mQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$4.6m$00.00
Q3 2025$0$0—

Biggest buyers

WOLVERINE ASSET MANAGEMENT LLC New +49,350,000+49.4m
SONA ASSET MANAGEMENT (US) LLC New +40,000,000+40.0m
GLAZER CAPITAL, LLC New +39,600,000+39.6m
WHITEBOX ADVISORS LLC Added +33,025,000+33.0m
JPMORGAN CHASE & CO Added +30,554,000+30.6m
CITADEL ADVISORS LLC New +30,000,000+30.0m
MILLENNIUM MANAGEMENT LLC New +29,250,000+29.2m
FMR LLC Added +28,530,000+28.5m
Nuveen, LLC New +20,000,000+20.0m
LAZARD ASSET MANAGEMENT LLC Added +16,437,000+16.4m

Biggest sellers

Linden Advisors LP Reduced -300,000,000-300.0m
M&G PLC Sold out -59,061,000-59.1m
ROYAL BANK OF CANADA Sold out -38,346,000-38.3m
Magnetar Financial LLC Reduced -17,577,000-17.6m
Calamos Advisors LLC Reduced -17,193,000-17.2m
Lombard Odier Asset Management (Europe) Ltd Sold out -15,406,000-15.4m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -13,593,000-13.6m
STEELHEAD PARTNERS LLC Sold out -10,000,000-10.0m
AMERIPRISE FINANCIAL INC Sold out -9,000,000-9.0m
DEUTSCHE BANK AG\ Reduced -8,670,000-8.7m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WHITEBOX ADVISORS LLC 2.61% of their portfolio MINNEAPOLIS, MN 111,770,000111.8m $140.3m $140.3m 2.61% Added +33.0m +33,025,000
2 Linden Advisors LP 0.71% of their portfolio New York, NY 84,176,00084.2m $105.9m $105.9m 0.71% Reduced -300.0m -300,000,000
3 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 70,312,00070.3m $885.4k $885.4k 0.00% Added +16.4m +16,437,000
4 FMR LLC 0.00% of their portfolio BOSTON, MA 58,851,00058.9m $73.9m $73.9m 0.00% Added +28.5m +28,530,000
5 WOLVERINE ASSET MANAGEMENT LLC 0.91% of their portfolio CHICAGO, IL 49,350,00049.4m $62.0m $62.0m 0.91% New
6 Calamos Advisors LLC 0.24% of their portfolio NAPERVILLE, IL 47,239,00047.2m $59.4m $59.4m 0.24% Reduced -17.2m -17,193,000
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 45,914,00045.9m $57.3m $57.3m 0.00% Added +30.6m +30,554,000
8 SONA ASSET MANAGEMENT (US) LLC 1.98% of their portfolio NEW YORK, NY 40,000,00040.0m $50.3m $50.3m 1.98% New
9 GLAZER CAPITAL, LLC 1.67% of their portfolio New York, NY 39,600,00039.6m $49.8m $49.8m 1.67% New
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 32,558,00032.6m $40.9m $40.9m 0.00% Added +12.7m +12,714,000
11 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 30,000,00030.0m $37.7m $37.7m 0.03% New
12 Verition Fund Management LLC 0.22% of their portfolio GREENWICH, CT 30,000,00030.0m $37.8m $37.8m 0.22% Added +9.0m +9,000,000
13 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 29,250,00029.2m $36.8m $36.8m 0.03% New
14 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 29,000,00029.0m $36.2m $36.2m 0.02% Unchanged
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 25,750,00025.8m $32.3m $32.3m 0.00% Added +2.4m +2,400,000
16 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 20,000,00020.0m $25.1m $25.1m 0.01% New
17 Jump Financial, LLC 0.28% of their portfolio Chicago, IL 17,500,00017.5m $22.0m $22.0m 0.28% Added +7.0m +7,000,000
18 DeepCurrents Investment Group LLC 0.68% of their portfolio NEW YORK, NY 16,500,00016.5m $20.8m $20.8m 0.68% Unchanged
19 AQR Arbitrage LLC 0.52% of their portfolio Greenwich, CT 16,390,00016.4m $20.6m $20.6m 0.52% Added +16.3m +16,285,000
20 Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio FRANKFURT AM MAIN, 2M 15,842,00015.8m $19.9m $19.9m 0.03% Added +3.7m +3,680,000
21 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 15,000,00015.0m $18.9m $18.9m 0.02% New
22 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 14,009,00014.0m $17.6m $17.6m 0.00% Reduced -68.0k -68,000
23 Paloma Partners Management Co 3.43% of their portfolio GREENWICH, CT 13,684,00013.7m $17.2m $17.2m 3.43% New
24 Man Group plc 0.03% of their portfolio LONDON, X0 13,140,00013.1m $16.5m $16.5m 0.03% Added +6.7m +6,650,000
25 OAKTREE CAPITAL MANAGEMENT LP 0.27% of their portfolio LOS ANGELES, CA 13,010,00013.0m $16.4m $16.4m 0.27% Added +5.1m +5,116,000
26 BlackRock, Inc. 0.00% of their portfolio New York, NY 12,650,00012.7m $15.9m $15.9m 0.00% Added +1.7m +1,700,000
27 READYSTATE ASSET MANAGEMENT LP 0.77% of their portfolio CHICAGO, IL 12,500,00012.5m $15.7m $15.7m 0.77% New
28 Magnetar Financial LLC 0.09% of their portfolio EVANSTON, IL 11,673,00011.7m $14.7m $14.7m 0.09% Reduced -17.6m -17,577,000
29 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 11,629,00011.6m $14.6m $14.6m 0.03% Reduced -900.0k -900,000
30 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 11,350,00011.3m $14.2m $14.2m 0.01% Added +400.0k +400,000
31 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 11,000,00011.0m $13.9m $13.9m 0.03% Added +7.5m +7,500,000
32 RWC Asset Management LLP 0.64% of their portfolio LONDON, X0 10,521,00010.5m $13.1m $13.1m 0.64% Added +4.4m +4,421,000
33 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio Paris, I0 9,500,0009.5m $11.9m $11.9m 0.03% Unchanged
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 9,373,0009.4m $11.7m $11.7m 0.00% Added +9.1m +9,093,000
35 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 7,363,0007.4m $9.2m $9.2m 0.00% Reduced -8.7m -8,670,000
36 SSI INVESTMENT MANAGEMENT LLC 0.63% of their portfolio Los Angeles, CA 7,327,9997.3m $9.2m $9.2m 0.63% Reduced -1 -1
37 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7,083,0007.1m $8.9m $8.9m 0.00% Reduced -778.0k -778,000
38 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 6,800,0006.8m $8.5m $8.5m 0.00% Unchanged
39 Radcliffe Capital Management, L.P. 0.47% of their portfolio BALA CYNWYD, PA 6,000,0006.0m $7.5m $7.5m 0.47% Added +3.0m +3,000,000
40 CSS LLC/IL 0.42% of their portfolio CHICAGO, IL 5,639,0005.6m $7.1m $7.1m 0.42% Added +639.0k +639,000
41 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 5,049,0005.0m $6.3m $6.3m 0.00% Added +4.7m +4,716,000
42 Pinpoint Asset Management (Singapore) Pte. Ltd. 1.12% of their portfolio SINGAPORE, U0 5,000,0005.0m $6.3m $6.3m 1.12% Unchanged
43 AGF MANAGEMENT LTD 0.02% of their portfolio TORONTO, A6 4,125,0004.1m $5.2m $5.2m 0.02% Added +2.0m +2,000,000
44 AXA Investment Managers S.A. 0.04% of their portfolio PUTEAUX, I0 4,124,0004.1m $13.9m $13.9m 0.04% First filing
45 ADVENT CAPITAL MANAGEMENT /DE/ 0.11% of their portfolio NEW YORK, NY 3,975,0004.0m $5.0m $5.0m 0.11% Reduced -13.6m -13,593,000
46 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,700,0003.7m $4.6m $4.6m 0.00% Reduced -5.7m -5,708,000
47 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.8m $3.8m 0.01% New
48 GABELLI FUNDS LLC 0.03% of their portfolio Rye, NY 3,000,0003.0m $3.8m $3.8m 0.03% Reduced -1.0m -1,000,000
49 ABSOLUTE INVESTMENT ADVISERS, LLC 0.45% of their portfolio ROSEMARY BEACH, FL 2,837,0002.8m $3.6m $3.6m 0.45% New
50 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,581,0002.6m $3.2m $3.2m 0.00% Unchanged
51 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 2,500,0002.5m $3.1m $3.1m 0.01% Reduced -200.0k -200,000
52 LORD, ABBETT & CO. LLC 0.01% of their portfolio JERSEY CITY, NJ 2,481,0002.5m $3.1m $3.1m 0.01% Reduced -580.0k -580,000
53 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 2,228,0002.2m $2.8m $2.8m 0.01% New
54 OFI INVEST ASSET MANAGEMENT 0.05% of their portfolio ISSY LES MOULINEAUX, I0 2,200,0002.2m $2.4m $2.4m 0.05% Unchanged
55 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,173,0002.2m $2.7m $2.7m 0.00% New
56 BOOTHBAY FUND MANAGEMENT, LLC 0.07% of their portfolio NEW YORK, NY 2,172,0002.2m $2.7m $2.7m 0.07% Added +272.0k +272,000
57 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,000,0002.0m $2.5m $2.5m 0.07% Added +500.0k +500,000
58 SHENKMAN CAPITAL MANAGEMENT INC 0.23% of their portfolio NEW YORK, NY 1,826,0001.8m $2.3m $2.3m 0.23% Reduced -2.4m -2,447,000
59 PIER 88 INVESTMENT PARTNERS LLC 0.20% of their portfolio SAN FRANCISCO, CA 864,000864.0k $1.1m $1.1m 0.20% Reduced -2.0m -2,050,000
60 RATIONAL ADVISORS, INC. 0.10% of their portfolio San Juan, PR 800,000800.0k $1.0m $1.0m 0.10% Reduced -2.0m -2,020,000
61 SG Americas Securities, LLC 0.25% of their portfolio NEW YORK, NY 550,000550.0k $68.6m $68.6m 0.25% Added +300.0k +300,000
62 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 527,000527.0k $662.9k $662.9k 0.00% Reduced -379.0k -379,000
63 WT Asset Management Ltd 0.03% of their portfolio HONG KONG, K3 500,000500.0k $623.9k $623.9k 0.03% Unchanged
64 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 484,000484.0k $608.2k $608.2k 0.02% Added +348.0k +348,000
65 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $499.5k $499.5k 0.00% Reduced -600.0k -600,000
66 Central Pacific Bank - Trust Division 0.06% of their portfolio HONOLULU, HI 386,000386.0k $484.6k $484.6k 0.06% Unchanged
67 Amundi 0.00% of their portfolio Paris, I0 360,000360.0k $491.8k $491.8k 0.00% Reduced -150.0k -150,000
68 NOMURA HOLDINGS INC 0.17% of their portfolio TOKYO, M0 108,864108.9k $36.7m $36.7m 0.17% Added +932 +932
69 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $125.5k $125.5k 0.00% New
70 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 42,00042.0k $52.7k $52.7k 0.03% Unchanged
71 K2 PRINCIPAL FUND, L.P. 0.92% of their portfolio TORONTO, A6 7,0007.0k $8.8m $8.8m 0.92% Unchanged
72 Boussard & Gavaudan Investment Management LLP 0.12% of their portfolio London, X0 800800 $983.5k $983.5k 0.12% New
73 Context Capital Management, LLC 0.00% of their portfolio LAJOLLA, CA 00 $0 $0 0.00% Reduced -11.3k -11,270