Vault-13

COINBASE GLOBAL INC COIN 0.25 04.01.30

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

76 institutional holders +3 vs Q3 2025
26,375,41126.4m shares reported held*
$1.2bnreported value*
8 new 19 added 22 reduced 9 sold out net bought ≈ $18.2m (+2.5m 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 ($4.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $44.90.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 25: 25Q2 25: 74Q3 25: 73Q4 25: 7676Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 202525
Q2 202574
Q3 202573
Q4 202576

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 25Q4 25: 27 bought or addedQ4 25: 31 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 2025629
Q3 20254134
Q4 20252731

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ1 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 —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$4.6m$00.00
Q3 2025$0$0—
Q4 2025$0$0—

Biggest buyers

HBK INVESTMENTS L P New +37,200,000+37.2m
Lombard Odier Asset Management (Europe) Ltd New +27,895,000+27.9m
Linden Advisors LP Added +24,500,000+24.5m
MILLENNIUM MANAGEMENT LLC Added +18,000,000+18.0m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +11,500,000+11.5m
Portman Square Capital LLP New +10,000,000+10.0m
TWO SIGMA INVESTMENTS, LP New +10,000,000+10.0m
D. E. Shaw & Co., Inc. Added +8,000,000+8.0m
Man Group plc Added +7,930,000+7.9m
MORGAN STANLEY New +4,943,000+4.9m

Biggest sellers

WHITEBOX ADVISORS LLC Reduced -21,728,000-21.7m
JPMORGAN CHASE & CO Reduced -21,302,000-21.3m
Nuveen, LLC Sold out -20,000,000-20.0m
BANK OF AMERICA CORP /DE/ Reduced -13,308,000-13.3m
FMR LLC Reduced -12,897,000-12.9m
GLAZER CAPITAL, LLC Reduced -12,500,000-12.5m
READYSTATE ASSET MANAGEMENT LP Sold out -12,500,000-12.5m
CITADEL ADVISORS LLC Reduced -11,590,000-11.6m
FRANKLIN RESOURCES INC Sold out -7,083,000-7.1m
DEUTSCHE BANK AG\ Reduced -4,792,000-4.8m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.69% of their portfolio New York, NY 108,676,000108.7m $111.4m $111.4m 0.69% Added +24.5m +24,500,000
2 WHITEBOX ADVISORS LLC 1.54% of their portfolio MINNEAPOLIS, MN 90,042,00090.0m $92.1m $92.1m 1.54% Reduced -21.7m -21,728,000
3 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 70,184,00070.2m $720.6k $720.6k 0.00% Reduced -128.0k -128,000
4 WOLVERINE ASSET MANAGEMENT LLC 0.72% of their portfolio CHICAGO, IL 49,350,00049.4m $50.5m $50.5m 0.72% Unchanged
5 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 47,250,00047.2m $48.5m $48.5m 0.03% Added +18.0m +18,000,000
6 Calamos Advisors LLC 0.20% of their portfolio NAPERVILLE, IL 47,132,00047.1m $48.5m $48.5m 0.20% Reduced -107.0k -107,000
7 FMR LLC 0.00% of their portfolio BOSTON, MA 45,954,00046.0m $47.0m $47.0m 0.00% Reduced -12.9m -12,897,000
8 SONA ASSET MANAGEMENT (US) LLC 1.33% of their portfolio NEW YORK, NY 40,000,00040.0m $41.1m $41.1m 1.33% Unchanged
9 HBK INVESTMENTS L P 0.41% of their portfolio DALLAS, TX 37,200,00037.2m $38.2m $38.2m 0.41% New
10 Verition Fund Management LLC 0.17% of their portfolio GREENWICH, CT 30,000,00030.0m $30.8m $30.8m 0.17% Unchanged
11 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 29,000,00029.0m $29.9m $29.9m 0.01% Unchanged
12 Lombard Odier Asset Management (Europe) Ltd 1.46% of their portfolio LONDON, X0 27,895,00027.9m $28.7m $28.7m 1.46% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 27,100,00027.1m $27.9m $27.9m 0.00% Added +1.4m +1,350,000
14 GLAZER CAPITAL, LLC 0.73% of their portfolio New York, NY 27,100,00027.1m $27.9m $27.9m 0.73% Reduced -12.5m -12,500,000
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 24,612,00024.6m $25.2m $25.2m 0.00% Reduced -21.3m -21,302,000
16 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 23,000,00023.0m $23.6m $23.6m 0.02% Added +8.0m +8,000,000
17 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.04% of their portfolio TORONTO, A6 22,500,00022.5m $23.1m $23.1m 0.04% Added +11.5m +11,500,000
18 Man Group plc 0.04% of their portfolio LONDON, X0 21,070,00021.1m $21.6m $21.6m 0.04% Added +7.9m +7,930,000
19 Jump Financial, LLC 0.27% of their portfolio Chicago, IL 21,000,00021.0m $21.7m $21.7m 0.27% Added +3.5m +3,500,000
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 19,250,00019.2m $19.7m $19.7m 0.00% Reduced -13.3m -13,308,000
21 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 18,410,00018.4m $18.9m $18.9m 0.01% Reduced -11.6m -11,590,000
22 Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio FRANKFURT AM MAIN, 2M 16,622,00016.6m $17.2m $17.2m 0.03% Added +780.0k +780,000
23 DeepCurrents Investment Group LLC 0.63% of their portfolio NEW YORK, NY 16,500,00016.5m $16.9m $16.9m 0.63% Unchanged
24 AQR Arbitrage LLC 0.35% of their portfolio Greenwich, CT 16,410,00016.4m $16.8m $16.8m 0.35% Added +20.0k +20,000
25 BlackRock, Inc. 0.00% of their portfolio New York, NY 16,225,00016.2m $16.6m $16.6m 0.00% Added +3.6m +3,575,000
26 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 14,073,00014.1m $14.4m $14.4m 0.00% Added +4.7m +4,700,000
27 Paloma Partners Management Co 4.83% of their portfolio GREENWICH, CT 13,684,00013.7m $14.1m $14.1m 4.83% Unchanged
28 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 12,824,00012.8m $13.2m $13.2m 0.02% Added +3.3m +3,324,000
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 12,712,00012.7m $13.1m $13.1m 0.00% Reduced -1.3m -1,297,000
30 Magnetar Financial LLC 0.12% of their portfolio EVANSTON, IL 11,673,00011.7m $11.9m $11.9m 0.12% Unchanged
31 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 11,350,00011.3m $11.6m $11.6m 0.01% Unchanged
32 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 10,800,00010.8m $11.0m $11.0m 0.00% Added +4.0m +4,000,000
33 OAKTREE CAPITAL MANAGEMENT LP 0.17% of their portfolio LOS ANGELES, CA 10,510,00010.5m $10.8m $10.8m 0.17% Reduced -2.5m -2,500,000
34 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 10,000,00010.0m $10.2m $10.2m 0.02% New
35 Portman Square Capital LLP 1.78% of their portfolio London, X0 10,000,00010.0m $10.3m $10.3m 1.78% New
36 RWC Asset Management LLP 0.47% of their portfolio LONDON, X0 9,258,0009.3m $9.5m $9.5m 0.47% Reduced -1.3m -1,263,000
37 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,689,0008.7m $8.9m $8.9m 0.02% Reduced -2.9m -2,940,000
38 SSI INVESTMENT MANAGEMENT LLC 0.51% of their portfolio Los Angeles, CA 7,297,0007.3m $7.5m $7.5m 0.51% Reduced -31.0k -30,999
39 Radcliffe Capital Management, L.P. 0.33% of their portfolio BALA CYNWYD, PA 6,000,0006.0m $6.1m $6.1m 0.33% Unchanged
40 Pinpoint Asset Management (Singapore) Pte. Ltd. 1.07% of their portfolio SINGAPORE, U0 5,000,0005.0m $5.1m $5.1m 1.07% Unchanged
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,943,0004.9m $5.1m $5.1m 0.00% New
42 ADVENT CAPITAL MANAGEMENT /DE/ 0.10% of their portfolio NEW YORK, NY 4,350,0004.3m $4.5m $4.5m 0.10% Added +375.0k +375,000
43 AGF MANAGEMENT LTD 0.02% of their portfolio TORONTO, A6 4,125,0004.1m $4.2m $4.2m 0.02% Unchanged
44 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,700,0003.7m $3.8m $3.8m 0.00% Unchanged
45 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.1m $3.1m 0.01% Unchanged
46 GABELLI FUNDS LLC 0.02% of their portfolio Rye, NY 3,000,0003.0m $3.1m $3.1m 0.02% Unchanged
47 ABSOLUTE INVESTMENT ADVISERS, LLC 0.33% of their portfolio ROSEMARY BEACH, FL 2,837,0002.8m $2.9m $2.9m 0.33% Unchanged
48 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 2,581,0002.6m $2.6m $2.6m 0.00% First filing
49 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,571,0002.6m $2.6m $2.6m 0.00% Reduced -4.8m -4,792,000
50 CSS LLC/IL 0.15% of their portfolio CHICAGO, IL 2,516,0002.5m $2.6m $2.6m 0.15% Reduced -3.1m -3,123,000
51 SHENKMAN CAPITAL MANAGEMENT INC 0.25% of their portfolio NEW YORK, NY 2,276,0002.3m $2.3m $2.3m 0.25% Added +450.0k +450,000
52 OFI INVEST ASSET MANAGEMENT 0.03% of their portfolio ISSY LES MOULINEAUX, I0 2,200,0002.2m $1.9m $1.9m 0.03% Unchanged
53 Sentinel Dome Partners, LLC 1.41% of their portfolio BURLINGAME, CA 2,000,0002.0m $2.1m $2.1m 1.41% First filing
54 PALISADE CAPITAL MANAGEMENT, LP 0.06% of their portfolio FORT LEE, NJ 1,939,0001.9m $2.0m $2.0m 0.06% Reduced -61.0k -61,000
55 Benefit Street Partners LLC 1.69% of their portfolio NEW YORK, NY 1,500,0001.5m $1.5m $1.5m 1.69% First filing
56 GROUPAMA ASSET MANAGMENT 0.02% of their portfolio PARIS, I0 1,350,0001.4m $1.4m $1.4m 0.02% New
57 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 989,000989.0k $1.0m $1.0m 0.00% Reduced -1.2m -1,184,000
58 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 900,000900.0k $928.4k $928.4k 0.00% Reduced -1.6m -1,600,000
59 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 800,000800.0k $818.0k $818.0k 0.00% New
60 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 679,000679.0k $694.6k $694.6k 0.00% Reduced -4.4m -4,370,000
61 SG Americas Securities, LLC 0.07% of their portfolio NEW YORK, NY 550,000550.0k $56.7m $56.7m 0.07% Unchanged
62 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 546,000546.0k $561.5k $561.5k 0.00% Added +19.0k +19,000
63 WT Asset Management Ltd 0.02% of their portfolio HONG KONG, K3 500,000500.0k $515.8k $515.8k 0.02% Unchanged
64 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 465,000465.0k $478.1k $478.1k 0.02% Reduced -19.0k -19,000
65 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 450,000450.0k $458.6k $458.6k 0.00% New
66 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 445,000445.0k $455.2k $455.2k 0.00% Added +345.0k +345,000
67 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $410.0k $410.0k 0.00% Unchanged
68 Central Pacific Bank - Trust Division 0.05% of their portfolio HONOLULU, HI 386,000386.0k $394.9k $394.9k 0.05% Unchanged
69 Amundi 0.01% of their portfolio Paris, I0 360,000360.0k $36.8m $36.8m 0.01% Unchanged
70 Ares Systematic Credit Ltd 0.25% of their portfolio LONDON, X0 300,000300.0k $308.2k $308.2k 0.25% First filing
71 NOMURA HOLDINGS INC 0.07% of their portfolio TOKYO, M0 113,792113.8k $25.7m $25.7m 0.07% Added +4.9k +4,928
72 PIER 88 INVESTMENT PARTNERS LLC 0.01% of their portfolio SAN FRANCISCO, CA 64,00064.0k $65.7k $65.7k 0.01% Reduced -800.0k -800,000
73 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 42,00042.0k $43.0k $43.0k 0.02% Unchanged
74 K2 PRINCIPAL FUND, L.P. 0.95% of their portfolio TORONTO, A6 9,0009.0k $9.2m $9.2m 0.95% Added +2.0k +2,000
75 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,0002.0k $2.1k $2.1k 0.00% Reduced -2.2m -2,226,000
76 ODDO BHF ASSET MANAGEMENT SAS 0.02% of their portfolio PARIS, I0 619619 $634.8k $634.8k 0.02% Not comparable