Vault-13

EXCHANGE TRADED CONCEPTS TRU

BITWISE CRYPTO · ETP · CUSIP 301505624

85 institutional holders +6 vs Q1 2025
3,910,0973.9m shares reported held*
$77.1mreported value*
17 new 25 added 21 reduced 11 sold out net bought ≈ $10.2m (+516.9k 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 ≈ $19.73. Options: 4 managers hold calls ($1.4m notional), 6 hold puts ($6.5m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 54Q4 22: 58Q1 23: 55Q2 23: 58Q3 23: 60Q4 23: 67Q1 24: 68Q2 24: 74Q3 24: 69Q4 24: 86Q1 25: 79Q2 25: 8585Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202254
Q4 202258
Q1 202355
Q2 202358
Q3 202360
Q4 202367
Q1 202468
Q2 202474
Q3 202469
Q4 202486
Q1 202579
Q2 202585

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 23: 24 bought or addedQ3 23: 21 cut or sold outQ4 23: 32 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 31 bought or addedQ1 24: 29 cut or sold outQ2 24: 32 bought or addedQ2 24: 27 cut or sold outQ2 24Q3 24: 29 bought or addedQ3 24: 22 cut or sold outQ4 24: 45 bought or addedQ4 24: 18 cut or sold outQ4 24Q1 25: 40 bought or addedQ1 25: 25 cut or sold outQ2 25: 42 bought or addedQ2 25: 32 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232421
Q4 20233223
Q1 20243129
Q2 20243227
Q3 20242922
Q4 20244518
Q1 20254025
Q2 20254232

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ3 24 calls: $499.9kQ3 24 puts: $40.0kQ3 24P/C 0.08Q4 24 calls: $550.6kQ4 24 puts: $32.1kQ4 24P/C 0.06Q1 25 calls: $696.8kQ1 25 puts: $483.2kQ1 25P/C 0.69Q2 25 calls: $1.4mQ2 25 puts: $6.5mQ2 25P/C 4.56
Numbers
QuarterCallsPutsP/C
Q3 2024$499.9k$40.0k0.08
Q4 2024$550.6k$32.1k0.06
Q1 2025$696.8k$483.2k0.69
Q2 2025$1.4m$6.5m4.56

Biggest buyers

STIFEL FINANCIAL CORP Added +160,217+160.2k
MORGAN STANLEY Added +136,743+136.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +106,200+106.2k
CITIGROUP INC Added +70,476+70.5k
OPPENHEIMER & CO INC Added +61,765+61.8k
Integrated Advisors Network LLC New +58,996+59.0k
Salus Financial Advisors, LLC Added +41,495+41.5k
Founders Capital Management Added +39,439+39.4k
Sanctuary Advisors, LLC Added +30,673+30.7k
COMMONWEALTH EQUITY SERVICES, LLC Added +25,285+25.3k

Biggest sellers

JANE STREET GROUP, LLC Sold out -118,217-118.2k
GTS SECURITIES LLC Sold out -82,714-82.7k
Orion Porfolio Solutions, LLC Reduced -51,040-51.0k
COMPASS CAPITAL CORP /MA/ /ADV Sold out -30,491-30.5k
MML INVESTORS SERVICES, LLC Reduced -24,081-24.1k
Mariner, LLC Reduced -21,606-21.6k
RMR Wealth Builders Sold out -18,421-18.4k
Atria Investments, Inc Reduced -17,604-17.6k
D. E. Shaw & Co., Inc. Reduced -10,514-10.5k
Gainplan LLC Reduced -8,733-8.7k

Biggest calls

JANE STREET GROUP, LLC New $591.6k30.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $579.8k29.4k shares
CITADEL ADVISORS LLC Reduced $254.4k12.9k shares
Belvedere Trading LLC New $3.9k200 shares

Biggest puts

JANE STREET GROUP, LLC New $2.3m118.6k shares
CITADEL ADVISORS LLC Added $1.8m91.9k shares
Edenbrook Capital, LLC New $1.6m80.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $437.8k22.2k shares
SIG BROKERAGE, LP New $355.0k18.0k shares
Belvedere Trading LLC New $2.0k100 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.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 464,659464.7k $9.2m $9.2m 0.01% Added +160.2k +160,217
2 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 392,486392.5k $7.7m $7.7m 0.01% Added +196 +196
3 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 339,022339.0k $6.7m $6.7m 0.00% Added +20.0k +19,986
4 Sanctuary Advisors, LLC 0.03% of their portfolio INDIANAPOLIS, IN 278,621278.6k $5.5m $5.5m 0.03% Added +30.7k +30,673
5 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 207,853207.9k $4.1m $4.1m 0.00% Added +70.5k +70,476
6 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 182,733182.7k $3.6m $3.6m 0.00% Added +17.5k +17,547
7 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 137,274137.3k $2.7m $2.7m 0.00% Added +136.7k +136,743
8 Salus Financial Advisors, LLC 1.74% of their portfolio COLORADO SPRINGS, CO 131,305131.3k $2.6m $2.6m 1.74% Added +41.5k +41,495
9 Orion Porfolio Solutions, LLC 0.02% of their portfolio OMAHA, NE 116,827116.8k $2.3m $2.3m 0.02% Reduced -51.0k -51,040
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 111,870111.9k $2.2m $2.2m 0.00% Added +9.0k +8,991
11 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 109,665109.7k $2.2m $2.2m 0.01% Added +6.4k +6,356
12 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 106,200106.2k $2.1m $2.1m 0.00% New
13 Founders Capital Management 1.02% of their portfolio HOUSTON, TX 86,39686.4k $1.7m $1.7m 1.02% Added +39.4k +39,439
14 Atria Investments, Inc 0.02% of their portfolio Charlotte, NC 85,39685.4k $1.7m $1.7m 0.02% Reduced -17.6k -17,604
15 Mariner, LLC 0.00% of their portfolio Overland Park, KS 84,13184.1k $1.7m $1.7m 0.00% Reduced -21.6k -21,606
16 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 83,08183.1k $1.6m $1.6m 0.00% Reduced -24.1k -24,081
17 Strategic Family Wealth Counselors, L.L.C. 0.45% of their portfolio FAIRFIELD, NJ 79,39279.4k $1.6m $1.6m 0.45% Unchanged
18 Gainplan LLC 0.68% of their portfolio BLOOMFIELD HILLS, MI 76,34076.3k $1.5m $1.5m 0.68% Reduced -8.7k -8,733
19 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 73,78373.8k $1.5m $1.5m 0.02% Added +61.8k +61,765
20 Integrated Advisors Network LLC 0.05% of their portfolio DALLAS, TX 58,99659.0k $1.2m $1.2m 0.05% New
21 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 55,08955.1k $1.1m $1.1m 0.00% Added +4 +4
22 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 52,80752.8k $1.0m $1.0m 0.00% Added +25.3k +25,285
23 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 52,11952.1k $1.1m $1.1m 0.00% Added +3.7k +3,658
24 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 42,68542.7k $842.0k $842.0k 0.00% Reduced -4.7k -4,717
25 Soltis Investment Advisors LLC 0.06% of their portfolio ST. GEORGE, UT 40,91840.9k $806.9k $806.9k 0.06% Added +3.6k +3,638
26 AdvisorNet Financial, Inc 0.04% of their portfolio MINNETONKA, MN 34,46834.5k $679.7k $679.7k 0.04% Added +2.0k +1,959
27 Wellspring Financial Advisors, LLC 0.06% of their portfolio CLEVELAND, OH 31,38731.4k $619.0k $619.0k 0.06% Reduced -100 -100
28 MCF Advisors LLC 0.03% of their portfolio LEXINGTON, KY 25,72025.7k $507.2k $507.2k 0.03% Added +15.4k +15,353
29 ROTHSCHILD INVESTMENT LLC 0.03% of their portfolio CHICAGO, IL 24,25024.2k $478.2k $478.2k 0.03% Unchanged
30 Betterment LLC 0.00% of their portfolio NEW YORK, NY 23,41023.4k $462.0k $462.0k 0.00% Added +2.6k +2,566
31 BRANDYWINE OAK PRIVATE WEALTH LLC 0.04% of their portfolio Kennett Square, PA 23,33723.3k $460.2k $460.2k 0.04% Reduced -2.8k -2,750
32 Essex Financial Services, Inc. 0.03% of their portfolio ESSEX, CT 23,21423.2k $457.8k $457.8k 0.03% Added +1.4k +1,350
33 Ausdal Financial Partners, Inc. 0.03% of their portfolio Davenport, IA 22,36422.4k $441.0k $441.0k 0.03% New
34 B. Riley Wealth Advisors, Inc. 0.02% of their portfolio MEMPHIS, TN 21,83521.8k $430.6k $430.6k 0.02% New
35 Arete Wealth Advisors, LLC 0.03% of their portfolio CHICAGO, IL 20,95020.9k $413.0k $413.0k 0.03% Reduced -200 -200
36 LRI Investments, LLC 0.04% of their portfolio PALM BEACH GARDENS, FL 20,90020.9k $412.1k $412.1k 0.04% New
37 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 16,32616.3k $321.9k $321.9k 0.00% Added +1.2k +1,233
38 Claro Advisors Inc. 0.05% of their portfolio BOSTON, MA 15,13815.1k $298.5k $298.5k 0.05% Reduced -68 -68
39 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 14,77714.8k $291.4k $291.4k 0.00% Reduced -10.5k -10,514
40 Oxinas Partners, LLC 0.15% of their portfolio JEFFERSONVILLE, IN 14,50014.5k $285.9k $285.9k 0.15% Reduced -500 -500
41 Apeiron RIA LLC 0.07% of their portfolio Dallas, TX 14,30314.3k $282.1k $282.1k 0.07% Added +30 +30
42 OLD MISSION CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 12,59612.6k $248.4k $248.4k 0.01% New
43 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 11,90011.9k $234.7k $234.7k 0.00% Unchanged
44 Wealthcare Advisory Partners LLC 0.01% of their portfolio WEST CHESTER, PA 11,72511.7k $231.2k $231.2k 0.01% Reduced -300 -300
45 Belvedere Trading LLC 0.02% of their portfolio CHICAGO, IL 11,13111.1k $219.5k $219.5k 0.02% New
46 Balboa Wealth Partners 0.04% of their portfolio SCOTTSDALE, AZ 10,98011.0k $216.5k $216.5k 0.04% Reduced -250 -250
47 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 8,8498.8k $174.5k $174.5k 0.00% Added +5.8k +5,828
48 Sunbelt Securities, Inc. 0.01% of their portfolio HOUSTON, TX 6,8606.9k $115.9k $115.9k 0.01% Reduced -3 -3
49 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 5,2015.2k $102.6k $102.6k 0.00% Added +1.1k +1,079
50 Advantage Trust Co 0.05% of their portfolio SALINA, KS 4,7004.7k $92.7k $92.7k 0.05% New
51 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 3,7083.7k $73.1k $73.1k 0.00% New
52 Main Management LLC 0.01% of their portfolio SAN FRANCISCO, CA 3,2863.3k $65.0k $65.0k 0.01% Unchanged
53 AllSquare Wealth Management LLC 0.03% of their portfolio ALBANY, NY 2,7992.8k $55.2k $55.2k 0.03% Unchanged
54 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 2,5072.5k $49.4k $49.4k 0.00% Reduced -356 -356
55 Clearstead Trust, LLC 0.01% of their portfolio PORTLAND, ME 2,3522.4k $46.4k $46.4k 0.01% Unchanged
56 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,2402.2k $44.2k $44.2k 0.00% Added +557 +557
57 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,3791.4k $27.2k $27.2k 0.00% Unchanged
58 SJS Investment Consulting Inc. 0.00% of their portfolio SYLVANIA, OH 1,2001.2k $23.7k $23.7k 0.00% Unchanged
59 DHJJ Financial Advisors, Ltd. 0.01% of their portfolio NAPERVILLE, IL 1,1421.1k $22.5k $22.5k 0.01% Unchanged
60 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 1,0441.0k $20.6k $20.6k 0.00% Unchanged
61 Cornerstone Planning Group LLC 0.00% of their portfolio FAIRFIELD, NJ 1,0091.0k $19.4k $19.4k 0.00% Unchanged
62 Comprehensive Financial Planning, Inc./PA 0.02% of their portfolio EAST PETERSBURG, PA 1,0001.0k $19.7k $19.7k 0.02% Unchanged
63 Glen Eagle Advisors, LLC 0.00% of their portfolio KINGSTON, NJ 941941 $18.6k $18.6k 0.00% Unchanged
64 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 849849 $16.7k $16.7k 0.00% New
65 Asset Dedication, LLC 0.00% of their portfolio SAN FRANCISCO, CA 758758 $14.9k $14.9k 0.00% Unchanged
66 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 742742 $14.6k $14.6k 0.00% Reduced -38 -38
67 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 500500 $9.9k $9.9k 0.00% Reduced -450 -450
68 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 356356 $7.0k $7.0k 0.00% New
69 Gen-Wealth Partners Inc 0.00% of their portfolio ZEELAND, MI 300300 $5.9k $5.9k 0.00% New
70 THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. 0.00% of their portfolio INDIANAPOLIS, IN 250250 $4.9k $4.9k 0.00% New
71 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 250250 $5.0k $5.0k 0.00% Unchanged
72 Tradewinds Capital Management, LLC 0.00% of their portfolio BELLINGHAM, WA 200200 $3.9k $3.9k 0.00% Unchanged
73 FMR LLC 0.00% of their portfolio BOSTON, MA 185185 $3.6k $3.6k 0.00% Reduced -160 -160
74 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 158158 $3.1k $3.1k 0.00% Unchanged
75 NVWM, LLC 0.00% of their portfolio YARDLEY, PA 100100 $2.0k $2.0k 0.00% New
76 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 8484 $1.7k $1.7k 0.00% Unchanged
77 Ameritas Advisory Services, LLC 0.00% of their portfolio Lincoln, NE 8282 $1.6k $1.6k 0.00% New
78 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 6666 $1.3k $1.3k 0.00% New
79 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 6262 $1.2k $1.2k 0.00% New
80 Aspect Partners, LLC 0.00% of their portfolio FAIRFAX, VA 3030 $592 $592 0.00% Reduced -15 -15
81 Graney & King, LLC 0.00% of their portfolio LATHAM, NY 2626 $513 $513 0.00% Unchanged
82 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 1414 $276 $276 0.00% First filing
83 TFC Financial Management, Inc. 0.00% of their portfolio BOSTON, MA 88 $158 $158 0.00% Unchanged
84 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $24 $24 0.00% Reduced -1 -1
85 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged