Vault-13

FORGE GLOBAL HOLDINGS INC FRGE

COM SHS · Common Stock · CUSIP 34629L202

113 institutional holders +33 vs Q3 2025
6,590,5156.6m shares reported held*
$292.7mreported value*
43 new 36 added 19 reduced 12 sold out net bought ≈ $130.5m (+2.9m 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 ($1.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $44.41. Options: 7 managers hold calls ($1.8m notional), 3 hold puts ($1.1m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q1 25: 3Q2 25: 66Q3 25: 80Q4 25: 113113Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 20253
Q2 202566
Q3 202580
Q4 2025113

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 25: 63 bought or addedQ2 25: 3 cut or sold outQ2 25Q3 25: 47 bought or addedQ3 25: 21 cut or sold outQ3 25Q4 25: 79 bought or addedQ4 25: 31 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 2025633
Q3 20254721
Q4 20257931

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $271.5kQ2 25 puts: $20.0kQ2 25P/C 0.07Q3 25 calls: $199.3kQ3 25 puts: $254.5kQ3 25P/C 1.28Q4 25 calls: $1.8mQ4 25 puts: $1.1mQ4 25P/C 0.58
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$271.5k$20.0k0.07
Q3 2025$199.3k$254.5k1.28
Q4 2025$1.8m$1.1m0.58

Biggest buyers

ALLIANCEBERNSTEIN L.P. Added +355,730+355.7k
First Trust Capital Management L.P. New +307,802+307.8k
FIL Ltd New +300,000+300.0k
HSBC HOLDINGS PLC New +282,696+282.7k
Qube Research & Technologies Ltd New +276,460+276.5k
SOROS FUND MANAGEMENT LLC New +198,530+198.5k
WATER ISLAND CAPITAL LLC New +197,075+197.1k
RENAISSANCE TECHNOLOGIES LLC Added +167,700+167.7k
BlackRock, Inc. Added +160,397+160.4k
VANGUARD GROUP INC Added +150,739+150.7k

Biggest sellers

US BANCORP \DE\ Reduced -220,944-220.9k
Alyeska Investment Group, L.P. Sold out -144,821-144.8k
RAYMOND JAMES FINANCIAL INC Sold out -111,006-111.0k
MILLENNIUM MANAGEMENT LLC Reduced -79,155-79.2k
Walleye Capital LLC Sold out -61,763-61.8k
BANK OF AMERICA CORP /DE/ Reduced -28,426-28.4k
JANE STREET GROUP, LLC Sold out -26,164-26.2k
LOS ANGELES CAPITAL MANAGEMENT LLC Reduced -11,285-11.3k
CITADEL ADVISORS LLC Sold out -11,275-11.3k
TRUIST FINANCIAL CORP Sold out -10,000-10.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $628.3k14.1k shares
Belvedere Trading LLC New $374.3k8.4k shares
CITADEL ADVISORS LLC Reduced $303.0k6.8k shares
JANE STREET GROUP, LLC New $245.1k5.5k shares
GROUP ONE TRADING LLC New $213.9k4.8k shares
SIMPLEX TRADING, LLC Added $35.2k2.1k shares
FNY Investment Advisers, LLC New $05 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $561.5k12.6k shares
Belvedere Trading LLC New $490.2k11.0k shares
SIMPLEX TRADING, LLC Added $3211.3k 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.

HolderStakeChangeShares Last filed
DEUTSCHE BORSE AG 13D · may seek influence no change · filed 2025-11-06 11.9% no change 1.6m 2025-11-06
BlackRock, Inc. 13G · institution +1.1 pts · filed 2026-01-21 5.9% +1.1 pts 813.3k 2026-01-21

Fell to 5% or below in the last year: GLAZER CAPITAL, LLC (0.0%, 2026-03-05)

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.00% of their portfolio New York, NY 815,409815.4k $36.3m $36.3m 0.00% Added +160.4k +160,397
2 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 584,708584.7k $26.1m $26.1m 0.00% Added +150.7k +150,739
3 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 368,124368.1k $16.4m $16.4m 0.01% Added +355.7k +355,730
4 First Trust Capital Management L.P. 0.83% of their portfolio CHICAGO, IL 307,802307.8k $13.7m $13.7m 0.83% New
5 FIL Ltd 0.01% of their portfolio HAMILTON, D0 300,000300.0k $13.4m $13.4m 0.01% New
6 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 282,696282.7k $12.6m $12.6m 0.00% New
7 Qube Research & Technologies Ltd 0.02% of their portfolio LONDON, X0 276,460276.5k $12.3m $12.3m 0.02% New
8 AWM Investment Company, Inc. 1.14% of their portfolio NEW YORK, NY 264,179264.2k $11.8m $11.8m 1.14% Added +57.8k +57,787
9 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 230,891230.9k $10.3m $10.3m 0.00% Added +15.6k +15,585
10 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 226,079226.1k $10.1m $10.1m 0.02% Added +167.7k +167,700
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 200,979201.0k $9.0m $9.0m 0.00% Added +29.9k +29,880
12 SOROS FUND MANAGEMENT LLC 0.12% of their portfolio NEW YORK, NY 198,530198.5k $8.8m $8.8m 0.12% New
13 WATER ISLAND CAPITAL LLC 1.07% of their portfolio NEW YORK, NY 197,075197.1k $8.8m $8.8m 1.07% New
14 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 183,075183.1k $8.2m $8.2m 0.00% Added +5.2k +5,204
15 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 114,411114.4k $5.1m $5.1m 0.00% Added +102.7k +102,650
16 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 109,105109.1k $4.9m $4.9m 0.00% Reduced -79.2k -79,155
17 Deeter Investments LLP 0.88% of their portfolio AUSTIN, TX 108,556108.6k $4.1m $4.1m 0.88% First filing
18 ALPINE ASSOCIATES MANAGEMENT INC. 0.29% of their portfolio PALM BEACH, FL 98,10798.1k $4.4m $4.4m 0.29% New
19 ABC ARBITRAGE SA 0.39% of their portfolio PARIS, I0 94,55394.6k $4.2m $4.2m 0.39% New
20 GABELLI FUNDS LLC 0.03% of their portfolio Rye, NY 90,70090.7k $4.0m $4.0m 0.03% New
21 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 85,31685.3k $3.8m $3.8m 0.00% Added +12.2k +12,223
22 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 83,48783.5k $3.7m $3.7m 0.01% New
23 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 79,17579.2k $3.5m $3.5m 0.00% Reduced -761 -761
24 Versor Investments LP 0.52% of their portfolio New York, NY 75,18975.2k $3.4m $3.4m 0.52% New
25 CIBRA Capital Ltd 5.74% of their portfolio LONDON, X0 74,96675.0k $3.3m $3.3m 5.74% First filing
26 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 73,73773.7k $3.3m $3.3m 0.00% Added +1.6k +1,612
27 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 71,46071.5k $3.2m $3.2m 0.00% Added +13.3k +13,343
28 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 68,39568.4k $3.0m $3.0m 0.00% New
29 GAMCO INVESTORS, INC. ET AL 0.03% of their portfolio GREENWICH, CT 66,00066.0k $2.9m $2.9m 0.03% New
30 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 64,09064.1k $2.9m $2.9m 0.00% Added +47.5k +47,479
31 Abacus Wealth Partners, LLC 0.27% of their portfolio SANTA MONICA, CA 62,85662.9k $2.8m $2.8m 0.27% Unchanged
32 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 60,94360.9k $2.7m $2.7m 0.01% Reduced -1.1k -1,101
33 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 59,90059.9k $2.7m $2.7m 0.00% New
34 Magnetar Financial LLC 0.02% of their portfolio EVANSTON, IL 50,25050.2k $2.2m $2.2m 0.02% New
35 HARVEST MANAGEMENT LLC 0.66% of their portfolio New York, NY 40,00040.0k $1.8m $1.8m 0.66% New
36 GABELLI & Co INVESTMENT ADVISERS, INC. 0.26% of their portfolio Rye, NY 39,35039.4k $1.8m $1.8m 0.26% New
37 OXFORD ASSET MANAGEMENT LLP 0.55% of their portfolio OXFORD, X0 34,91434.9k $1.6m $1.6m 0.55% Not comparable
38 Groupe la Francaise 0.02% of their portfolio PARIS, I0 30,00030.0k $1.3m $1.3m 0.02% New
39 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 27,09727.1k $1.2m $1.2m 0.00% Added +171 +171
40 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 26,32126.3k $1.2m $1.2m 0.00% Reduced -3.6k -3,643
41 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 25,60025.6k $1.1m $1.1m 0.00% Added +1.6k +1,563
42 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 24,47224.5k $1.1m $1.1m 0.00% Reduced -4.4k -4,429
43 CREDIT INDUSTRIEL ET COMMERCIAL 0.13% of their portfolio PARIS FRANCE, I0 20,00020.0k $891.2k $891.2k 0.13% New
44 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 17,25117.3k $768.7k $768.7k 0.00% Added +3.1k +3,130
45 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 16,72916.7k $745.4k $745.4k 0.00% Added +2.7k +2,661
46 Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio Bala Cynwyd, PA 16,25416.3k $724.3k $724.3k 0.01% Unchanged
47 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 16,17716.2k $720.8k $720.8k 0.00% Added +3.2k +3,187
48 Carlson Capital, L.P. 0.33% of their portfolio DALLAS, TX 15,50015.5k $690.7k $690.7k 0.33% New
49 CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio TORONTO ONTARIO, A6 13,90013.9k $619.4k $619.4k 0.00% New
50 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 12,80012.8k $570.4k $570.4k 0.00% New
51 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 12,61912.6k $562.3k $562.3k 0.00% Reduced -566 -566
52 LMR Partners LLP 0.01% of their portfolio LONDON, X0 12,44612.4k $554.6k $554.6k 0.01% New
53 Alberta Investment Management Corp 0.00% of their portfolio EDMONTON, A0 10,54210.5k $469.8k $469.8k 0.00% New
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 10,44710.4k $465.5k $465.5k 0.00% Reduced -3.3k -3,324
55 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 10,08310.1k $449.3k $449.3k 0.00% New
56 LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio LOS ANGELES, CA 10,05710.1k $216.3k $216.3k 0.00% Reduced -11.3k -11,285
57 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 9,7549.8k $434.6k $434.6k 0.00% New
58 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 9,5389.5k $425.0k $425.0k 0.00% Reduced -28.4k -28,426
59 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 9,3849.4k $418.2k $418.2k 0.00% New
60 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 8,8428.8k $394.0k $394.0k 0.00% New
61 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 7,1427.1k $318.2k $318.2k 0.00% New
62 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 6,9917.0k $311.5k $311.5k 0.00% New
63 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 6,6416.6k $295.9k $295.9k 0.00% Unchanged
64 Composition Wealth, LLC 0.00% of their portfolio LOS ANGELES, CA 6,4106.4k $285.6k $285.6k 0.00% New
65 Inscription Capital, LLC 0.03% of their portfolio HOUSTON, TX 6,1216.1k $272.8k $272.8k 0.03% New
66 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 5,9846.0k $267.0k $267.0k 0.00% New
67 CWM, LLC 0.00% of their portfolio OMAHA, NE 5,7415.7k $256.0k $256.0k 0.00% Added +1.3k +1,332
68 Summit Trail Advisors, LLC 0.00% of their portfolio NEW YORK, NY 5,2685.3k $234.7k $234.7k 0.00% Reduced -6.0k -5,963
69 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 5,1235.1k $228.3k $228.3k 0.00% Added +301 +301
70 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 3,7433.7k $166.8k $166.8k 0.00% Added +2.3k +2,300
71 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,5242.5k $112.5k $112.5k 0.00% Added +380 +380
72 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 2,4812.5k $110.6k $110.6k 0.00% Unchanged
73 PenderFund Capital Management Ltd. 0.02% of their portfolio VANCOUVER, A1 2,3002.3k $102.5k $102.5k 0.02% New
74 FMR LLC 0.00% of their portfolio BOSTON, MA 1,9792.0k $88.2k $88.2k 0.00% Added +376 +376
75 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 1,9311.9k $86.0k $86.0k 0.00% Unchanged
76 LONGFELLOW INVESTMENT MANAGEMENT CO LLC 0.02% of their portfolio BOSTON, MA 1,7011.7k $75.8k $75.8k 0.02% New
77 Meteora Capital, LLC 0.00% of their portfolio Boca Raton, FL 1,0431.0k $46.5k $46.5k 0.00% New
78 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 1,0411.0k $46.4k $46.4k 0.00% Unchanged
79 Legal & General Group Plc 0.00% of their portfolio London, X0 1,0191.0k $45.4k $45.4k 0.00% Added +90 +90
80 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 966966 $43.0k $43.0k 0.00% Reduced -275 -275
81 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 888888 $39.6k $39.6k 0.00% Added +59 +59
82 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 868868 $38.7k $38.7k 0.00% Added +23 +23
83 Caitong International Asset Management Co., Ltd 0.01% of their portfolio HONG KONG, K3 772772 $34.4k $34.4k 0.01% New
84 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 682682 $30.4k $30.4k 0.00% Added +46 +46
85 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 639639 $28.5k $28.5k 0.00% Reduced -54 -54
86 Essential Partners LLC 0.01% of their portfolio RANCHO SANTA FE, CA 605605 $27.0k $27.0k 0.01% Added +233 +233
87 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 458458 $21.0k $21.0k 0.00% Added +109 +109
88 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 348348 $16.0k $16.0k 0.00% Added +101 +101
89 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 320320 $14.3k $14.3k 0.00% Added +181 +181
90 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 251251 $11.2k $11.2k 0.00% Reduced -417 -417
91 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 250250 $11.1k $11.1k 0.00% New
92 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 176176 $7.8k $7.8k 0.00% Reduced -83 -83
93 True Wealth Design, LLC 0.00% of their portfolio AKRON, OH 134134 $6.0k $6.0k 0.00% Added +27 +27
94 Optiver Holding B.V. 0.00% of their portfolio AMSTERDAM, P7 116116 $5.2k $5.2k 0.00% Reduced -60 -60
95 DV Trading LLC 0.00% of their portfolio CHICAGO, IL 100100 $4.5k $4.5k 0.00% First filing
96 LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA 0.00% of their portfolio BOSTON, MA 8888 $3.9k $3.9k 0.00% Unchanged
97 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 7575 $3.3k $3.3k 0.00% Added +37 +37
98 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 5252 $2.3k $2.3k 0.00% Reduced -40 -40
99 Belvedere Trading LLC 0.00% of their portfolio CHICAGO, IL 5151 $2.3k $2.3k 0.00% New
100 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 4646 $2.0k $2.0k 0.00% Added +18 +18