Vault-13

ISHARES ETHEREUM TR ETHA

SHS · ETP · CUSIP 46438R105

508 institutional holders -1 vs Q3 2025
151,722,351151.7m shares reported held*
$3.4bnreported value*
113 new 177 added 118 reduced 132 sold out net sold ≈ $1.3bn (-56.9m 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 ($1.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $22.45. Options: 35 managers hold calls ($1.1bn notional), 29 hold puts ($915.4m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 24: 72Q4 24: 180Q1 25: 196Q2 25: 239Q3 25: 509Q4 25: 508508Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 202472
Q4 2024180
Q1 2025196
Q2 2025239
Q3 2025509
Q4 2025508

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 24: 136 bought or addedQ4 24: 19 cut or sold outQ4 24Q1 25: 129 bought or addedQ1 25: 74 cut or sold outQ1 25Q2 25: 149 bought or addedQ2 25: 65 cut or sold outQ2 25Q3 25: 429 bought or addedQ3 25: 72 cut or sold outQ3 25Q4 25: 290 bought or addedQ4 25: 250 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 202413619
Q1 202512974
Q2 202514965
Q3 202542972
Q4 2025290250

Calls vs puts

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

CallsPuts
$0$500m$1bn$1.5bn$2bnQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $198.8mQ2 25 puts: $76.7mQ2 25P/C 0.39Q3 25 calls: $1.8bnQ3 25 puts: $1.7bnQ3 25P/C 0.94Q4 25 calls: $1.1bnQ4 25 puts: $915.4mQ4 25P/C 0.83
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$198.8m$76.7m0.39
Q3 2025$1.8bn$1.7bn0.94
Q4 2025$1.1bn$915.4m0.83

Biggest buyers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +6,329,105+6.3m
HARVARD MANAGEMENT CO INC New +3,870,900+3.9m
CITADEL ADVISORS LLC Added +2,977,832+3.0m
MACQUARIE GROUP LTD Added +2,347,070+2.3m
Marex Group Ltd Added +1,584,111+1.6m
Cerity Partners LLC Added +1,249,941+1.2m
IMC-Chicago, LLC New +1,081,343+1.1m
BARCLAYS PLC Added +909,769+909.8k
Quadrature Capital Ltd New +723,641+723.6k
LMR Partners LLP Added +696,800+696.8k

Biggest sellers

JANE STREET GROUP, LLC Reduced -15,810,817-15.8m
GOLDMAN SACHS GROUP INC Reduced -14,919,049-14.9m
D. E. Shaw & Co., Inc. Reduced -11,483,000-11.5m
MILLENNIUM MANAGEMENT LLC Reduced -8,835,366-8.8m
FARALLON CAPITAL MANAGEMENT, L.L.C. Reduced -5,969,729-6.0m
Weiss Asset Management LP Reduced -5,813,764-5.8m
Schonfeld Strategic Advisors LLC Reduced -3,437,760-3.4m
Point72 Asset Management, L.P. Sold out -2,777,254-2.8m
DRW Securities, LLC Reduced -2,553,284-2.6m
Senator Investment Group LP Reduced -1,538,643-1.5m

Biggest calls

JANE STREET GROUP, LLC Added $233.8m10.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $229.6m10.2m shares
CITADEL ADVISORS LLC Reduced $194.9m8.7m shares
SIMPLEX TRADING, LLC Reduced $111.3m5.0m shares
IMC-Chicago, LLC New $81.1m3.6m shares
Polar Asset Management Partners Inc. New $35.4m1.6m shares
GROUP ONE TRADING LLC Added $34.2m1.5m shares
PEAK6 LLC Added $32.5m1.4m shares
Tidal Investments LLC Added $31.8m1.4m shares
EXCHANGE TRADED CONCEPTS, LLC Unchanged $28.0m1.2m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $203.3m9.1m shares
CITADEL ADVISORS LLC Added $183.0m8.2m shares
JANE STREET GROUP, LLC Added $169.6m7.6m shares
SIMPLEX TRADING, LLC Reduced $68.5m3.1m shares
IMC-Chicago, LLC New $51.3m2.3m shares
GOLDMAN SACHS GROUP INC Reduced $50.5m2.2m shares
LMR Partners LLP Added $49.1m2.2m shares
BARCLAYS PLC Added $33.2m1.5m shares
Polar Asset Management Partners Inc. New $22.4m1.0m shares
GROUP ONE TRADING LLC Added $20.1m897.6k 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.

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GOLDMAN SACHS GROUP INC 0.09% of their portfolio NEW YORK, NY 27,351,52127.4m $613.5m $613.5m 0.09% Reduced -14.9m -14,919,049
2 MILLENNIUM MANAGEMENT LLC 0.40% of their portfolio NEW YORK, NY 25,089,33525.1m $562.8m $562.8m 0.40% Reduced -8.8m -8,835,366
3 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.38% of their portfolio BALA CYNWYD, PA 12,357,79412.4m $277.2m $277.2m 0.38% Added +6.3m +6,329,105
4 Capula Management Ltd 1.34% of their portfolio Grand Cayman, E9 9,227,4279.2m $207.0m $207.0m 1.34% Added +358.9k +358,942
5 Schonfeld Strategic Advisors LLC 0.82% of their portfolio NEW YORK, NY 7,274,8317.3m $163.2m $163.2m 0.82% Reduced -3.4m -3,437,760
6 JANE STREET GROUP, LLC 0.16% of their portfolio NEW YORK, NY 5,948,3995.9m $133.4m $133.4m 0.16% Reduced -15.8m -15,810,817
7 CITADEL ADVISORS LLC 0.07% of their portfolio MIAMI, FL 4,335,2714.3m $97.2m $97.2m 0.07% Added +3.0m +2,977,832
8 HARVARD MANAGEMENT CO INC 4.18% of their portfolio BOSTON, MA 3,870,9003.9m $86.8m $86.8m 4.18% New
9 MACQUARIE GROUP LTD 0.36% of their portfolio Sydney, NSW 2000, C3 3,633,6703.6m $81.5m $81.5m 0.36% Added +2.3m +2,347,070
10 Marex Group Ltd 0.69% of their portfolio London, X0 2,842,7662.8m $63.8m $63.8m 0.69% Added +1.6m +1,584,111
11 Cerity Partners LLC 0.07% of their portfolio NEW YORK, NY 2,259,5632.3m $50.7m $50.7m 0.07% Added +1.2m +1,249,941
12 Weiss Asset Management LP 0.67% of their portfolio BOSTON, MA 2,122,0322.1m $47.6m $47.6m 0.67% Reduced -5.8m -5,813,764
13 Clear Street Group Inc. 0.22% of their portfolio NEW YORK, NY 1,861,2051.9m $41.7m $41.7m 0.22% Reduced -1.5m -1,484,855
14 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,526,5921.5m $34.2m $34.2m 0.00% Added +443.8k +443,847
15 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.17% of their portfolio SAN FRANCISCO, CA 1,481,0011.5m $33.2m $33.2m 0.17% Reduced -6.0m -5,969,729
16 Yong Rong (HK) Asset Management Ltd 10.01% of their portfolio SHEUNG WAN, K3 1,467,1001.5m $32.9m $32.9m 10.01% Reduced -147.9k -147,900
17 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,414,1231.4m $31.7m $31.7m 0.01% Added +174.0k +174,036
18 KALEIDOSCOPE CAPITAL LP 11.97% of their portfolio BOSTON, MA 1,397,3481.4m $31.3m $31.3m 11.97% Added +37.9k +37,864
19 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,236,5731.2m $27.7m $27.7m 0.00% Reduced -10.1k -10,055
20 TITAN GLOBAL CAPITAL MANAGEMENT USA LLC 3.95% of their portfolio NEW YORK, NY 1,229,9881.2m $27.6m $27.6m 3.95% Reduced -16.9k -16,938
21 Tidal Investments LLC 0.11% of their portfolio Milwaukee, WI 1,181,4821.2m $26.5m $26.5m 0.11% Added +496.5k +496,532
22 IMC-Chicago, LLC 0.43% of their portfolio CHICAGO, IL 1,081,3431.1m $24.3m $24.3m 0.43% New
23 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 1,058,0001.1m $23.7m $23.7m 0.02% Reduced -11.5m -11,483,000
24 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 1,042,2191.0m $23.4m $23.4m 0.01% Added +909.8k +909,769
25 LMR Partners LLP 0.20% of their portfolio LONDON, X0 939,800939.8k $21.1m $21.1m 0.20% Added +696.8k +696,800
26 Betterment LLC 0.04% of their portfolio NEW YORK, NY 891,994892.0k $20.0m $20.0m 0.04% Added +29.6k +29,589
27 Wealthfront Advisers LLC 0.04% of their portfolio Palo Alto, CA 861,138861.1k $19.3m $19.3m 0.04% Added +308.0k +308,001
28 Quantitative Investment Management, LLC 1.67% of their portfolio CHARLOTTESVILLE, VA 767,593767.6k $17.2m $17.2m 1.67% Added +257.7k +257,675
29 Quadrature Capital Ltd 0.17% of their portfolio LONDON, X0 723,641723.6k $16.2m $16.2m 0.17% New
30 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 672,599672.6k $15.1m $15.1m 0.00% Added +664.0k +663,974
31 Parallax Volatility Advisers, L.P. 0.42% of their portfolio San Francisco, CA 599,615599.6k $13.4m $13.4m 0.42% New
32 Evergreen Quality Fund GP, Ltd. 0.25% of their portfolio GRAND CAYMAN, E9 574,000574.0k $12.9m $12.9m 0.25% Reduced -573.9k -573,917
33 Mariner, LLC 0.02% of their portfolio Overland Park, KS 566,146566.1k $12.7m $12.7m 0.02% Added +393.4k +393,388
34 Galaxy Group Investments LLC 1.73% of their portfolio NEW YORK, NY 555,890555.9k $12.5m $12.5m 1.73% Unchanged
35 Trek Financial, LLC 0.69% of their portfolio Scottsdale, AZ 529,836529.8k $11.9m $11.9m 0.69% Added +506.8k +506,772
36 ARP Global Capital Ltd 3.25% of their portfolio DUBAI, C0 480,000480.0k $10.8m $10.8m 3.25% First filing
37 HRT FINANCIAL LP 0.04% of their portfolio NEW YORK, NY 466,790466.8k $10.5m $10.5m 0.04% Added +396.3k +396,307
38 All-Stars Investment Ltd 3.71% of their portfolio HONG KONG, K3 443,000443.0k $9.9m $9.9m 3.71% Added +5.0k +5,000
39 GROUP ONE TRADING LLC 0.29% of their portfolio CHICAGO, IL 441,272441.3k $9.9m $9.9m 0.29% Added +256.2k +256,163
40 DRW Securities, LLC 0.74% of their portfolio CHICAGO, IL 434,344434.3k $9.7m $9.7m 0.74% Reduced -2.6m -2,553,284
41 FLOW TRADERS U.S. LLC 0.32% of their portfolio NEW YORK, NY 433,094433.1k $9.7m $9.7m 0.32% New
42 Farringdon Capital, Ltd. 2.21% of their portfolio LONDON, X0 401,697401.7k $9.0m $9.0m 2.21% Added +273.8k +273,774
43 Jump Financial, LLC 0.11% of their portfolio Chicago, IL 400,438400.4k $9.0m $9.0m 0.11% Added +320.6k +320,635
44 SIH Partners, LLLP 0.47% of their portfolio Wilmington, DE 361,883361.9k $8.1m $8.1m 0.47% New
45 Parcion Private Wealth LLC 0.46% of their portfolio BELLEVUE, WA 339,436339.4k $7.6m $7.6m 0.46% New
46 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 338,274338.3k $7.6m $7.6m 0.00% Added +123.2k +123,171
47 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 316,192316.2k $7.1m $7.1m 0.02% Added +139.3k +139,343
48 Sloy Dahl & Holst, LLC 0.85% of their portfolio Vancouver, WA 314,827314.8k $7.1m $7.1m 0.85% New
49 Vienna Asset Management LLC 3.95% of their portfolio SARATOGA, CA 310,292310.3k $7.0m $7.0m 3.95% Added +36.4k +36,413
50 Virtu Financial LLC 0.27% of their portfolio New York, NY 308,945308.9k $6.9m $6.9m 0.27% New
51 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 306,295306.3k $6.9m $6.9m 0.01% Reduced -59.5k -59,471
52 Graham Capital Management, L.P. 0.23% of their portfolio ROWAYTON, CT 300,000300.0k $6.7m $6.7m 0.23% Reduced -226.9k -226,904
53 Fiduciary Alliance LLC 0.42% of their portfolio GREENVILLE, SC 289,709289.7k $6.5m $6.5m 0.42% Added +32.6k +32,594
54 Brevan Howard Capital Management LP 0.12% of their portfolio ST. HELIER, Y9 289,408289.4k $6.5m $6.5m 0.12% Reduced -38.0k -37,987
55 STERLING INVESTMENT ADVISORS LLC /ADV 3.04% of their portfolio BOLIVAR, MO 279,953280.0k $6.3m $6.3m 3.04% Added +56.9k +56,859
56 Cresset Asset Management, LLC 0.03% of their portfolio Chicago, IL 264,181264.2k $5.9m $5.9m 0.03% Reduced -16.7k -16,667
57 TITLEIST ASSET MANAGEMENT, LLC 0.43% of their portfolio SAN ANTONIO, TX 239,814239.8k $5.4m $5.4m 0.43% Added +44.6k +44,565
58 Almitas Capital LLC 1.08% of their portfolio SANTA MONICA, CA 219,405219.4k $4.9m $4.9m 1.08% Reduced -219.4k -219,405
59 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 218,872218.9k $4.9m $4.9m 0.01% Added +3.9k +3,877
60 NWI MANAGEMENT LP 0.14% of their portfolio NEW YORK, NY 198,000198.0k $4.4m $4.4m 0.14% New
61 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 195,443195.4k $4.4m $4.4m 0.00% Added +195.3k +195,311
62 NINE MASTS CAPITAL Ltd 0.75% of their portfolio CENTRAL, K3 195,193195.2k $4.4m $4.4m 0.75% New
63 CALIFORNIA FIRST LEASING CORP 1.41% of their portfolio NEWPORT BEACH, CA 192,900192.9k $4.3m $4.3m 1.41% Unchanged
64 HIMENSION CAPITAL (SINGAPORE) PTE. LTD. 0.25% of their portfolio SINGAPORE, U0 178,039178.0k $4.0m $4.0m 0.25% New
65 COMERICA BANK 0.02% of their portfolio DALLAS, TX 176,832176.8k $4.0m $4.0m 0.02% Added +176.5k +176,494
66 Engineers Gate Manager LP 0.05% of their portfolio NEW YORK, NY 173,348173.3k $3.9m $3.9m 0.05% Added +46.7k +46,665
67 FFG Partners, LLC 1.05% of their portfolio Fort Lauderdale, FL 161,756161.8k $3.6m $3.6m 1.05% Reduced -116.9k -116,881
68 UBS Group AG 0.00% of their portfolio ZURICH, V8 154,233154.2k $3.5m $3.5m 0.00% Added +5.4k +5,352
69 SIMPLEX TRADING, LLC 0.09% of their portfolio CHICAGO, IL 150,038150.0k $3.4m $3.4m 0.09% Reduced -373.4k -373,355
70 Summit Financial, LLC 0.05% of their portfolio PARSIPPANY, NJ 148,664148.7k $3.3m $3.3m 0.05% Added +22.6k +22,619
71 Truvestments Capital LLC 0.58% of their portfolio SARASOTA, FL 142,647142.6k $3.2m $3.2m 0.58% Added +15.2k +15,211
72 Alpine Fox Capital LLC 2.15% of their portfolio LAS VEGAS, NV 142,000142.0k $3.2m $3.2m 2.15% Added +72.0k +72,000
73 INSIGNEO ADVISORY SERVICES, LLC 0.23% of their portfolio MIAMI, FL 141,143141.1k $3.2m $3.2m 0.23% Reduced -4.1k -4,141
74 NEOS Investment Management LLC 0.02% of their portfolio Westport, CT 138,342138.3k $3.1m $3.1m 0.02% New
75 Corecam Pte. Ltd. 1.65% of their portfolio SINGAPORE, U0 138,200138.2k $3.1m $3.1m 1.65% Added +35.8k +35,800
76 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 137,645137.6k $3.1m $3.1m 0.00% Reduced -63.9k -63,913
77 WCG Wealth Advisors LLC 0.09% of their portfolio LAS VEGAS, NV 136,684136.7k $3.1m $3.1m 0.09% Added +46.7k +46,652
78 Senator Investment Group LP 0.12% of their portfolio New York, NY 134,000134.0k $3.0m $3.0m 0.12% Reduced -1.5m -1,538,643
79 Clark Capital Management Group, Inc. 0.02% of their portfolio PHILADELPHIA, PA 130,573130.6k $2.9m $2.9m 0.02% New
80 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 128,778128.8k $2.9m $2.9m 0.00% Added +81.2k +81,246
81 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 128,410128.4k $2.9m $2.9m 0.00% Added +42.3k +42,349
82 Tikvah Management LLC 1.65% of their portfolio Charlotte, NC 124,000124.0k $6.2m $6.2m 1.65% Unchanged
83 Garde Capital, Inc. 0.16% of their portfolio SEATTLE, WA 121,264121.3k $2.7m $2.7m 0.16% Added +47.7k +47,714
84 PPSC Investment Service Corp 0.20% of their portfolio TOKYO, M0 120,000120.0k $2.7m $2.7m 0.20% Added +48.0k +48,000
85 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 118,757118.8k $2.7m $2.7m 0.01% Reduced -28.4k -28,389
86 Global Retirement Partners, LLC 0.05% of their portfolio San Rafael, CA 118,413118.4k $2.7m $2.7m 0.05% Added +9.1k +9,144
87 BENJAMIN EDWARDS INC 0.03% of their portfolio Clayton, MO 115,472115.5k $2.6m $2.6m 0.03% Added +4.1k +4,087
88 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 111,630111.6k $2.5m $2.5m 0.00% Added +22.3k +22,337
89 Palatine Hill Wealth Management, LLC 2.01% of their portfolio BIRMINGHAM, MI 111,200111.2k $2.5m $2.5m 2.01% First filing
90 LCM Capital Management Inc 1.19% of their portfolio CHICAGO, IL 109,330109.3k $2.5m $2.5m 1.19% Reduced -6.7k -6,732
91 CANTOR FITZGERALD, L. P. 0.07% of their portfolio NEW YORK, NY 108,901108.9k $2.4m $2.4m 0.07% Reduced -10.2k -10,170
92 Riggs Asset Managment Co. Inc. 0.49% of their portfolio DALLAS, PA 107,570107.6k $2.4m $2.4m 0.49% New
93 Robertson Opportunity Capital, LLC 0.86% of their portfolio DALLAS, TX 105,300105.3k $2.4m $2.4m 0.86% Unchanged
94 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 102,603102.6k $2.3m $2.3m 0.00% Added +81.2k +81,247
95 Hudson Bay Capital Management LP 0.01% of their portfolio STAMFORD, CT 100,000100.0k $2.2m $2.2m 0.01% Reduced -650.0k -650,000
96 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 98,73898.7k $2.3m $2.3m 0.01% Added +86.8k +86,773
97 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 98,39398.4k $2.2m $2.2m 0.01% Reduced -145.9k -145,943
98 Requisite Capital Management, LLC 0.42% of their portfolio DALLAS, TX 98,04698.0k $2.2m $2.2m 0.42% Reduced -17.0k -16,960
99 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 97,29697.3k $2.2m $2.2m 0.00% Added +17.3k +17,330
100 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 96,61196.6k $2.2m $2.2m 0.00% Reduced -120.7k -120,657