Vault-13

MERLIN INC MRLN

COM · Common Stock · CUSIP 590106100

62 institutional holders +33 vs Q1 2026
15,630,82115.6m shares reported held*
$88.9mreported value*
44 new 8 added 5 reduced 10 sold out net bought ≈ $67.8m (+11.9m 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. Holder counts are more reliable. Implied quarter-end price ≈ $5.69. Options: 9 managers hold calls ($25.2m notional), 6 hold puts ($5.7m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q1 26: 29Q2 26: 6262Q1 26Q2 26
Numbers
QuarterHolders
Q1 202629
Q2 202662

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $25.2mQ2 26 puts: $5.7mQ2 26P/C 0.23
Numbers
QuarterCallsPutsP/C
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$0—
Q2 2026$25.2m$5.7m0.23

Biggest buyers

Alyeska Investment Group, L.P. New +7,402,996+7.4m
UBS Group AG Added +761,813+761.8k
BlackRock, Inc. New +711,898+711.9k
XTX Topco Ltd Added +402,197+402.2k
VANGUARD CAPITAL MANAGEMENT LLC New +391,813+391.8k
GEODE CAPITAL MANAGEMENT, LLC Added +376,786+376.8k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +358,644+358.6k
JANE STREET GROUP, LLC Added +228,340+228.3k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC New +224,414+224.4k
VANGUARD FIDUCIARY TRUST CO New +184,720+184.7k

Biggest sellers

ExodusPoint Capital Management, LP Reduced -258,280-258.3k
CONTINENTAL GENERAL INSURANCE CO Sold out -239,872-239.9k
Greenhaven Road Investment Management, L.P. Sold out -108,233-108.2k
GOLDMAN SACHS GROUP INC Sold out -78,709-78.7k
MOORE CAPITAL MANAGEMENT, LP Sold out -75,000-75.0k
Diametric Capital, LP Reduced -52,159-52.2k
D. E. Shaw & Co., Inc. Sold out -50,000-50.0k
DLD Asset Management, LP Sold out -36,762-36.8k
HRT FINANCIAL LP Sold out -29,515-29.5k
TORONTO DOMINION BANK Reduced -20,178-20.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $7.2m1.3m shares
GROUP ONE TRADING LLC New $6.8m1.2m shares
JANE STREET GROUP, LLC New $4.4m780.3k shares
CITADEL ADVISORS LLC New $4.1m721.6k shares
SIMPLEX TRADING, LLC New $2.3m402.5k shares
Venture Visionary Partners LLC New $170.7k30.0k shares
Belvedere Trading LLC New $99.0k17.4k shares
IMC-Chicago, LLC New $98.4k17.3k shares
Advisory Services Network, LLC New $9.1k1.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $2.4m419.6k shares
JANE STREET GROUP, LLC New $1.7m296.1k shares
CITADEL ADVISORS LLC New $818.2k143.8k shares
SIMPLEX TRADING, LLC New $362.5k63.7k shares
GROUP ONE TRADING LLC New $331.7k58.3k shares
IMC-Chicago, LLC New $86.5k15.2k 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
George Matthew Spencer 13D · may seek influence new · filed 2026-03-23
Stated purposeBusiness Combination On March 16, 2026 (the "Closing Date"), pursuant to a business combination agreement, dated as of August 13, 2025 (the "Business Combination Agreement"), by and among the Issuer (formerly known as Inflection Point Acquisition Corp. IV), IPDX Merger Sub, Inc., a direct wholly owned subsidiary of the Issuer ("Merger Sub"), and Merlin Labs, Inc. ("Legacy Merlin"), Merger Sub merged with and into Legacy Merlin (the "Merger" and, together with the other transactions contemplated by the Business Combination Agreement, the "Business Combination"), with Legacy Merlin surviving the Merger as a wholly owned subsidiary of the Issuer. The Issuer was renamed on the Closing Date to "Merlin, Inc." As a result of the Business Combination, at the Closing Date, among other transaction… Full filing
17.7% new 14.9m≈ $84.7m 2026-03-23
Quiet Capital Management, LLC 13G · passive investor new · filed 2026-05-08 16.2% new 13.8m≈ $78.7m 2026-05-08
Inflection Point Fund I, LP 13G · passive investor new · filed 2026-10-13 9.9% new 10.5m≈ $59.6m 2026-10-13
Alyeska Investment Group, L.P. 13G · institution new · filed 2026-05-15 9.9% new 8.3m≈ $47.5m 2026-05-15
SnowPoint Ventures, LP 13G · passive investor no change · filed 2026-08-12 9.6% no change 9.6m≈ $54.6m 2026-08-12
Bleichroeder Sponsor 1 LLC 13G · passive investor -2.2 pts · filed 2026-08-14 8.2% -2.2 pts 8.3m≈ $47.4m 2026-08-14

Fell to 5% or below in the last year: FR Capital Holdings, L.P. (1.0%, 2026-09-18), Ayrton Capital LLC (2.1%, 2026-08-13), HIGHBRIDGE CAPITAL MANAGEMENT LLC (0.0%, 2026-05-15), MERUS GLOBAL INVESTMENTS, LLC (0.0%, 2026-05-15)

Insider purchases and sales since 1 Apr 2026

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.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20241$4.2m0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
Q1 20260—0——
Q2 20260—0——
Q3 20260—0——

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Alyeska Investment Group, L.P. 0.11% of their portfolio CHICAGO, IL 7,402,9967.4m $42.1m $42.1m 0.11% New
2 BAILLIE GIFFORD & CO 0.01% of their portfolio EDINBURGH, X0 2,016,2892.0m $11.5m $11.5m 0.01% Unchanged
3 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,034,8991.0m $5.9m $5.9m 0.00% Added +761.8k +761,813
4 BlackRock, Inc. 0.00% of their portfolio New York, NY 711,898711.9k $4.1m $4.1m 0.00% New
5 XTX Topco Ltd 0.03% of their portfolio LONDON, X0 431,905431.9k $2.5m $2.5m 0.03% Added +402.2k +402,197
6 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 426,791426.8k $2.4m $2.4m 0.00% Added +376.8k +376,786
7 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 391,813391.8k $2.2m $2.2m 0.00% New
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 358,644358.6k $2.0m $2.0m 0.00% New
9 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 280,778280.8k $1.6m $1.6m 0.00% Added +228.3k +228,340
10 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 224,414224.4k $1.3m $1.3m 0.00% New
11 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 184,720184.7k $1.1m $1.1m 0.00% New
12 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 176,099176.1k $1.0m $1.0m 0.00% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 165,700165.7k $942.8k $942.8k 0.00% New
14 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 161,930161.9k $921.4k $921.4k 0.00% New
15 Marex Group Ltd 0.01% of their portfolio London, X0 131,500131.5k $748.2k $748.2k 0.01% New
16 TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio STAMFORD, CT 100,000100.0k $569.0k $569.0k 0.00% New
17 ExodusPoint Capital Management, LP 0.00% of their portfolio NEW YORK, NY 85,56785.6k $486.9k $486.9k 0.00% Reduced -258.3k -258,280
18 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 81,60081.6k $464.3k $464.3k 0.00% New
19 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 80,75480.8k $459.5k $459.5k 0.00% New
20 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 77,60077.6k $441.5k $441.5k 0.01% New
21 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 75,81675.8k $431.4k $431.4k 0.00% New
22 Alberta Investment Management Corp 0.00% of their portfolio EDMONTON, A0 75,00075.0k $426.8k $426.8k 0.00% Unchanged
23 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 74,57374.6k $424.3k $424.3k 0.00% New
24 Venture Visionary Partners LLC 0.01% of their portfolio Sylvania, OH 73,97074.0k $420.9k $420.9k 0.01% New
25 Diametric Capital, LP 0.04% of their portfolio BOSTON, MA 72,46572.5k $412.3k $412.3k 0.04% Reduced -52.2k -52,159
26 GROUP ONE TRADING LLC 0.01% of their portfolio CHICAGO, IL 66,71566.7k $379.6k $379.6k 0.01% New
27 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 50,00050.0k $284.5k $284.5k 0.00% New
28 LMR Partners LLP 0.00% of their portfolio LONDON, X0 47,50047.5k $270.3k $270.3k 0.00% New
29 AVIVA PLC 0.00% of their portfolio LONDON, X0 45,41945.4k $258.4k $258.4k 0.00% New
30 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 40,33640.3k $229.5k $229.5k 0.00% New
31 Alpine Global Management, LLC 0.03% of their portfolio NEW YORK, NY 35,00035.0k $199.2k $199.2k 0.03% New
32 DNB Asset Management AS 0.00% of their portfolio Oslo, Q8 33,47833.5k $190.5k $190.5k 0.00% New
33 Board of Trustees of The Leland Stanford Junior University 0.03% of their portfolio STANFORD, CA 32,66832.7k $185.9k $185.9k 0.03% Unchanged
34 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 30,72030.7k $174.8k $174.8k 0.00% New
35 Parkwood LLC 0.01% of their portfolio CLEVELAND, OH 29,66329.7k $169.0k $169.0k 0.01% New
36 Engineers Gate Manager LP 0.00% of their portfolio NEW YORK, NY 29,10729.1k $165.6k $165.6k 0.00% New
37 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 28,65028.6k $163.0k $163.0k 0.00% New
38 CPWA, LLC 0.19% of their portfolio HOOD RIVER, OR 28,09628.1k $159.9k $159.9k 0.19% New
39 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.00% of their portfolio New York, NY 26,00026.0k $147.9k $147.9k 0.00% New
40 Balentine LLC 0.01% of their portfolio ATLANTA, GA 25,00025.0k $142.2k $142.2k 0.01% New
41 State of Tennessee, Department of Treasury 0.00% of their portfolio NASHVILLE, TN 20,62120.6k $117.3k $117.3k 0.00% New
42 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 20,10020.1k $114.0k $114.0k 0.00% Added +20.0k +20,000
43 K2 PRINCIPAL FUND, L.P. 0.01% of their portfolio TORONTO, A6 20,00020.0k $113.8k $113.8k 0.01% New
44 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 18,58418.6k $105.7k $105.7k 0.00% Added +12.9k +12,900
45 Magnetar Financial LLC 0.00% of their portfolio EVANSTON, IL 18,00018.0k $102.4k $102.4k 0.00% Reduced -12.7k -12,688
46 Pale Fire Capital SE 0.01% of their portfolio Prague, 2N 16,00016.0k $91.0k $91.0k 0.01% New
47 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 14,68414.7k $83.6k $83.6k 0.00% New
48 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 12,50012.5k $71.1k $71.1k 0.00% Reduced -20.2k -20,178
49 Voleon Capital Management LP 0.00% of their portfolio BERKELEY, CA 11,22211.2k $63.9k $63.9k 0.00% New
50 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 10,38310.4k $59.1k $59.1k 0.00% New
51 Crewe Advisors LLC 0.00% of their portfolio SALT LAKE CITY, UT 10,00010.0k $56.9k $56.9k 0.00% New
52 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 4,1704.2k $23.7k $23.7k 0.00% Added +2.0k +2,050
53 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,9032.9k $14.2k $14.2k 0.00% New
54 Persistent Asset Partners Ltd 0.00% of their portfolio HONG KONG, K3 2,4812.5k $14.1k $14.1k 0.00% New
55 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,1301.1k $6.4k $6.4k 0.00% New
56 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 600600 $3.4k $3.4k 0.00% Unchanged
57 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 527527 $3.0k $3.0k 0.00% New
58 Hurley Capital, LLC 0.00% of their portfolio NEW YORK, NY 454454 $2.6k $2.6k 0.00% Unchanged
59 Archer Investment Corp 0.00% of their portfolio Carmel, IN 240240 $1.4k $1.4k 0.00% Added +120 +120
60 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 9090 $513 $513 0.00% Reduced -1.0k -1,000
61 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 5858 $330 $330 0.00% New
62 Friedenthal Financial 0.00% of their portfolio MARLTON, NJ 11 $6 $6 0.00% New