SHOPIFY INC SHOP
CL A SUB VTG SHS · Common Stock · CUSIP 82509L107 · ISIN CA82509L1076
Canadian e-commerce company
- SectorTechnology
- IndustryServices-Prepackaged Software
- HeadquartersOttawa, Canada
- Founded2006
- Websiteshopify.com
- FilingsSEC EDGAR
* 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 ($1.0bn this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $115.40. Options: 68 managers hold calls ($3.1bn notional), 57 hold puts ($2.4bn).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 886 |
| Q4 2022 | 976 |
| Q1 2023 | 1,028 |
| Q2 2023 | 1,128 |
| Q3 2023 | 1,082 |
| Q4 2023 | 1,215 |
| Q1 2024 | 1,222 |
| Q2 2024 | 1,213 |
| Q3 2024 | 1,264 |
| Q4 2024 | 1,491 |
| Q1 2025 | 1,481 |
| Q2 2025 | 1,556 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 475 | 517 |
| Q4 2023 | 544 | 525 |
| Q1 2024 | 550 | 540 |
| Q2 2024 | 669 | 496 |
| Q3 2024 | 604 | 531 |
| Q4 2024 | 643 | 595 |
| Q1 2025 | 683 | 696 |
| Q2 2025 | 775 | 638 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $3.1bn | $2.4bn | 0.78 |
| Q4 2024 | $3.9bn | $2.9bn | 0.74 |
| Q1 2025 | $1.8bn | $1.8bn | 0.99 |
| Q2 2025 | $3.1bn | $2.4bn | 0.77 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +23.0m |
| JENNISON ASSOCIATES LLC | Added | +6.2m |
| Invesco Ltd. | Added | +5.9m |
| Capital World Investors | Added | +5.9m |
| Capital International Investors | Added | +4.7m |
| GOLDMAN SACHS GROUP INC | Added | +2.5m |
| FIL Ltd | Added | +2.2m |
| BANK OF AMERICA CORP /DE/ | Added | +2.1m |
| BROWN ADVISORY INC | Added | +2.0m |
| Nuveen, LLC | Added | +1.9m |
Biggest sellers
| BAILLIE GIFFORD & CO | Reduced | -18.1m |
| Capital Research Global Investors | Reduced | -13.4m |
| SANDS CAPITAL MANAGEMENT, LLC | Reduced | -4.7m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -4.2m |
| FMR LLC | Reduced | -4.0m |
| SCGE MANAGEMENT, L.P. | Sold out | -3.4m |
| HRT FINANCIAL LP | Sold out | -3.2m |
| MILLENNIUM MANAGEMENT LLC | Sold out | -2.5m |
| JANE STREET GROUP, LLC | Reduced | -2.5m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -2.3m |
Biggest calls
| CIBC WORLD MARKET INC. | Added | $983.4m8.5m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $353.1m3.1m shares |
| CITADEL ADVISORS LLC | Reduced | $269.2m2.3m shares |
| IMC-Chicago, LLC | Added | $180.7m1.6m shares |
| JANE STREET GROUP, LLC | Added | $128.2m1.1m shares |
| WOLVERINE TRADING, LLC | New | $121.9m1.1m shares |
| PEAK6 LLC | Added | $84.6m733.6k shares |
| D. E. Shaw & Co., Inc. | Added | $82.8m717.8k shares |
| CMT Capital Markets Trading GmbH | Added | $75.2m651.6k shares |
| UBS Group AG | Reduced | $74.4m644.9k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $423.4m3.7m shares |
| CITADEL ADVISORS LLC | Added | $277.3m2.4m shares |
| JANE STREET GROUP, LLC | Added | $198.6m1.7m shares |
| IMC-Chicago, LLC | Added | $191.0m1.7m shares |
| PEAK6 LLC | Added | $126.4m1.1m shares |
| Twin Tree Management, LP | Added | $118.1m1.0m shares |
| UBS Group AG | Reduced | $110.0m954.0k shares |
| Walleye Trading LLC | Added | $107.8m934.7k shares |
| SIMPLEX TRADING, LLC | Added | $87.6m759.3k shares |
| GOLDMAN SACHS GROUP INC | Reduced | $79.2m686.7k 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.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +0.7 pts · filed 2026-07-30 | 5.1% |
Insider purchases and sales in Q2 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 Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 0.97% of their portfolio | 58.0m $6.7bn | Added +5.9m |
| VANGUARD GROUP INC 0.09% of their portfolio | 49.3m $5.7bn | Added +1.4m |
| FMR LLC 0.29% of their portfolio | 45.2m $5.2bn | Reduced -4.0m |
| ROYAL BANK OF CANADA 0.48% of their portfolio | 42.5m $4.9bn | Added +23.0m |
| Capital International Investors 0.80% of their portfolio | 40.1m $4.6bn | Added +4.7m |
| BAILLIE GIFFORD & CO 3.25% of their portfolio | 37.7m $4.4bn | Reduced -18.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.41% of their portfolio | 31.7m $3.7bn | Reduced -2.3m |
| MORGAN STANLEY 0.22% of their portfolio | 29.3m $3.4bn | Reduced -708.0k |
| JPMORGAN CHASE & CO 0.23% of their portfolio | 28.6m $3.3bn | Added +448.6k |
| FIL Ltd 1.89% of their portfolio | 19.1m $2.2bn | Added +2.2m |
| NORGES BANK 0.22% of their portfolio | 15.6m $1.8bn | Added +1.0m |
| POLEN CAPITAL MANAGEMENT LLC 5.20% of their portfolio | 14.7m $1.7bn | Reduced -579.9k |
| LOOMIS SAYLES & CO L P 2.11% of their portfolio | 14.6m $1.7bn | Added +191.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.97% of their portfolio | 11.9m $1.4bn | Reduced -4.2m |
| JENNISON ASSOCIATES LLC 0.79% of their portfolio | 11.5m $1.3bn | Added +6.2m |
| BANK OF AMERICA CORP /DE/ 0.11% of their portfolio | 11.5m $1.3bn | Added +2.1m |
| BANK OF MONTREAL /CAN/ 0.66% of their portfolio | 11.3m $1.3bn | Added +567.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 10.7m $1.2bn | Added +1.8m |
| NATIONAL BANK OF CANADA /FI/ 1.30% of their portfolio | 10.4m $1.2bn | Added +1.3m |
| FRANKLIN RESOURCES INC 0.32% of their portfolio | 10.3m $1.2bn | Reduced -298.5k |
| Invesco Ltd. 0.20% of their portfolio | 10.0m $1.1bn | Added +5.9m |
| Capital Research Global Investors 0.23% of their portfolio | 9.9m $1.1bn | Reduced -13.4m |
| EDGEWOOD MANAGEMENT LLC 3.51% of their portfolio | 9.6m $1.1bn | Added +911.9k |
| WELLINGTON MANAGEMENT GROUP LLP 0.20% of their portfolio | 9.6m $1.1bn | Added +1.1m |
| GOLDMAN SACHS GROUP INC 0.17% of their portfolio | 9.3m $1.1bn | Added +2.5m |
| MACKENZIE FINANCIAL CORP 1.39% of their portfolio | 9.3m $1.1bn | Added +642.8k |
| Nuveen, LLC 0.28% of their portfolio | 8.9m $1.0bn | Added +1.9m |
| TD Asset Management Inc 0.83% of their portfolio | 8.4m $968.1m | Reduced -400.1k |
| BlackRock, Inc. 0.02% of their portfolio | 8.0m $924.0m | Added +1.7m |
| SANDS CAPITAL MANAGEMENT, LLC 2.48% of their portfolio | 7.5m $864.3m | Reduced -4.7m |
| CIBC WORLD MARKET INC. 1.88% of their portfolio | 7.4m $849.9m | Reduced -660.7k |
| Artisan Partners Limited Partnership 1.26% of their portfolio | 7.3m $846.9m | Reduced -460.4k |
| Connor, Clark & Lunn Investment Management Ltd. 2.59% of their portfolio | 6.4m $735.3m | Reduced -227.1k |
| Newlands Management Operations LLC 3.85% of their portfolio | 6.3m $729.6m | Unchanged |
| Legal & General Group Plc 0.17% of their portfolio | 5.9m $682.4m | Reduced -73.0k |
| ALLIANCEBERNSTEIN L.P. 0.21% of their portfolio | 5.5m $634.4m | Reduced -54.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.56% of their portfolio | 5.5m $630.7m | Reduced -679.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.52% of their portfolio | 5.3m $609.4m | Reduced -663.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.38% of their portfolio | 5.2m $603.4m | Added +218.8k |
| Clearbridge Investments, LLC 0.48% of their portfolio | 5.2m $595.6m | Added +177.4k |
| JARISLOWSKY, FRASER Ltd 3.34% of their portfolio | 5.1m $585.1m | Added +1.1m |
| ARK Investment Management LLC 4.27% of their portfolio | 5.0m $582.5m | Added +605.3k |
| Amova Asset Management Americas, Inc. 5.77% of their portfolio | 5.0m $578.0m | Added +30.6k |
| JANUS HENDERSON GROUP PLC 0.28% of their portfolio | 4.9m $567.1m | Added +755.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.17% of their portfolio | 4.6m $526.4m | Reduced -1.1m |
| Durable Capital Partners LP 3.97% of their portfolio | 4.5m $524.1m | Added +268.0k |
| CIBC Asset Management Inc 1.54% of their portfolio | 4.3m $491.3m | Reduced -32.8k |
| Bank of New York Mellon Corp 0.08% of their portfolio | 3.8m $434.8m | Added +407.9k |
| Swiss National Bank 0.25% of their portfolio | 3.7m $425.2m | Added +249.2k |
| BANK OF NOVA SCOTIA 0.87% of their portfolio | 3.7m $422.4m | Reduced -113.5k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 3.3m $382.5m | Added +436.5k |
| 1832 Asset Management L.P. 0.62% of their portfolio | 3.1m $358.6m | Added +1.3m |
| Mirova US LLC 3.61% of their portfolio | 3.0m $348.9m | Added +990.6k |
| DEUTSCHE BANK AG\ 0.12% of their portfolio | 2.9m $329.6m | Added +883.0k |
| AMERIPRISE FINANCIAL INC 0.08% of their portfolio | 2.8m $318.9m | Reduced -61.1k |
| BAMCO INC /NY/ 0.83% of their portfolio | 2.7m $307.4m | Added +145.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio | 2.6m $301.9m | Added +83.1k |
| Amundi 0.10% of their portfolio | 2.6m $300.3m | Added +995.6k |
| SEI INVESTMENTS CO 0.35% of their portfolio | 2.6m $298.4m | Reduced -161.7k |
| Winslow Capital Management, LLC 1.00% of their portfolio | 2.6m $298.4m | Reduced -3.6k |
| UBS Group AG 0.06% of their portfolio | 2.4m $280.2m | Added +946.1k |
| GILDER GAGNON HOWE & CO LLC 2.93% of their portfolio | 2.4m $275.8m | Added +869.3k |
| ZEVENBERGEN CAPITAL INVESTMENTS LLC 5.20% of their portfolio | 2.3m $266.6m | Reduced -101.8k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 1.52% of their portfolio | 2.3m $261.4m | Reduced -659.5k |
| RAYMOND JAMES FINANCIAL INC 0.09% of their portfolio | 2.2m $259.5m | Added +121.0k |
| Select Equity Group, L.P. 1.10% of their portfolio | 2.2m $259.1m | Added +1.1m |
| Ashe Capital Management, LP 19.64% of their portfolio | 2.2m $252.1m | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.13% of their portfolio | 2.1m $245.5m | Added +205.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio | 2.1m $241.4m | Added +67.6k |
| BROWN ADVISORY INC 0.31% of their portfolio | 2.1m $238.4m | Added +2.0m |
| MUFG SECURITIES (CANADA), LTD. 7.23% of their portfolio | 2.1m $237.8m | Added +210.6k |
| Federation des caisses Desjardins du Quebec 1.02% of their portfolio | 2.0m $232.6m | Added +345.7k |
| TORONTO DOMINION BANK 0.48% of their portfolio | 1.9m $224.8m | Added +106.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 1.9m $220.3m | Added +261.3k |
| Strategy Capital LLC 14.21% of their portfolio | 1.8m $211.1m | Added +78.6k |
| PICTON MAHONEY ASSET MANAGEMENT 2.85% of their portfolio | 1.8m $202.1m | Added +1.8m |
| Rockefeller Capital Management L.P. 0.23% of their portfolio | 1.7m $198.4m | Added +1.1m |
| Barton Investment Management 20.54% of their portfolio | 1.7m $198.2m | Reduced -10.0k |
| ICONIQ Capital, LLC 3.26% of their portfolio | 1.7m $193.3m | Reduced -183.2k |
| ProShare Advisors LLC 0.38% of their portfolio | 1.7m $191.4m | New |
| NORTHERN TRUST CORP 0.03% of their portfolio | 1.6m $190.3m | Reduced -260.3k |
| Polar Capital Holdings Plc 0.98% of their portfolio | 1.6m $186.1m | Added +199.3k |
| BARCLAYS PLC 0.07% of their portfolio | 1.6m $185.5m | Added +1.2m |
| Pictet Asset Management Holding SA 0.19% of their portfolio | 1.6m $182.2m | Reduced -300.7k |
| Rathbones Group PLC 0.78% of their portfolio | 1.6m $182.0m | Added +105.7k |
| Russell Investments Group, Ltd. 0.23% of their portfolio | 1.6m $181.6m | Added +95.9k |
| FIRST TRUST ADVISORS LP 0.14% of their portfolio | 1.6m $179.5m | Added +729.4k |
| CITIGROUP INC 0.12% of their portfolio | 1.5m $173.4m | Added +373.8k |
| FEDERATED HERMES, INC. 0.31% of their portfolio | 1.4m $166.5m | Reduced -4.3k |
| NATIXIS ADVISORS, LLC 0.26% of their portfolio | 1.4m $165.2m | Reduced -66.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.31% of their portfolio | 1.4m $160.9m | Added +723.9k |
| Foxhaven Asset Management, LP 3.76% of their portfolio | 1.4m $156.0m | New |
| Caisse de depot et placement du Quebec 0.33% of their portfolio | 1.4m $155.7m | Added +12.3k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.38% of their portfolio | 1.3m $154.6m | Reduced -54.6k |
| LORD, ABBETT & CO. LLC 0.49% of their portfolio | 1.3m $152.6m | Reduced -103.5k |
| LPL Financial LLC 0.05% of their portfolio | 1.3m $145.5m | Added +98.7k |
| TCW GROUP INC 1.11% of their portfolio | 1.2m $142.0m | Reduced -2.3k |
| Castle Hook Partners LP 2.07% of their portfolio | 1.2m $140.6m | Added +484.7k |
| MACQUARIE GROUP LTD 0.18% of their portfolio | 1.2m $145.2m | Added +12.1k |
| SCOTIA CAPITAL INC. 0.61% of their portfolio | 1.1m $128.6m | Added +31.3k |