Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

NOTE 0.125%11/0 · US DOMESTIC · CUSIP 82509LAA5

61 institutional holders -8 vs Q1 2025
8,275,2458.3m shares reported held*
$937.5mreported value*
4 new 21 added 14 reduced 12 sold out net sold ≈ $148.3m (-7.1m 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 ≈ $113.29. Options: 1 managers hold calls ($1.7m notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 64Q4 22: 61Q1 23: 58Q2 23: 65Q3 23: 65Q4 23: 63Q1 24: 67Q2 24: 65Q3 24: 68Q4 24: 66Q1 25: 69Q2 25: 6161Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365
Q3 202365
Q4 202363
Q1 202467
Q2 202465
Q3 202468
Q4 202466
Q1 202569
Q2 202561

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 20 bought or addedQ3 23: 25 cut or sold outQ4 23: 20 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 32 bought or addedQ1 24: 23 cut or sold outQ2 24: 24 bought or addedQ2 24: 26 cut or sold outQ2 24Q3 24: 27 bought or addedQ3 24: 34 cut or sold outQ4 24: 30 bought or addedQ4 24: 34 cut or sold outQ4 24Q1 25: 32 bought or addedQ1 25: 28 cut or sold outQ2 25: 25 bought or addedQ2 25: 26 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232025
Q4 20232023
Q1 20243223
Q2 20242426
Q3 20242734
Q4 20243034
Q1 20253228
Q2 20252526

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $1.7mQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$1.7m$00.00

Biggest buyers

SONA ASSET MANAGEMENT (US) LLC New +73,107,000+73.1m
Walleye Capital LLC Added +30,500,000+30.5m
ARISTEIA CAPITAL, L.L.C. Added +28,686,000+28.7m
MILLENNIUM MANAGEMENT LLC Added +25,000,000+25.0m
Magnetar Financial LLC New +20,000,000+20.0m
UBS Group AG Added +18,513,000+18.5m
LAZARD ASSET MANAGEMENT LLC Added +10,036,000+10.0m
BANK OF NOVA SCOTIA Added +10,000,000+10.0m
ROYAL BANK OF CANADA Added +9,455,000+9.5m
BARCLAYS PLC Added +6,004,000+6.0m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -236,895,000-236.9m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Sold out -49,835,000-49.8m
AQR Arbitrage LLC Reduced -37,075,000-37.1m
STEELHEAD PARTNERS LLC Reduced -25,000,000-25.0m
RATIONAL ADVISORS, INC. Sold out -6,612,000-6.6m
PIER 88 INVESTMENT PARTNERS LLC Sold out -6,612,000-6.6m
Worth Venture Partners, LLC Sold out -6,000,000-6.0m
OAKTREE CAPITAL MANAGEMENT LP Sold out -5,600,000-5.6m
Nicholas Investment Partners, LP Sold out -4,000,000-4.0m
LORD, ABBETT & CO. LLC Reduced -3,511,000-3.5m

Biggest calls

Baer Investment Advisory LLC New $1.7m0 shares

Biggest puts

None

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 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 106,975,000107.0m $108.5m $108.5m 0.11% Reduced -236.9m -236,895,000
2 CAMDEN ASSET MANAGEMENT L P /CA 1.91% of their portfolio Los Angeles, CA 80,563,00080.6m $81.5m $81.5m 1.91% Added +1.6m +1,650,000
3 ARISTEIA CAPITAL, L.L.C. 2.11% of their portfolio GREENWICH, CT 73,436,00073.4m $74.5m $74.5m 2.11% Added +28.7m +28,686,000
4 LAZARD ASSET MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 73,354,00073.4m $74.4m $74.4m 0.10% Added +10.0m +10,036,000
5 SONA ASSET MANAGEMENT (US) LLC 2.51% of their portfolio NEW YORK, NY 73,107,00073.1m $74.2m $74.2m 2.51% New
6 Walleye Capital LLC 0.53% of their portfolio NEW YORK, NY 56,000,00056.0m $56.8m $56.8m 0.53% Added +30.5m +30,500,000
7 Aequim Alternative Investments LP 1.65% of their portfolio MILL VALLEY, CA 50,000,00050.0m $50.7m $50.7m 1.65% Unchanged
8 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 45,800,00045.8m $46.5m $46.5m 0.04% Added +25.0m +25,000,000
9 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 43,093,00043.1m $43.7m $43.7m 0.14% Reduced -3.5m -3,511,000
10 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 36,859,00036.9m $37.3m $37.3m 0.01% Unchanged
11 STEELHEAD PARTNERS LLC 1.79% of their portfolio SEATTLE, WA 35,000,00035.0m $35.6m $35.6m 1.79% Reduced -25.0m -25,000,000
12 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 33,282,00033.3m $33.7m $33.7m 0.03% Reduced -235.0k -235,000
13 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 20,617,00020.6m $21.0m $21.0m 0.09% Unchanged
14 Magnetar Financial LLC 0.10% of their portfolio EVANSTON, IL 20,000,00020.0m $20.4m $20.4m 0.10% New
15 UBS Group AG 0.00% of their portfolio ZURICH, V8 18,518,50018.5m $18.7m $18.7m 0.00% Added +18.5m +18,513,000
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 17,616,00017.6m $17.9m $17.9m 0.00% Reduced -1.4m -1,350,000
17 BANK OF NOVA SCOTIA 0.03% of their portfolio TORONTO, A6 13,500,00013.5m $13.7m $13.7m 0.03% Added +10.0m +10,000,000
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 12,362,00012.4m $12.5m $12.5m 0.00% Added +9.5m +9,455,000
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 10,300,00010.3m $10.5m $10.5m 0.01% Unchanged
20 AXA S.A. 0.03% of their portfolio PARIS, I0 9,900,0009.9m $10.1m $10.1m 0.03% Unchanged
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 9,817,0009.8m $10.0m $10.0m 0.00% Reduced -1.0m -1,047,000
22 ADVENT CAPITAL MANAGEMENT /DE/ 0.19% of their portfolio NEW YORK, NY 8,535,0008.5m $8.7m $8.7m 0.19% Reduced -1.4m -1,360,000
23 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 6,019,0006.0m $6.1m $6.1m 0.00% Added +6.0m +6,004,000
24 RWC Asset Management LLP 0.32% of their portfolio LONDON, X0 6,000,0006.0m $6.1m $6.1m 0.32% Reduced -200.0k -200,000
25 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 5,635,0005.6m $5.7m $5.7m 0.00% Added +3.1m +3,128,000
26 SHENKMAN CAPITAL MANAGEMENT INC 0.54% of their portfolio NEW YORK, NY 5,211,0005.2m $5.5m $5.5m 0.54% Added +3.2m +3,186,000
27 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,928,0004.9m $5.0m $5.0m 0.00% Added +4.5m +4,502,000
28 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 4,000,0004.0m $4.1m $4.1m 0.00% Added +3.0m +3,000,000
29 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $4.0m $4.0m 0.02% Unchanged
30 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 3,500,0003.5m $3.5m $3.5m 0.01% Unchanged
31 Warberg Asset Management LLC 0.63% of their portfolio WINNETKA, IL 2,511,0002.5m $2.6m $2.6m 0.63% Added +11.0k +11,000
32 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,476,0002.5m $2.5m $2.5m 0.00% Added +10.0k +10,000
33 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,300,0002.3m $2.3m $2.3m 0.00% Unchanged
34 Union Bancaire Privee, UBP SA 0.03% of their portfolio GENEVA 1, V8 2,282,0002.3m $2.0m $2.0m 0.03% Reduced -3.4m -3,395,000
35 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,243,0002.2m $2.3m $2.3m 0.00% Added +1.6m +1,595,000
36 Man Group plc 0.00% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 0.00% Unchanged
37 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,934,0001.9m $2.0m $2.0m 0.00% Added +1.6m +1,640,000
38 Periscope Capital Inc. 0.60% of their portfolio Toronto, A6 1,563,0001.6m $1.6m $1.6m 0.60% Unchanged
39 Quaero Capital S.A. 1.91% of their portfolio GENEVE, V8 1,500,0001.5m $1.5m $1.5m 1.91% Unchanged
40 AQR Arbitrage LLC 0.02% of their portfolio Greenwich, CT 1,000,0001.0m $1.0m $1.0m 0.02% Reduced -37.1m -37,075,000
41 DNCA FINANCE 0.04% of their portfolio PARIS, I0 550,000550.0k $560.2k $560.2k 0.04% Added +200.0k +200,000
42 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $406.3k $406.3k 0.00% Unchanged
43 PFG Investments, LLC 0.02% of their portfolio WOODBURY, NY 395,000395.0k $399.7k $399.7k 0.02% Unchanged
44 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 371,000371.0k $376.4k $376.4k 0.01% Reduced -274.0k -274,000
45 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $304.4k $304.4k 0.01% Unchanged
46 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 295,000295.0k $299.8k $299.8k 0.00% Added +30.0k +30,000
47 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $203.7k $203.7k 0.00% Reduced -450.0k -450,000
48 Fox Hill Wealth Management 0.08% of their portfolio DEDHAM, MA 145,000145.0k $147.3k $147.3k 0.08% Unchanged
49 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 56,00056.0k $56.7k $56.7k 0.00% Unchanged
50 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 50,00050.0k $50.8k $50.8k 0.00% New
51 PRIVATE MANAGEMENT GROUP INC 0.00% of their portfolio IRVINE, CA 27,00027.0k $27.4k $27.4k 0.00% Reduced -3.0k -3,000
52 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 22,52022.5k $2.3m $2.3m 0.01% Reduced -18.5k -18,530
53 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 22,00022.0k $22.3k $22.3k 0.00% Unchanged
54 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 18,00018.0k $18.2k $18.2k 0.00% Added +4.0k +4,000
55 PBMares Wealth Management LLC 0.00% of their portfolio WILLIAMSBURG, VA 13,00013.0k $13.2k $13.2k 0.00% Unchanged
56 Candriam S.C.A. 0.06% of their portfolio STRASSEN, N4 10,80010.8k $11.0m $11.0m 0.06% Added +4.0k +4,000
57 Foundations Investment Advisors, LLC 0.00% of their portfolio PHOENIX, AZ 10,00010.0k $10.2k $10.2k 0.00% Unchanged
58 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 5,0005.0k $5.1k $5.1k 0.00% Unchanged
59 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 3,2453.2k $374.3k $374.3k 0.00% New
60 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 1,0001.0k $1.0k $1.0k 0.00% Unchanged
61 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged