Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

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

0 institutional holders -56 vs Q3 2025
—reported value*
0 new 0 added 0 reduced 52 sold out net sold ≈ $813.7m (-3.7m 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. Options: 1 managers hold calls ($2.1m notional), 0 hold puts (—).

Trends to Q4 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: 61Q3 25: 56Q4 25: 00Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 202556
Q4 20250

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 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 25Q3 25: 27 bought or addedQ3 25: 31 cut or sold outQ4 25: 0 bought or addedQ4 25: 52 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20243223
Q2 20242426
Q3 20242734
Q4 20243034
Q1 20253228
Q2 20252526
Q3 20252731
Q4 2025052

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $1.7mQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $2.5mQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $2.1mQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$1.7m$00.00
Q3 2025$2.5m$00.00
Q4 2025$2.1m$00.00

Biggest buyers

None

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Sold out -127,160,000-127.2m
CAMDEN ASSET MANAGEMENT L P /CA Sold out -81,563,000-81.6m
Walleye Capital LLC Sold out -64,635,000-64.6m
ARISTEIA CAPITAL, L.L.C. Sold out -50,058,000-50.1m
Aequim Alternative Investments LP Sold out -50,000,000-50.0m
SONA ASSET MANAGEMENT (US) LLC Sold out -49,404,000-49.4m
MILLENNIUM MANAGEMENT LLC Sold out -45,800,000-45.8m
BANK OF NOVA SCOTIA Sold out -38,000,000-38.0m
LORD, ABBETT & CO. LLC Sold out -33,154,000-33.2m
ZAZOVE ASSOCIATES LLC Sold out -23,255,000-23.3m

Biggest calls

Baer Investment Advisory LLC Reduced $2.1m325 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change