Vault-13

SPOTIFY USA INC SPOT 0 03.15.26

NOTE 3/1 · US DOMESTIC · CUSIP 84921RAB6

90 institutional holders +9 vs Q1 2025
11,546,66211.5m shares reported held*
$2.0bnreported value*
13 new 28 added 28 reduced 5 sold out net sold ≈ $130.1m (+613.3k 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 ≈ $176.05. Options: 1 managers hold calls ($1.3m notional), 1 hold puts ($690.6k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 72Q4 22: 68Q1 23: 73Q2 23: 75Q3 23: 78Q4 23: 75Q1 24: 83Q2 24: 71Q3 24: 75Q4 24: 75Q1 25: 81Q2 25: 9090Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202272
Q4 202268
Q1 202373
Q2 202375
Q3 202378
Q4 202375
Q1 202483
Q2 202471
Q3 202475
Q4 202475
Q1 202581
Q2 202590

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 23: 31 bought or addedQ3 23: 24 cut or sold outQ4 23: 28 bought or addedQ4 23: 35 cut or sold outQ4 23Q1 24: 45 bought or addedQ1 24: 31 cut or sold outQ2 24: 25 bought or addedQ2 24: 41 cut or sold outQ2 24Q3 24: 38 bought or addedQ3 24: 22 cut or sold outQ4 24: 30 bought or addedQ4 24: 33 cut or sold outQ4 24Q1 25: 36 bought or addedQ1 25: 35 cut or sold outQ2 25: 41 bought or addedQ2 25: 33 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233124
Q4 20232835
Q1 20244531
Q2 20242541
Q3 20243822
Q4 20243033
Q1 20253635
Q2 20254133

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $330.0kQ1 25 puts: $165.0kQ1 25P/C 0.50Q2 25 calls: $1.3mQ2 25 puts: $690.6kQ2 25P/C 0.53
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$330.0k$165.0k0.50
Q2 2025$1.3m$690.6k0.53

Biggest buyers

CITADEL ADVISORS LLC Added +38,199,000+38.2m
LAZARD ASSET MANAGEMENT LLC Added +22,634,000+22.6m
SONA ASSET MANAGEMENT (US) LLC New +19,162,000+19.2m
Nuveen, LLC New +18,752,000+18.8m
BANK OF AMERICA CORP /DE/ Added +13,279,000+13.3m
ROYAL BANK OF CANADA Added +13,103,000+13.1m
SOROS FUND MANAGEMENT LLC Added +13,000,000+13.0m
BANK OF MONTREAL /CAN/ Added +10,000,000+10.0m
CAPSTONE INVESTMENT ADVISORS, LLC Added +8,500,000+8.5m
BARCLAYS PLC Added +4,607,000+4.6m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -159,765,000-159.8m
ZAZOVE ASSOCIATES LLC Reduced -20,050,000-20.1m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -18,500,000-18.5m
ARISTEIA CAPITAL, L.L.C. Reduced -12,074,000-12.1m
LORD, ABBETT & CO. LLC Reduced -8,476,000-8.5m
DeepCurrents Investment Group LLC Reduced -7,500,000-7.5m
Wellesley Asset Management Reduced -5,893,000-5.9m
ONTARIO TEACHERS PENSION PLAN BOARD Sold out -5,000,000-5.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -4,500,000-4.5m
STEELHEAD PARTNERS LLC Reduced -4,000,000-4.0m

Biggest calls

Limestone Investment Advisors LP First filing $1.3m1.7k shares

Biggest puts

Limestone Investment Advisors LP First filing $690.6k900 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.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.23% of their portfolio ATLANTA, GA 149,155,000149.2m $226.3m $226.3m 0.23% Reduced -159.8m -159,765,000
2 SOROS FUND MANAGEMENT LLC 3.71% of their portfolio NEW YORK, NY 142,500,000142.5m $215.9m $215.9m 3.71% Added +13.0m +13,000,000
3 Calamos Advisors LLC 0.81% of their portfolio NAPERVILLE, IL 125,330,000125.3m $189.9m $189.9m 0.81% Added +537.0k +537,000
4 STEELHEAD PARTNERS LLC 8.82% of their portfolio SEATTLE, WA 115,500,000115.5m $175.0m $175.0m 8.82% Reduced -4.0m -4,000,000
5 CITADEL ADVISORS LLC 0.09% of their portfolio MIAMI, FL 69,799,00069.8m $105.8m $105.8m 0.09% Added +38.2m +38,199,000
6 ARISTEIA CAPITAL, L.L.C. 2.71% of their portfolio GREENWICH, CT 63,114,00063.1m $95.8m $95.8m 2.71% Reduced -12.1m -12,074,000
7 LAZARD ASSET MANAGEMENT LLC 0.13% of their portfolio NEW YORK, NY 62,371,00062.4m $94.6m $94.6m 0.13% Added +22.6m +22,634,000
8 CAMDEN ASSET MANAGEMENT L P /CA 1.85% of their portfolio Los Angeles, CA 52,180,00052.2m $79.0m $79.0m 1.85% Reduced -18.5m -18,500,000
9 HIGHBRIDGE CAPITAL MANAGEMENT LLC 3.37% of their portfolio NEW YORK, NY 43,000,00043.0m $65.2m $65.2m 3.37% Reduced -4.5m -4,500,000
10 CAPSTONE INVESTMENT ADVISORS, LLC 0.45% of their portfolio NEW YORK, NY 34,500,00034.5m $52.4m $52.4m 0.45% Added +8.5m +8,500,000
11 DeepCurrents Investment Group LLC 1.63% of their portfolio NEW YORK, NY 29,400,00029.4m $44.5m $44.5m 1.63% Reduced -7.5m -7,500,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 28,580,00028.6m $43.3m $43.3m 0.00% Reduced -1.6m -1,575,000
13 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 28,450,00028.4m $43.4m $43.4m 0.00% Added +13.1m +13,103,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 28,431,00028.4m $43.1m $43.1m 0.00% Reduced -2.0m -2,050,000
15 Wellesley Asset Management 3.24% of their portfolio PORTSMOUTH, NH 23,633,00023.6m $33.9m $33.9m 3.24% Reduced -5.9m -5,893,000
16 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 22,742,20022.7m $34.5m $34.5m 0.00% Added +13.3m +13,279,000
17 Parallax Volatility Advisers, L.P. 1.21% of their portfolio San Francisco, CA 20,000,00020.0m $30.3m $30.3m 1.21% Unchanged
18 SONA ASSET MANAGEMENT (US) LLC 0.98% of their portfolio NEW YORK, NY 19,162,00019.2m $29.1m $29.1m 0.98% New
19 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 18,752,00018.8m $28.4m $28.4m 0.01% New
20 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 15,800,00015.8m $24.0m $24.0m 0.02% Added +2.0m +2,000,000
21 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 15,000,00015.0m $22.8m $22.8m 0.01% Added +10.0m +10,000,000
22 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 14,550,00014.6m $22.0m $22.0m 0.02% Reduced -2.1m -2,149,000
23 LORD, ABBETT & CO. LLC 0.07% of their portfolio JERSEY CITY, NJ 13,837,00013.8m $21.0m $21.0m 0.07% Reduced -8.5m -8,476,000
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,326,00010.3m $15.6m $15.6m 0.00% Added +1.7m +1,697,000
25 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.41% of their portfolio CHICAGO, IL 10,000,00010.0m $15.2m $15.2m 0.41% Unchanged
26 ADVENT CAPITAL MANAGEMENT /DE/ 0.30% of their portfolio NEW YORK, NY 8,869,0008.9m $13.5m $13.5m 0.30% Reduced -2.6m -2,551,000
27 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 7,942,0007.9m $12.0m $12.0m 0.00% Added +1.2m +1,175,000
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,552,0007.6m $11.5m $11.5m 0.00% Added +2.4m +2,377,000
29 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 6,157,0006.2m $9.3m $9.3m 0.00% Added +4.6m +4,607,000
30 SSI INVESTMENT MANAGEMENT LLC 0.64% of their portfolio Los Angeles, CA 5,952,0006.0m $9.0m $9.0m 0.64% Reduced -898.0k -898,000
31 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 5,904,0005.9m $8.9m $8.9m 0.01% Reduced -2.1m -2,096,000
32 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 5,547,0005.5m $8.4m $8.4m 0.00% Added +472.0k +472,000
33 Warberg Asset Management LLC 1.86% of their portfolio WINNETKA, IL 5,012,0005.0m $7.6m $7.6m 1.86% Added +2.0m +2,012,000
34 MIZUHO SECURITIES USA LLC 0.16% of their portfolio NEW YORK, NY 5,000,0005.0m $7.6m $7.6m 0.16% First filing
35 WATER ISLAND CAPITAL LLC 1.33% of their portfolio NEW YORK, NY 5,000,0005.0m $7.6m $7.6m 1.33% Added +1.5m +1,500,000
36 Amundi 0.00% of their portfolio Paris, I0 4,950,0005.0m $7.0m $7.0m 0.00% Reduced -713.0k -713,000
37 ZAZOVE ASSOCIATES LLC 0.59% of their portfolio INCLINE VILLAGE, NV 4,805,0004.8m $7.3m $7.3m 0.59% Reduced -20.1m -20,050,000
38 Man Group plc 0.02% of their portfolio LONDON, X0 4,700,0004.7m $7.1m $7.1m 0.02% Added +650.0k +650,000
39 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 4,500,0004.5m $6.8m $6.8m 0.02% Added +1 +1
40 AXA S.A. 0.02% of their portfolio PARIS, I0 4,250,0004.2m $6.4m $6.4m 0.02% Unchanged
41 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 4,250,0004.2m $64.3k $64.3k 0.00% New
42 Union Bancaire Privee, UBP SA 0.08% of their portfolio GENEVA 1, V8 4,055,0004.1m $5.3m $5.3m 0.08% Added +350.0k +350,000
43 SHENKMAN CAPITAL MANAGEMENT INC 0.47% of their portfolio NEW YORK, NY 3,632,0003.6m $4.7m $4.7m 0.47% Reduced -4.0m -3,964,000
44 RWC Asset Management LLP 0.28% of their portfolio LONDON, X0 3,500,0003.5m $5.3m $5.3m 0.28% Reduced -2.5m -2,500,000
45 KIM, LLC 0.47% of their portfolio WICHITA, KS 3,000,0003.0m $4.6m $4.6m 0.47% New
46 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 2,864,0002.9m $4.3m $4.3m 0.00% New
47 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,623,0002.6m $4.0m $4.0m 0.00% Reduced -1.3m -1,263,000
48 Polar Capital Holdings Plc 0.02% of their portfolio London, X0 2,500,0002.5m $3.8m $3.8m 0.02% Reduced -3.0m -3,000,000
49 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,367,0002.4m $3.6m $3.6m 0.00% Added +1.4m +1,427,000
50 FMR LLC 0.00% of their portfolio BOSTON, MA 2,000,0002.0m $3.0m $3.0m 0.00% Added +500.0k +500,000
51 OAKTREE CAPITAL MANAGEMENT LP 0.06% of their portfolio LOS ANGELES, CA 2,000,0002.0m $3.0m $3.0m 0.06% Reduced -150.0k -150,000
52 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 1,800,0001.8m $2.7m $2.7m 0.01% Unchanged
53 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,600,0001.6m $2.4m $2.4m 0.00% Added +650.0k +650,000
54 Jefferies Financial Group Inc. 0.04% of their portfolio NEW YORK, NY 1,471,0001.5m $2.2m $2.2m 0.04% Added +700.0k +700,000
55 Kohlberg Kravis Roberts & Co. L.P. 0.04% of their portfolio NEW YORK, NY 1,205,0001.2m $1.8m $1.8m 0.04% Unchanged
56 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 1,000,0001.0m $1.5m $1.5m 0.00% Unchanged
57 DNCA FINANCE 0.08% of their portfolio PARIS, I0 700,000700.0k $1.1m $1.1m 0.08% Unchanged
58 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 603,000603.0k $913.8k $913.8k 0.00% Reduced -5.0k -5,000
59 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 536,000536.0k $812.3k $812.3k 0.03% Reduced -57.0k -57,000
60 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 450,000450.0k $686.4k $686.4k 0.01% Added +450.0k +450,000
61 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 352,000352.0k $534.0k $534.0k 0.00% Unchanged
62 Central Pacific Bank - Trust Division 0.06% of their portfolio HONOLULU, HI 331,000331.0k $501.4k $501.4k 0.06% Reduced -115.0k -115,000
63 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 260,000260.0k $392.9k $392.9k 0.00% New
64 Clearstead Advisors, LLC 0.00% of their portfolio CLEVELAND, OH 225,000225.0k $340.9k $340.9k 0.00% Unchanged
65 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 225,000225.0k $340.6k $340.6k 0.00% New
66 VIRTUS ADVISERS, LLC 0.09% of their portfolio HARTFORD, CT 102,000102.0k $154.5k $154.5k 0.09% Added +28.0k +28,000
67 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 71,00071.0k $107.6k $107.6k 0.00% Reduced -18.0k -18,000
68 Capital Investment Advisory Services, LLC 0.01% of their portfolio RALEIGH, NC 46,00046.0k $69.7k $69.7k 0.01% New
69 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 25,00025.0k $37.9k $37.9k 0.00% Unchanged
70 NOMURA HOLDINGS INC 0.15% of their portfolio TOKYO, M0 24,52924.5k $18.8m $18.8m 0.15% New
71 Boussard & Gavaudan Investment Management LLP 3.89% of their portfolio London, X0 21,00021.0k $30.3m $30.3m 3.89% Added +6.0k +6,000
72 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 19,00019.0k $28.7k $28.7k 0.00% New
73 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.02% of their portfolio SALINE, MI 19,00019.0k $28.7k $28.7k 0.02% Reduced -10.0k -10,000
74 LOOMIS SAYLES & CO L P 0.01% of their portfolio BOSTON, MA 15,52215.5k $11.9m $11.9m 0.01% Added +4.6k +4,602
75 BRIGHTON JONES LLC 0.00% of their portfolio SEATTLE, WA 15,00015.0k $22.7k $22.7k 0.00% Unchanged
76 FIDELIS CAPITAL PARTNERS, LLC 0.00% of their portfolio TAMPA, FL 15,00015.0k $19.9k $19.9k 0.00% Unchanged
77 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 14,75014.8k $2.2m $2.2m 0.01% Unchanged
78 DLD Asset Management, LP 1.20% of their portfolio NEW YORK, NY 13,21013.2k $10.1m $10.1m 1.20% New
79 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 12,00012.0k $18.2k $18.2k 0.00% Unchanged
80 ZWJ INVESTMENT COUNSEL INC 0.00% of their portfolio Atlanta, GA 10,00010.0k $15.1k $15.1k 0.00% Unchanged
81 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 10,00010.0k $15.1k $15.1k 0.00% Reduced -15.0k -15,000
82 Alpine Global Management, LLC 2.77% of their portfolio NEW YORK, NY 8,0008.0k $12.1m $12.1m 2.77% New
83 COMERICA BANK 0.00% of their portfolio DALLAS, TX 6,0006.0k $9.1k $9.1k 0.00% Unchanged
84 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 5,0005.0k $7.6k $7.6k 0.00% New
85 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 3,0003.0k $4.5k $4.5k 0.00% Unchanged
86 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 2,9503.0k $4.6m $4.6m 0.03% Added +2.5k +2,550
87 Chicago Capital Management, LLC 1.11% of their portfolio CHICAGO, IL 1,0001.0k $1.5m $1.5m 1.11% Unchanged
88 Alken Asset Management Ltd 2.11% of their portfolio LONDON, X0 800800 $1.2m $1.2m 2.11% Unchanged
89 LANSDOWNE PARTNERS (UK) LLP 0.04% of their portfolio London, X0 401401 $307.7k $307.7k 0.04% Reduced -33 -33
90 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged