TMC THE METALS COMPANY INC TMC
COM · Common Stock · CUSIP 87261Y106
- SectorMaterials
- IndustryMetal Mining
- 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 ($199.9k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $6.17. Options: 18 managers hold calls ($130.7m notional), 9 hold puts ($37.7m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 59 |
| Q4 2022 | 56 |
| Q1 2023 | 65 |
| Q2 2023 | 73 |
| Q3 2023 | 91 |
| Q4 2023 | 79 |
| Q1 2024 | 84 |
| Q2 2024 | 91 |
| Q3 2024 | 90 |
| Q4 2024 | 88 |
| Q1 2025 | 105 |
| Q2 2025 | 164 |
| Q3 2025 | 174 |
| Q4 2025 | 199 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 35 | 18 |
| Q2 2024 | 34 | 18 |
| Q3 2024 | 30 | 25 |
| Q4 2024 | 28 | 30 |
| Q1 2025 | 48 | 29 |
| Q2 2025 | 108 | 37 |
| Q3 2025 | 94 | 71 |
| Q4 2025 | 98 | 80 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $2.9m | $5.8m | 2.00 |
| Q2 2025 | $46.9m | $55.3m | 1.18 |
| Q3 2025 | $56.1m | $36.3m | 0.65 |
| Q4 2025 | $130.7m | $37.7m | 0.29 |
Biggest buyers
| Encompass Capital Advisors LLC | New | +3.0m |
| JANE STREET GROUP, LLC | Added | +2.7m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +874.6k |
| GOLDMAN SACHS GROUP INC | Added | +475.5k |
| Verition Fund Management LLC | Added | +446.0k |
| Point72 Asset Management, L.P. | New | +259.5k |
| Jump Financial, LLC | New | +257.6k |
| TUDOR INVESTMENT CORP ET AL | Added | +255.8k |
| SG Americas Securities, LLC | New | +236.7k |
| Foundations Investment Advisors, LLC | New | +198.7k |
Biggest sellers
| Sourcerock Group LLC | Sold out | -2.5m |
| Driehaus Capital Management LLC | Sold out | -2.0m |
| MORGAN STANLEY | Reduced | -939.6k |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -527.3k |
| FIRST MANHATTAN CO. LLC. | Reduced | -519.5k |
| SIMPLEX TRADING, LLC | Reduced | -405.7k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -388.8k |
| GROUP ONE TRADING LLC | Reduced | -247.1k |
| ROYAL BANK OF CANADA | Reduced | -216.9k |
| CITADEL ADVISORS LLC | Reduced | -188.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $48.5m7.9m shares |
| GROUP ONE TRADING LLC | Added | $29.3m4.8m shares |
| SIMPLEX TRADING, LLC | Added | $15.3m2.5m shares |
| CITADEL ADVISORS LLC | Added | $13.9m2.2m shares |
| JANE STREET GROUP, LLC | Added | $6.9m1.1m shares |
| IMC-Chicago, LLC | Added | $5.8m938.8k shares |
| Walleye Capital LLC | Added | $2.7m437.2k shares |
| BARCLAYS PLC | New | $2.5m404.3k shares |
| PEAK6 LLC | Reduced | $2.1m337.8k shares |
| Walleye Trading LLC | Added | $2.0m325.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $17.0m2.7m shares |
| GROUP ONE TRADING LLC | Reduced | $8.3m1.3m shares |
| CITADEL ADVISORS LLC | Added | $5.2m846.3k shares |
| IMC-Chicago, LLC | Reduced | $1.7m268.5k shares |
| HRT FINANCIAL LP | New | $1.6m265.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.5m241.4k shares |
| Walleye Capital LLC | Added | $1.2m196.3k shares |
| Walleye Trading LLC | Added | $628.1k101.8k shares |
| JANE STREET GROUP, LLC | Reduced | $541.1k87.7k 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 |
|---|---|
| Allseas Group S.A. 13D · may seek influence -1.0 pts · filed 2026-07-07 | 15.6% |
| Korea Zinc Company, Ltd. 13G · passive investor new · filed 2025-07-02 | 7.2% |
Barron Gerard
13D · may seek influence
filed 2026-09-11
Stated purposeItem 4 is hereby supplemented by adding the following after the end of the second paragraph thereof: On November 22, 2024, the Reporting Person acquired 260,417 Common Shares upon the vesting and settlement of restricted stock units issued to the Reporting Person pursuant to the Issuer's incentive plans On March 20, 2025, the Reporting Person acquired an aggregate of 1,247,191 Common Shares upon the vesting and settlement of restricted stock units issued to the Reporting Person pursuant to the Issuer's incentive plans. On March 20, 2026, the Reporting Person acquired an aggregate of 1,438,075 Common Shares upon the vesting and settlement of restricted stock units issued to the Reporting Person pursuant to the Issuer's incentive plans. On October 28, 2025, the Reporting Person acquired 6… Full filing |
6.9% |
Fell to 5% or below in the last year: Brumder William George (3.4%, 2026-05-01)
Insider purchases and sales in Q4 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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 2 | $442.3k | — |
| Q2 2024 | 0 | — | 1 | $291.2k | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 1 | $21.8k | 3 | $342.8k | — |
| Q1 2025 | 0 | — | 1 | $14.9k | — |
| Q2 2025 | 0 | — | 3 | $3.8m | — |
| Q3 2025 | 0 | — | 2 | $10.5m | — |
| Q4 2025 | 0 | — | 1 | $664.0k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-02 | O'Sullivan Anthony Chief Development Officer | Sold | $338.5k50.0k shares |
| 2025-11-28 | O'Sullivan Anthony Chief Development Officer | Sold | $325.5k50.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| FIRST MANHATTAN CO. LLC. 0.25% of their portfolio | 15.3m $94.5m | Reduced -519.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio | 4.8m $29.6m | Added +874.6k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 3.2m $19.4m | Added +2.7m |
| Encompass Capital Advisors LLC 0.89% of their portfolio | 3.0m $18.5m | New |
| Baird Financial Group, Inc. 0.02% of their portfolio | 2.6m $16.0m | Reduced -112.7k |
| Old West Investment Management, LLC 2.05% of their portfolio | 1.9m $11.5m | Reduced -134.9k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 1.5m $9.3m | Reduced -388.8k |
| BlackRock, Inc. 0.00% of their portfolio | 1.2m $7.4m | Added +196.9k |
| STATE STREET CORP 0.00% of their portfolio | 986.2k $6.1m | Added +23.1k |
| Verition Fund Management LLC 0.03% of their portfolio | 817.4k $5.0m | Added +446.0k |
| VANGUARD GROUP INC 0.00% of their portfolio | 778.3k $4.8m | Reduced -72.3k |
| MORGAN STANLEY 0.00% of their portfolio | 746.6k $4.6m | Reduced -939.6k |
| TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio | 698.2k $4.3m | Added +255.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 678.5k $4.2m | Added +475.5k |
| UBS Group AG 0.00% of their portfolio | 536.7k $3.3m | Reduced -94.0k |
| Mirador Capital Partners LP 0.43% of their portfolio | 513.6k $3.2m | Added +63.6k |
| Swiss National Bank 0.00% of their portfolio | 402.3k $2.5m | Reduced -21.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 371.1k $2.3m | Added +1.6k |
| GROUP ONE TRADING LLC 0.05% of their portfolio | 277.9k $1.7m | Reduced -247.1k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 262.8k $1.6m | Reduced -188.3k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 259.5k $1.6m | New |
| Jump Financial, LLC 0.02% of their portfolio | 257.6k $1.6m | New |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 254.9k $1.6m | Reduced -1.8k |
| SG Americas Securities, LLC 0.00% of their portfolio | 236.7k $1.5m | New |
| GSA CAPITAL PARTNERS LLP 0.12% of their portfolio | 220.5k $1.4m | Added +122.0k |
| Mutual Advisors, LLC 0.03% of their portfolio | 219.3k $1.4m | Added +1.1k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 214.7k $1.3m | Added +95.6k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 204.6k $1.3m | Added +138.0k |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 198.8k $1.2m | Added +21.8k |
| Foundations Investment Advisors, LLC 0.02% of their portfolio | 198.7k $1.2m | New |
| SLT Holdings LLC 0.82% of their portfolio | 198.2k $1.2m | New |
| AUA CAPITAL MANAGEMENT, LLC 0.59% of their portfolio | 192.1k $1.2m | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 191.1k $1.2m | Unchanged |
| New Hampshire Trust 0.22% of their portfolio | 184.0k $1.1m | Reduced -45.8k |
| LPL Financial LLC 0.00% of their portfolio | 170.3k $1.1m | Added +76.1k |
| Legal & General Group Plc 0.00% of their portfolio | 168.1k $1.0m | Reduced -26.2k |
| HRT FINANCIAL LP 0.00% of their portfolio | 165.0k $1.0m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 160.7k $991.6k | Reduced -7.1k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 153.5k $947.4k | Added +22.0k |
| WINTON GROUP Ltd 0.03% of their portfolio | 153.5k $947.0k | New |
| Independent Advisor Alliance 0.02% of their portfolio | 149.8k $924.3k | Added +19.5k |
| EVOKE WEALTH, LLC 0.02% of their portfolio | 128.7k $794.2k | Reduced -316 |
| FWG Holdings, LLC 0.15% of their portfolio | 107.5k $726.0k | Added +52.5k |
| Advisory Services Network, LLC 0.01% of their portfolio | 104.1k $642.3k | Added +953 |
| XTX Topco Ltd 0.02% of their portfolio | 99.2k $612.1k | New |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 98.1k $603.8k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 94.7k $584.6k | Added +65.3k |
| Mariner, LLC 0.00% of their portfolio | 92.8k $572.9k | Added +39.2k |
| Cetera Investment Advisers 0.00% of their portfolio | 91.3k $563.5k | Added +18.8k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 88.6k $546.8k | New |
| IMC-Chicago, LLC 0.01% of their portfolio | 87.9k $542.1k | Reduced -40.8k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 82.3k $507.6k | Reduced -82.7k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 80.1k $494.2k | Added +19.3k |
| BECKER CAPITAL MANAGEMENT INC 0.01% of their portfolio | 79.9k $492.7k | Reduced -8.2k |
| MOZAYYX MANAGEMENT LLC 0.36% of their portfolio | 75.0k $462.8k | First filing |
| Legend Capital Advisors LLC 0.25% of their portfolio | 73.5k $453.5k | First filing |
| Brooklyn Investment Group 0.02% of their portfolio | 70.6k $446.4k | New |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 66.2k $408.5k | Added +7.5k |
| Walleye Trading LLC 0.01% of their portfolio | 65.3k $402.8k | New |
| ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio | 56.7k $349.7k | Reduced -7.9k |
| CAPSTONE INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 55.1k $340.1k | New |
| Bridgewater Associates, LP 0.00% of their portfolio | 54.3k $335.1k | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 50.1k $309.0k | New |
| BROWN, LISLE/CUMMINGS, INC. 0.08% of their portfolio | 50.0k $308.5k | Unchanged |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 49.8k $359.6k | Reduced -22.6k |
| Evelyn Partners Investment Management Services Ltd 0.04% of their portfolio | 47.0k $290.1k | Unchanged |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 44.9k $277.0k | Unchanged |
| GUGGENHEIM CAPITAL LLC 0.00% of their portfolio | 44.7k $275.8k | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 44.0k $271.0k | Reduced -216.9k |
| KLP KAPITALFORVALTNING AS 0.00% of their portfolio | 43.9k $270.9k | Reduced -3.1k |
| SIMPLEX TRADING, LLC 0.01% of their portfolio | 42.9k $264.6k | Reduced -405.7k |
| CARLSON FINANCIAL, INC. 0.15% of their portfolio | 42.3k $261.1k | First filing |
| HighTower Advisors, LLC 0.00% of their portfolio | 42.1k $259.5k | Reduced -954 |
| Optivise Advisory Services LLC 0.14% of their portfolio | 40.7k $251.1k | Reduced -8.6k |
| SBI Securities Co., Ltd. 0.01% of their portfolio | 40.4k $249.2k | Added +20.0k |
| AlphaGrep UK Ltd 0.08% of their portfolio | 40.0k $246.7k | First filing |
| Concurrent Investment Advisors, LLC 0.00% of their portfolio | 39.2k $241.8k | Added +5.4k |
| Amundi 0.00% of their portfolio | 39.0k $240.5k | New |
| Hubbell Strickland Wealth Management, LLC 0.10% of their portfolio | 38.4k $237.1k | Unchanged |
| FOX RUN MANAGEMENT, L.L.C. 0.03% of their portfolio | 35.2k $217.2k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 34.9k $215.3k | Reduced -527.3k |
| Centiva Capital, LP 0.01% of their portfolio | 32.7k $201.6k | New |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 32.2k $198.7k | Unchanged |
| Corient Private Wealth LP 0.00% of their portfolio | 32.0k $197.7k | Added +4.0k |
| Abacus Wealth Partners, LLC 0.02% of their portfolio | 32.0k $197.4k | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 31.9k $196.6k | Reduced -4.4k |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 29.1k $179.6k | Added +5.4k |
| FourThought Financial Partners, LLC 0.01% of their portfolio | 26.5k $163.6k | New |
| FOSTER DYKEMA CABOT & PARTNERS, LLC 0.01% of their portfolio | 25.4k $156.8k | Unchanged |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 23.8k $146.8k | Added +4.8k |
| ISTHMUS PARTNERS, LLC 0.02% of their portfolio | 22.7k $140.0k | Unchanged |
| Allworth Financial LP 0.00% of their portfolio | 22.3k $137.4k | Reduced -25.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 21.3k $131.5k | Added +423 |
| Ensign Peak Advisors, Inc 0.00% of their portfolio | 20.8k $128.0k | Reduced -37.4k |
| BLAIR WILLIAM & CO/IL 0.00% of their portfolio | 20.7k $127.5k | Reduced -30.9k |
| Creative Planning 0.00% of their portfolio | 20.2k $124.6k | Added +8.1k |
| Advisory Alpha, LLC 0.00% of their portfolio | 20.1k $123.7k | New |
| INGALLS & SNYDER LLC 0.00% of their portfolio | 20.0k $123.0k | Unchanged |
| Foundation Wealth Management, LLC\PA 0.04% of their portfolio | 20.0k $123.4k | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 19.4k $119.9k | Added +14.7k |