Vault-13

VOLATILITY SHS TR BITX

2X BITCOIN STRAT · ETP · CUSIP 92864M301

52 institutional holders +5 vs Q1 2025
1,882,0511.9m shares reported held*
$101.7mreported value*
16 new 21 added 10 reduced 12 sold out net sold ≈ $2.7m (-50.0k 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 ≈ $54.02. Options: 8 managers hold calls ($339.3m notional), 8 hold puts ($267.2m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 23: 3Q3 23: 6Q4 23: 16Q1 24: 33Q2 24: 32Q3 24: 36Q4 24: 49Q1 25: 47Q2 25: 5252Q2 23Q4 23Q2 24Q4 24Q2 25
Numbers
QuarterHolders
Q2 20233
Q3 20236
Q4 202316
Q1 202433
Q2 202432
Q3 202436
Q4 202449
Q1 202547
Q2 202552

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 4 bought or addedQ3 23: 2 cut or sold outQ4 23: 12 bought or addedQ4 23: 3 cut or sold outQ4 23Q1 24: 28 bought or addedQ1 24: 6 cut or sold outQ2 24: 28 bought or addedQ2 24: 18 cut or sold outQ2 24Q3 24: 22 bought or addedQ3 24: 15 cut or sold outQ4 24: 37 bought or addedQ4 24: 21 cut or sold outQ4 24Q1 25: 34 bought or addedQ1 25: 29 cut or sold outQ2 25: 37 bought or addedQ2 25: 22 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202342
Q4 2023123
Q1 2024286
Q2 20242818
Q3 20242215
Q4 20243721
Q1 20253429
Q2 20253722

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 24 calls: $102.5mQ3 24 puts: $91.9mQ3 24P/C 0.90Q4 24 calls: $436.7mQ4 24 puts: $336.7mQ4 24P/C 0.77Q1 25 calls: $168.1mQ1 25 puts: $173.0mQ1 25P/C 1.03Q2 25 calls: $339.3mQ2 25 puts: $267.2mQ2 25P/C 0.79
Numbers
QuarterCallsPutsP/C
Q3 2024$102.5m$91.9m0.90
Q4 2024$436.7m$336.7m0.77
Q1 2025$168.1m$173.0m1.03
Q2 2025$339.3m$267.2m0.79

Biggest buyers

JANE STREET GROUP, LLC Added +403,891+403.9k
IMC-Chicago, LLC Added +66,064+66.1k
DRW Securities, LLC Added +48,344+48.3k
KINGSWOOD WEALTH ADVISORS, LLC Added +41,710+41.7k
Jump Financial, LLC Added +36,362+36.4k
CIBC Private Wealth Group LLC Added +31,030+31.0k
HighTower Advisors, LLC New +22,962+23.0k
UBS Group AG New +21,300+21.3k
RENAISSANCE TECHNOLOGIES LLC New +12,900+12.9k
Sassicaia Capital Advisers LLC New +12,000+12.0k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -293,543-293.5k
CITADEL ADVISORS LLC Reduced -237,278-237.3k
WOLVERINE TRADING, LLC Reduced -109,301-109.3k
Belvedere Trading LLC Sold out -43,002-43.0k
DIMENSION CAPITAL MANAGEMENT LLC Sold out -22,000-22.0k
KG Capital Management Sold out -15,991-16.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -15,176-15.2k
LPL Financial LLC Sold out -10,775-10.8k
THOROUGHBRED FINANCIAL SERVICES, LLC Sold out -10,072-10.1k
Scientech Research LLC Sold out -9,967-10.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $118.1m2.2m shares
GROUP ONE TRADING LLC Added $66.7m1.2m shares
JANE STREET GROUP, LLC Added $63.9m1.2m shares
CITADEL ADVISORS LLC Added $59.5m1.1m shares
WOLVERINE TRADING, LLC Added $17.4m325.7k shares
IMC-Chicago, LLC Added $9.3m172.1k shares
Belvedere Trading LLC Added $4.6m84.9k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $103.6m1.9m shares
CITADEL ADVISORS LLC Added $61.8m1.1m shares
JANE STREET GROUP, LLC Added $59.2m1.1m shares
GROUP ONE TRADING LLC Reduced $16.6m306.6k shares
WOLVERINE TRADING, LLC Reduced $11.3m211.6k shares
Belvedere Trading LLC Reduced $9.5m176.2k shares
IMC-Chicago, LLC Added $5.2m96.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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 JANE STREET GROUP, LLC 0.05% of their portfolio NEW YORK, NY 625,271625.3k $33.8m $33.8m 0.05% Added +403.9k +403,891
2 KINGSWOOD WEALTH ADVISORS, LLC 1.26% of their portfolio SAN DIEGO, CA 296,454296.5k $16.0m $16.0m 1.26% Added +41.7k +41,710
3 DRW Securities, LLC 0.63% of their portfolio CHICAGO, IL 166,783166.8k $9.0m $9.0m 0.63% Added +48.3k +48,344
4 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 136,539136.5k $7.4m $7.4m 0.01% Reduced -293.5k -293,543
5 IMC-Chicago, LLC 0.12% of their portfolio CHICAGO, IL 89,36489.4k $4.8m $4.8m 0.12% Added +66.1k +66,064
6 Jump Financial, LLC 0.05% of their portfolio Chicago, IL 77,16777.2k $4.2m $4.2m 0.05% Added +36.4k +36,362
7 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 72,34772.3k $3.9m $3.9m 0.00% Reduced -237.3k -237,278
8 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 38,96739.0k $2.1m $2.1m 0.01% Reduced -3.2k -3,204
9 FLOW TRADERS U.S. LLC 0.07% of their portfolio NEW YORK, NY 37,38137.4k $2.0m $2.0m 0.07% Added +4.7k +4,735
10 Almanack Investment Partners, LLC. 0.31% of their portfolio WAYNE, PA 35,73135.7k $1.9m $1.9m 0.31% Added +2.3k +2,334
11 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 31,48231.5k $1.7m $1.7m 0.00% Added +31.0k +31,030
12 Financial Sense Advisors, Inc. 0.40% of their portfolio SAN DIEGO, CA 30,90030.9k $1.7m $1.7m 0.40% Added +2.2k +2,250
13 Virtu Financial LLC 0.08% of their portfolio New York, NY 28,14928.1k $1.5m $1.5m 0.08% Reduced -3.9k -3,850
14 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 22,96223.0k $1.2m $1.2m 0.00% New
15 WOLVERINE TRADING, LLC 0.03% of their portfolio CHICAGO, IL 22,77922.8k $1.2m $1.2m 0.03% Reduced -109.3k -109,301
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 21,30021.3k $1.2m $1.2m 0.00% New
17 EverSource Wealth Advisors, LLC 0.04% of their portfolio BIRMINGHAM, AL 17,41517.4k $940.8k $940.8k 0.04% Added +4.5k +4,521
18 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 12,90012.9k $696.9k $696.9k 0.00% New
19 Secure Asset Management, LLC 0.13% of their portfolio Troy, MI 12,70012.7k $686.1k $686.1k 0.13% Added +2.2k +2,159
20 Sassicaia Capital Advisers LLC 0.41% of their portfolio JERICHO, NY 12,00012.0k $648.2k $648.2k 0.41% New
21 X-Square Capital, LLC 0.22% of their portfolio GUAYNABO, PR 11,16911.2k $603.0k $603.0k 0.22% Added +1.6k +1,611
22 VISION FINANCIAL MARKETS LLC 0.57% of their portfolio STAMFORD, CT 11,10011.1k $599.6k $599.6k 0.57% New
23 TWO SIGMA SECURITIES, LLC 0.07% of their portfolio NEW YORK, NY 11,05611.1k $597.2k $597.2k 0.07% Added +3.3k +3,333
24 Silverleafe Capital Partners, LLC 0.19% of their portfolio GERMANTOWN, TN 10,04210.0k $542.5k $542.5k 0.19% Added +42 +42
25 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,8027.8k $421.5k $421.5k 0.00% Reduced -1 -1
26 HHM Wealth Advisors, LLC 0.04% of their portfolio CHATTANOOGA, TN 5,8805.9k $317.6k $317.6k 0.04% Unchanged
27 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 5,3585.4k $289.4k $289.4k 0.00% New
28 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.01% of their portfolio Seattle, WA 5,1205.1k $276.6k $276.6k 0.01% New
29 Lauer Wealth, LLC 0.25% of their portfolio VALPARAISO, IN 4,6124.6k $293.3k $293.3k 0.25% Added +103 +103
30 Apollon Wealth Management, LLC 0.00% of their portfolio MOUNT PLEASANT, SC 4,0754.1k $220.1k $220.1k 0.00% New
31 SUMMIT SECURITIES GROUP LLC 0.08% of their portfolio NEW YORK, NY 3,9003.9k $210.7k $210.7k 0.08% New
32 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 3,5973.6k $200.1k $200.1k 0.00% Reduced -15.2k -15,176
33 Larson Financial Group LLC 0.01% of their portfolio ST LOUIS, MO 2,5472.5k $137.6k $137.6k 0.01% Added +73 +73
34 Headlands Technologies LLC 0.01% of their portfolio CHICAGO, IL 2,1762.2k $117.5k $117.5k 0.01% Reduced -1.1k -1,108
35 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,4501.4k $78.3k $78.3k 0.00% New
36 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 810810 $43.8k $43.8k 0.00% Added +4 +4
37 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 750750 $40.5k $40.5k 0.00% Added +135 +135
38 Kilter Group LLC 0.01% of their portfolio RHINEBECK, NY 500500 $27.0k $27.0k 0.01% New
39 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 354354 $19.1k $19.1k 0.00% Added +49 +49
40 CWM, LLC 0.00% of their portfolio OMAHA, NE 254254 $14.0k $14.0k 0.00% Unchanged
41 TOTAL INVESTMENT MANAGEMENT INC 0.00% of their portfolio SCOTTSDALE, AZ 200200 $10.8k $10.8k 0.00% New
42 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 185185 $10.0k $10.0k 0.00% New
43 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 154154 $8.3k $8.3k 0.00% Reduced -3.7k -3,671
44 THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. 0.00% of their portfolio INDIANAPOLIS, IN 100100 $5.4k $5.4k 0.00% New
45 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 9090 $4.0k $4.0k 0.00% New
46 New England Capital Financial Advisors LLC 0.00% of their portfolio MERIDEN, CT 6363 $3.4k $3.4k 0.00% Added +2 +2
47 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 5555 $3.0k $3.0k 0.00% Reduced -4.5k -4,500
48 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 3030 $1.6k $1.6k 0.00% New
49 Legacy Investment Solutions, LLC 0.00% of their portfolio BOISE, ID 1313 $681 $681 0.00% First filing
50 Legacy Wealth Managment, LLC/ID 0.00% of their portfolio BOISE, ID 1313 $681 $681 0.00% Added +1 +1
51 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 55 $270 $270 0.00% Unchanged
52 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged