Vault-13

VOLATILITY SHS TR BITX

2X BITCOIN STRAT · ETP · CUSIP 92864M301

59 institutional holders +14 vs Q3 2025
2,282,0102.3m shares reported held*
$63.4mreported value*
25 new 15 added 9 reduced 15 sold out net bought ≈ $7.5m (+270.6k 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 ≈ $27.77. Options: 10 managers hold calls ($135.5m notional), 7 hold puts ($130.2m).

Trends to Q4 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: 52Q3 25: 45Q4 25: 5959Q2 23Q4 23Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q2 20233
Q3 20236
Q4 202316
Q1 202433
Q2 202432
Q3 202436
Q4 202449
Q1 202547
Q2 202552
Q3 202545
Q4 202559

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 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 25Q3 25: 26 bought or addedQ3 25: 33 cut or sold outQ4 25: 40 bought or addedQ4 25: 24 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024286
Q2 20242818
Q3 20242215
Q4 20243721
Q1 20253429
Q2 20253722
Q3 20252633
Q4 20254024

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ1 25 calls: $168.1mQ1 25 puts: $173.0mQ1 25P/C 1.03Q2 25 calls: $339.3mQ2 25 puts: $267.2mQ2 25P/C 0.79Q3 25 calls: $355.4mQ3 25 puts: $367.2mQ3 25P/C 1.03Q4 25 calls: $135.5mQ4 25 puts: $130.2mQ4 25P/C 0.96
Numbers
QuarterCallsPutsP/C
Q1 2025$168.1m$173.0m1.03
Q2 2025$339.3m$267.2m0.79
Q3 2025$355.4m$367.2m1.03
Q4 2025$135.5m$130.2m0.96

Biggest buyers

DRW Securities, LLC Added +668,296+668.3k
Quadrature Capital Ltd New +306,863+306.9k
RENAISSANCE TECHNOLOGIES LLC Added +202,000+202.0k
IMC-Chicago, LLC New +110,028+110.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +109,246+109.2k
GROUP ONE TRADING LLC New +59,854+59.9k
Belvedere Trading LLC New +51,580+51.6k
EverSource Wealth Advisors, LLC Added +35,432+35.4k
CITADEL ADVISORS LLC New +34,940+34.9k
Jump Financial, LLC New +21,430+21.4k

Biggest sellers

JANE STREET GROUP, LLC Reduced -1,258,062-1.3m
NewEdge Advisors, LLC Reduced -30,155-30.2k
Financial Sense Advisors, Inc. Sold out -29,700-29.7k
VISION FINANCIAL MARKETS LLC Sold out -22,400-22.4k
Sassicaia Capital Advisers LLC Sold out -15,000-15.0k
Silverleafe Capital Partners, LLC Sold out -11,373-11.4k
UBS Group AG Reduced -10,885-10.9k
Lauer Wealth, LLC Sold out -10,437-10.4k
Virtu Financial LLC Sold out -9,576-9.6k
MORGAN STANLEY Sold out -7,803-7.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $41.1m1.5m shares
JANE STREET GROUP, LLC Reduced $30.7m1.1m shares
CITADEL ADVISORS LLC Reduced $24.7m890.4k shares
GROUP ONE TRADING LLC Reduced $20.1m725.4k shares
IMC-Chicago, LLC Added $12.3m441.7k shares
Belvedere Trading LLC Added $3.0m108.0k shares
LMR Partners LLP New $2.1m75.0k shares
KG Capital Management Reduced $753.0k111.0k shares
Cane Capital Partners, LLC First filing $753.0k111.0k shares
SUMMIT SECURITIES GROUP LLC New $5.5k200 shares

Biggest puts

JANE STREET GROUP, LLC Reduced $38.3m1.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $38.3m1.4m shares
CITADEL ADVISORS LLC Added $32.4m1.2m shares
IMC-Chicago, LLC Added $10.7m385.5k shares
GROUP ONE TRADING LLC Added $8.1m291.1k shares
Belvedere Trading LLC Reduced $2.0m73.4k shares
HRT FINANCIAL LP Reduced $294.0k10.6k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 DRW Securities, LLC 1.42% of their portfolio CHICAGO, IL 673,706673.7k $18.7m $18.7m 1.42% Added +668.3k +668,296
2 Quadrature Capital Ltd 0.09% of their portfolio LONDON, X0 306,863306.9k $8.5m $8.5m 0.09% New
3 KINGSWOOD WEALTH ADVISORS, LLC 0.31% of their portfolio SAN DIEGO, CA 234,335234.3k $6.5m $6.5m 0.31% Added +3.0k +2,985
4 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 224,000224.0k $6.2m $6.2m 0.01% Added +202.0k +202,000
5 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 138,774138.8k $3.8m $3.8m 0.01% Added +109.2k +109,246
6 IMC-Chicago, LLC 0.05% of their portfolio CHICAGO, IL 110,028110.0k $3.1m $3.1m 0.05% New
7 GROUP ONE TRADING LLC 0.05% of their portfolio CHICAGO, IL 59,85459.9k $1.7m $1.7m 0.05% New
8 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 57,83757.8k $1.6m $1.6m 0.00% Reduced -1.3m -1,258,062
9 EverSource Wealth Advisors, LLC 0.05% of their portfolio BIRMINGHAM, AL 52,88952.9k $1.5m $1.5m 0.05% Added +35.4k +35,432
10 Belvedere Trading LLC 0.26% of their portfolio CHICAGO, IL 51,58051.6k $1.4m $1.4m 0.26% New
11 UBS Group AG 0.00% of their portfolio ZURICH, V8 36,85336.9k $1.0m $1.0m 0.00% Reduced -10.9k -10,885
12 X-Square Capital, LLC 0.33% of their portfolio GUAYNABO, PR 36,72236.7k $1.0m $1.0m 0.33% Added +628 +628
13 Almanack Investment Partners, LLC. 0.17% of their portfolio WAYNE, PA 36,25136.3k $1.0m $1.0m 0.17% Added +520 +520
14 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 34,94034.9k $969.2k $969.2k 0.00% New
15 Cane Capital Partners, LLC 0.27% of their portfolio ST FRANCISVILLE, LA 23,26023.3k $645.2k $645.2k 0.27% First filing
16 KG Capital Management 0.17% of their portfolio ST. FRANCISVILLE, LA 23,19923.2k $643.5k $643.5k 0.17% Added +2.6k +2,591
17 Jump Financial, LLC 0.01% of their portfolio Chicago, IL 21,43021.4k $594.5k $594.5k 0.01% New
18 Foundations Investment Advisors, LLC 0.01% of their portfolio PHOENIX, AZ 20,23320.2k $561.3k $561.3k 0.01% New
19 SLT Holdings LLC 0.37% of their portfolio SCOTTSDALE, AZ 20,00020.0k $554.8k $554.8k 0.37% New
20 MCGUIRE CAPITAL ADVISORS INC 0.28% of their portfolio BETHANY, OK 15,84215.8k $439.5k $439.5k 0.28% First filing
21 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 12,21212.2k $338.8k $338.8k 0.00% Added +6.9k +6,865
22 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 11,54711.5k $320.3k $320.3k 0.00% Reduced -30.2k -30,155
23 Headlands Technologies LLC 0.02% of their portfolio CHICAGO, IL 10,49010.5k $291.0k $291.0k 0.02% New
24 Procyon Advisors, LLC 0.01% of their portfolio SHELTON, CT 10,25010.2k $284.3k $284.3k 0.01% New
25 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 9,6599.7k $267.9k $267.9k 0.00% Added +5.0k +5,016
26 Diversify Advisory Services, LLC 0.01% of their portfolio SANDY, UT 9,4669.5k $309.1k $309.1k 0.01% Added +4.2k +4,162
27 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 9,0099.0k $278.1k $278.1k 0.00% New
28 Secure Asset Management, LLC 0.04% of their portfolio Troy, MI 8,8428.8k $245.3k $245.3k 0.04% Reduced -2.3k -2,254
29 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 5,0005.0k $138.7k $138.7k 0.00% New
30 HHM Wealth Advisors, LLC 0.01% of their portfolio CHATTANOOGA, TN 4,1804.2k $116.0k $116.0k 0.01% Reduced -1.7k -1,700
31 Benson Wealth Management INC 0.07% of their portfolio OOLTEWAH, TN, TN 2,1672.2k $60.1k $60.1k 0.07% First filing
32 Heritage Wealth Advisors 0.00% of their portfolio RICHMOND, VA 2,0002.0k $55.5k $55.5k 0.00% New
33 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 1,9702.0k $54.6k $54.6k 0.00% Added +111 +111
34 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,6001.6k $44.4k $44.4k 0.00% Unchanged
35 SHP Wealth Management 0.00% of their portfolio PLYMOUTH, MA 1,0171.0k $28.2k $28.2k 0.00% First filing
36 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 750750 $20.8k $20.8k 0.00% Unchanged
37 Estate Planners Group, LLC 0.00% of their portfolio YARDLEY, PA 360360 $10.0k $10.0k 0.00% First filing
38 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 344344 $9.5k $9.5k 0.00% Reduced -21 -21
39 DAGCO, INC. 0.00% of their portfolio WESTLAKE, OH 308308 $8.5k $8.5k 0.00% New
40 SUMMIT SECURITIES GROUP LLC 0.00% of their portfolio NEW YORK, NY 300300 $8.3k $8.3k 0.00% Reduced -2.9k -2,900
41 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 264264 $7.3k $7.3k 0.00% New
42 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 241241 $6.7k $6.7k 0.00% Added +13 +13
43 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 238238 $7.0k $7.0k 0.00% New
44 Ankerstar Wealth, LLC 0.01% of their portfolio LEANDER, TX 234234 $6.5k $6.5k 0.01% First filing
45 HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio SHERMAN OAKS, CA 200200 $5.5k $5.5k 0.00% Reduced -300 -300
46 Kilter Group LLC 0.00% of their portfolio RHINEBECK, NY 150150 $4.2k $4.2k 0.00% Reduced -25 -25
47 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 130130 $3.6k $3.6k 0.00% Added +126 +126
48 CWM, LLC 0.00% of their portfolio OMAHA, NE 100100 $3.0k $3.0k 0.00% Unchanged
49 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 9999 $2.7k $2.7k 0.00% New
50 Hurley Capital, LLC 0.00% of their portfolio NEW YORK, NY 9191 $2.5k $2.5k 0.00% New
51 TUCKER ASSET MANAGEMENT LLC 0.00% of their portfolio LITTLETON, CO 4040 $1.1k $1.1k 0.00% New
52 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 3838 $1.1k $1.1k 0.00% Added +10 +10
53 Legacy Wealth Managment, LLC/ID 0.00% of their portfolio BOISE, ID 2929 $805 $805 0.00% New
54 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2727 $749 $749 0.00% New
55 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1616 $444 $444 0.00% New
56 SageView Advisory Group, LLC 0.00% of their portfolio Newport Beach, CA 1616 $455 $455 0.00% New
57 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1515 $416 $416 0.00% New
58 Global Wealth Strategies & Associates 0.00% of their portfolio DENVER, CO 1010 $277 $277 0.00% New
59 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 55 $139 $139 0.00% Unchanged