Vault-13

VOLATILITY SHS TR BITX

2X BITCOIN STRAT · ETP · CUSIP 92864M301

35 institutional holders -24 vs Q4 2025
1,392,5811.4m shares reported held*
$20.5mreported value*
9 new 16 added 5 reduced 33 sold out net sold ≈ $13.1m (-889.4k 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 ≈ $14.74. Options: 6 managers hold calls ($77.8m notional), 5 hold puts ($78.7m).

Trends to Q1 2026

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: 59Q1 26: 3535Q2 23Q1 24Q4 24Q3 25Q1 26
Numbers
QuarterHolders
Q2 20233
Q3 20236
Q4 202316
Q1 202433
Q2 202432
Q3 202436
Q4 202449
Q1 202547
Q2 202552
Q3 202545
Q4 202559
Q1 202635

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 28 bought or addedQ2 24: 18 cut or sold outQ3 24: 22 bought or addedQ3 24: 15 cut or sold outQ3 24Q4 24: 37 bought or addedQ4 24: 21 cut or sold outQ1 25: 34 bought or addedQ1 25: 29 cut or sold outQ1 25Q2 25: 37 bought or addedQ2 25: 22 cut or sold outQ3 25: 26 bought or addedQ3 25: 33 cut or sold outQ3 25Q4 25: 40 bought or addedQ4 25: 24 cut or sold outQ1 26: 25 bought or addedQ1 26: 38 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20242818
Q3 20242215
Q4 20243721
Q1 20253429
Q2 20253722
Q3 20252633
Q4 20254024
Q1 20262538

Calls vs puts

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

CallsPuts
$0$100m$200m$300m$400mQ2 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 0.96Q1 26 calls: $77.8mQ1 26 puts: $78.7mQ1 26P/C 1.01
Numbers
QuarterCallsPutsP/C
Q2 2025$339.3m$267.2m0.79
Q3 2025$355.4m$367.2m1.03
Q4 2025$135.5m$130.2m0.96
Q1 2026$77.8m$78.7m1.01

Biggest buyers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +215,421+215.4k
SIMPLEX TRADING, LLC New +176,377+176.4k
GROUP ONE TRADING LLC Added +143,260+143.3k
Virtu Financial LLC New +97,438+97.4k
EverSource Wealth Advisors, LLC Added +21,114+21.1k
Mariner, LLC New +19,380+19.4k
CreativeOne Wealth, LLC New +13,440+13.4k
PEAPACK GLADSTONE FINANCIAL CORP New +12,500+12.5k
ZACKS INVESTMENT MANAGEMENT New +12,041+12.0k
CAPTRUST FINANCIAL ADVISORS Added +10,801+10.8k

Biggest sellers

DRW Securities, LLC Sold out -673,706-673.7k
Quadrature Capital Ltd Sold out -306,863-306.9k
RENAISSANCE TECHNOLOGIES LLC Sold out -224,000-224.0k
IMC-Chicago, LLC Sold out -110,028-110.0k
JANE STREET GROUP, LLC Sold out -57,837-57.8k
Belvedere Trading LLC Sold out -51,580-51.6k
UBS Group AG Sold out -36,853-36.9k
CITADEL ADVISORS LLC Sold out -34,940-34.9k
KG Capital Management Sold out -23,199-23.2k
Jump Financial, LLC Sold out -21,430-21.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $26.3m1.8m shares
CITADEL ADVISORS LLC Added $17.2m1.2m shares
GROUP ONE TRADING LLC Added $15.7m1.1m shares
JANE STREET GROUP, LLC Reduced $13.3m900.1k shares
IMC-Chicago, LLC Reduced $5.1m347.2k shares
Cane Capital Partners, LLC Reduced $241.3k87.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $24.4m1.7m shares
JANE STREET GROUP, LLC Added $23.4m1.6m shares
CITADEL ADVISORS LLC Added $22.1m1.5m shares
GROUP ONE TRADING LLC Added $5.3m356.7k shares
IMC-Chicago, LLC Reduced $3.6m241.6k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 354,195354.2k $5.2m $5.2m 0.01% Added +215.4k +215,421
2 KINGSWOOD WEALTH ADVISORS, LLC 0.17% of their portfolio SAN DIEGO, CA 241,039241.0k $3.6m $3.6m 0.17% Added +6.7k +6,704
3 GROUP ONE TRADING LLC 0.10% of their portfolio CHICAGO, IL 203,114203.1k $3.0m $3.0m 0.10% Added +143.3k +143,260
4 SIMPLEX TRADING, LLC 0.08% of their portfolio CHICAGO, IL 176,377176.4k $2.6m $2.6m 0.08% New
5 Virtu Financial LLC 0.06% of their portfolio New York, NY 97,43897.4k $1.4m $1.4m 0.06% New
6 EverSource Wealth Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 74,00374.0k $1.1m $1.1m 0.03% Added +21.1k +21,114
7 X-Square Capital, LLC 0.19% of their portfolio GUAYNABO, PR 38,50338.5k $568.0k $568.0k 0.19% Added +1.8k +1,781
8 Almanack Investment Partners, LLC. 0.09% of their portfolio WAYNE, PA 36,25136.3k $534.3k $534.3k 0.09% Unchanged
9 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 23,01323.0k $339.2k $339.2k 0.00% Added +10.8k +10,801
10 Cane Capital Partners, LLC 0.13% of their portfolio ST FRANCISVILLE, LA 20,40420.4k $300.8k $300.8k 0.13% Reduced -2.9k -2,856
11 Mariner, LLC 0.00% of their portfolio Overland Park, KS 19,38019.4k $285.7k $285.7k 0.00% New
12 MCGUIRE CAPITAL ADVISORS INC 0.13% of their portfolio BETHANY, OK 14,28914.3k $210.6k $210.6k 0.13% Reduced -1.6k -1,553
13 Headlands Technologies LLC 0.02% of their portfolio CHICAGO, IL 13,74713.7k $202.6k $202.6k 0.02% Added +3.3k +3,257
14 CreativeOne Wealth, LLC 0.00% of their portfolio OVERLAND PARK, KS 13,44013.4k $198.1k $198.1k 0.00% New
15 PEAPACK GLADSTONE FINANCIAL CORP 0.00% of their portfolio BEDMINSTER, NJ 12,50012.5k $184.0k $184.0k 0.00% New
16 ZACKS INVESTMENT MANAGEMENT 0.00% of their portfolio Chicago, IL 12,04112.0k $177.5k $177.5k 0.00% New
17 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 11,56511.6k $166.4k $166.4k 0.00% Added +2.6k +2,556
18 Secure Asset Management, LLC 0.02% of their portfolio Troy, MI 10,15010.2k $149.6k $149.6k 0.02% Added +1.3k +1,308
19 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 6,6976.7k $98.7k $98.7k 0.00% Added +4.7k +4,727
20 Root Financial Partners, LLC 0.00% of their portfolio ENCINITAS, CA 5,4005.4k $79.6k $79.6k 0.00% New
21 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,7961.8k $26.5k $26.5k 0.00% Added +1.8k +1,758
22 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,6001.6k $23.6k $23.6k 0.00% Unchanged
23 SHP Wealth Management 0.00% of their portfolio PLYMOUTH, MA 1,0191.0k $15.0k $15.0k 0.00% Added +2 +2
24 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 926926 $13.7k $13.7k 0.00% Added +796 +796
25 Financial Life Planners 0.01% of their portfolio TEMPE, AZ 713713 $10.5k $10.5k 0.01% New
26 Benson Wealth Management INC 0.01% of their portfolio OOLTEWAH, TN, TN 710710 $10.5k $10.5k 0.01% Reduced -1.5k -1,457
27 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 600600 $8.8k $8.8k 0.00% Reduced -150 -150
28 SUMMIT SECURITIES GROUP LLC 0.00% of their portfolio NEW YORK, NY 500500 $7.4k $7.4k 0.00% Added +200 +200
29 Kilter Group LLC 0.00% of their portfolio RHINEBECK, NY 500500 $7.4k $7.4k 0.00% Added +350 +350
30 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 342342 $5.0k $5.0k 0.00% Added +101 +101
31 HHM Wealth Advisors, LLC 0.00% of their portfolio CHATTANOOGA, TN 180180 $2.7k $2.7k 0.00% Reduced -4.0k -4,000
32 Hurley Capital, LLC 0.00% of their portfolio NEW YORK, NY 9191 $1.3k $1.3k 0.00% Unchanged
33 Legacy Wealth Managment, LLC/ID 0.00% of their portfolio BOISE, ID 2929 $429 $429 0.00% Unchanged
34 BankPlus Trust Department 0.00% of their portfolio JACKSON, MS 2424 $354 $354 0.00% New
35 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 55 $74 $74 0.00% Unchanged