VOLATILITY SHS TR SOLZ
SOLANA ETF · ETP · CUSIP 92864M822
42
institutional holders
+35 vs Q2 2025
1.8m
shares reported held*
$39.9mreported value*
38 new
3 added
1 reduced
2 sold out
net bought ≈ $35.8m (+1.6m 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 ≈ $22.15. Options: 7 managers hold calls ($11.3m notional), 7 hold puts ($27.5m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q1 2025 | 2 |
| Q2 2025 | 7 |
| Q3 2025 | 42 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or addedCut or sold out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2025 | 6 | 1 |
| Q3 2025 | 41 | 3 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
CallsPuts
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $0 | $0 | — |
| Q1 2025 | $0 | $0 | — |
| Q2 2025 | $0 | $0 | — |
| Q3 2025 | $11.3m | $27.5m | 2.43 |
Biggest buyers
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | +628.1k |
| JANE STREET GROUP, LLC | New | +196.4k |
| Galaxy Digital Capital Management GP LLC | New | +113.7k |
| Heck Capital Advisors, LLC | New | +109.3k |
| Belvedere Trading LLC | New | +85.5k |
| RENAISSANCE TECHNOLOGIES LLC | New | +81.7k |
| Vienna Asset Management LLC | New | +80.8k |
| Tactive Advisors, LLC | New | +73.6k |
| WOLVERINE TRADING, LLC | New | +62.2k |
| VR Advisory Services Ltd | New | +58.0k |
Biggest sellers
| Militia Capital Partners, LP | Sold out | -172.2k |
| TWIN PEAKS WEALTH ADVISORS, LLC | Sold out | -1.4k |
| Tower Research Capital LLC (TRC) | Reduced | -89 |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $3.5m158.8k shares |
| CITADEL ADVISORS LLC | New | $3.2m146.6k shares |
| DRW Securities, LLC | New | $2.2m100.0k shares |
| JANE STREET GROUP, LLC | New | $1.6m72.8k shares |
| WOLVERINE TRADING, LLC | New | $651.8k28.7k shares |
| Belvedere Trading LLC | New | $79.6k3.6k shares |
| MAI Capital Management | New | $2.2k100 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $8.2m372.5k shares |
| DRW Securities, LLC | New | $7.2m324.8k shares |
| HBK INVESTMENTS L P | Not comparable | $6.9m313.6k shares |
| CITADEL ADVISORS LLC | New | $2.9m132.3k shares |
| WOLVERINE TRADING, LLC | New | $1.4m60.7k shares |
| JANE STREET GROUP, LLC | New | $707.8k32.0k shares |
| Belvedere Trading LLC | New | $161.5k7.3k 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, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 628.1k $13.9m | New |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 196.4k $4.3m | New |
| Galaxy Digital Capital Management GP LLC 2.46% of their portfolio | 113.7k $2.5m | New |
| Heck Capital Advisors, LLC 0.19% of their portfolio | 109.3k $2.4m | New |
| Belvedere Trading LLC 0.15% of their portfolio | 85.5k $1.9m | New |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 81.7k $1.8m | New |
| Vienna Asset Management LLC 1.07% of their portfolio | 80.8k $1.8m | New |
| Tactive Advisors, LLC 0.46% of their portfolio | 73.6k $1.6m | New |
| WOLVERINE TRADING, LLC 0.03% of their portfolio | 62.2k $1.4m | New |
| CANTOR FITZGERALD, L. P. 0.03% of their portfolio | 58.0k $1.3m | New |
| VR Advisory Services Ltd 0.31% of their portfolio | 58.0k $1.3m | New |
| GROUP ONE TRADING LLC 0.03% of their portfolio | 42.3k $935.1k | New |
| J. Goldman & Co LP 0.03% of their portfolio | 40.0k $884.8k | New |
| BRIGHTON JONES LLC 0.01% of their portfolio | 22.5k $497.4k | Added +12.2k |
| SIMPLEX TRADING, LLC 0.01% of their portfolio | 21.7k $480.0k | Added +21.1k |
| Marex Group Ltd 0.01% of their portfolio | 17.8k $404.9k | New |
| Verity Asset Management, Inc. 0.11% of their portfolio | 14.7k $324.5k | New |
| Focus Partners Wealth 0.00% of their portfolio | 14.5k $320.0k | New |
| CENTAURUS FINANCIAL, INC. 0.01% of their portfolio | 13.3k $294.0k | New |
| DRW Securities, LLC 0.01% of their portfolio | 11.8k $261.7k | New |
| Visionary Wealth Advisors 0.01% of their portfolio | 11.4k $253.3k | New |
| Virtu Financial LLC 0.01% of their portfolio | 11.4k $251.0k | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 8.1k $179.1k | New |
| ROTHSCHILD INVESTMENT LLC 0.01% of their portfolio | 6.0k $132.7k | New |
| UBS Group AG 0.00% of their portfolio | 4.5k $100.4k | New |
| Parallel Advisors, LLC 0.00% of their portfolio | 3.4k $75.0k | New |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 3.0k $65.4k | New |
| MONTAG A & ASSOCIATES INC 0.00% of their portfolio | 2.8k $60.9k | Added +1.7k |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 1.5k $32.1k | New |
| High Note Wealth, LLC 0.00% of their portfolio | 1.1k $24.6k | New |
| MAI Capital Management 0.00% of their portfolio | 900 $19.9k | New |
| Quaker Wealth Management, LLC 0.01% of their portfolio | 810 $17.9k | New |
| Reyes Financial Architecture, Inc. 0.01% of their portfolio | 701 $15.5k | New |
| Front Row Advisors LLC 0.00% of their portfolio | 500 $11.1k | New |
| Sound Income Strategies, LLC 0.00% of their portfolio | 354 $8.1k | New |
| Advisory Services Network, LLC 0.00% of their portfolio | 300 $6.6k | New |
| Caitlin John, LLC 0.00% of their portfolio | 256 $5.7k | New |
| IFP Advisors, Inc 0.00% of their portfolio | 200 $4.4k | New |
| Copia Wealth Management 0.00% of their portfolio | 84 $1.9k | New |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 60 $1.3k | Reduced -89 |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 10 $221 | New |
| Westend Capital Management, LLC 0.00% of their portfolio | 9 $199 | New |