SPOTIFY TECHNOLOGY S A SPOT
SHS · Common Stock · CUSIP L8681T102
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* 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 ($472.3m this quarter). Holder counts are more reliable. Shares outstanding: 205.8m as of 2025-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $698.58. Options: 49 managers hold calls ($5.5bn notional), 48 hold puts ($5.3bn).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 495 |
| Q4 2022 | 479 |
| Q1 2023 | 547 |
| Q2 2023 | 572 |
| Q3 2023 | 555 |
| Q4 2023 | 657 |
| Q1 2024 | 720 |
| Q2 2024 | 841 |
| Q3 2024 | 911 |
| Q4 2024 | 1,064 |
| Q1 2025 | 1,173 |
| Q2 2025 | 1,330 |
| Q3 2025 | 1,352 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 318 | 242 |
| Q1 2024 | 346 | 309 |
| Q2 2024 | 486 | 284 |
| Q3 2024 | 490 | 346 |
| Q4 2024 | 549 | 397 |
| Q1 2025 | 665 | 446 |
| Q2 2025 | 771 | 477 |
| Q3 2025 | 745 | 557 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $3.1bn | $3.9bn | 1.24 |
| Q1 2025 | $3.3bn | $3.1bn | 0.94 |
| Q2 2025 | $5.4bn | $5.1bn | 0.93 |
| Q3 2025 | $5.5bn | $5.3bn | 0.97 |
Biggest buyers
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.2m |
| Capital World Investors | Added | +789.8k |
| Capital Research Global Investors | New | +733.8k |
| PRINCIPAL FINANCIAL GROUP INC | Added | +555.8k |
| GOLDMAN SACHS GROUP INC | Added | +516.5k |
| ALLIANCEBERNSTEIN L.P. | Added | +428.2k |
| JPMORGAN CHASE & CO | Added | +347.4k |
| CITADEL ADVISORS LLC | Added | +334.9k |
| Point72 Asset Management, L.P. | New | +334.3k |
| Artisan Partners Limited Partnership | Added | +295.9k |
Biggest sellers
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -1.5m |
| BAILLIE GIFFORD & CO | Reduced | -933.6k |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -917.3k |
| FMR LLC | Reduced | -864.3k |
| JENNISON ASSOCIATES LLC | Reduced | -821.5k |
| ROYAL BANK OF CANADA | Reduced | -598.0k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -397.5k |
| BANK OF AMERICA CORP /DE/ | Reduced | -358.0k |
| Invesco Ltd. | Reduced | -341.1k |
| AXIOM INVESTORS LLC /DE | Reduced | -322.9k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $1.3bn1.8m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.2bn1.7m shares |
| CITADEL ADVISORS LLC | Added | $810.0m1.2m shares |
| IMC-Chicago, LLC | Added | $327.2m468.8k shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Unchanged | $235.2m337.0k shares |
| PEAK6 LLC | Reduced | $208.0m298.0k shares |
| WOLVERINE TRADING, LLC | Added | $205.6m282.2k shares |
| D. E. Shaw & Co., Inc. | Reduced | $174.0m249.3k shares |
| BANK OF AMERICA CORP /DE/ | Reduced | $156.6m224.3k shares |
| Walleye Trading LLC | Added | $128.2m183.6k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.4bn1.9m shares |
| CITADEL ADVISORS LLC | Added | $746.4m1.1m shares |
| JANE STREET GROUP, LLC | Added | $729.9m1.0m shares |
| IMC-Chicago, LLC | Added | $517.3m741.1k shares |
| GOLDMAN SACHS GROUP INC | Added | $390.8m559.9k shares |
| D. E. Shaw & Co., Inc. | Added | $175.0m250.7k shares |
| WOLVERINE TRADING, LLC | Added | $148.1m203.3k shares |
| Parallax Volatility Advisers, L.P. | Added | $139.9m200.4k shares |
| Walleye Trading LLC | Added | $135.4m194.0k shares |
| SIMPLEX TRADING, LLC | Added | $114.3m163.8k 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.
Insider purchases and sales in Q3 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.
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.15% of their portfolio | 12.1m $8.4bn | Added +237.5k |
| BAILLIE GIFFORD & CO 4.50% of their portfolio | 8.7m $6.1bn | Reduced -933.6k |
| MORGAN STANLEY 0.29% of their portfolio | 6.8m $4.7bn | Reduced -55.0k |
| JPMORGAN CHASE & CO 0.12% of their portfolio | 5.6m $3.9bn | Added +347.4k |
| FMR LLC 0.19% of their portfolio | 5.2m $3.6bn | Reduced -864.3k |
| STATE STREET CORP 0.11% of their portfolio | 4.6m $3.2bn | Added +48.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.28% of their portfolio | 3.7m $2.6bn | Added +1.2m |
| WCM INVESTMENT MANAGEMENT, LLC 5.08% of their portfolio | 3.4m $2.4bn | Reduced -7 |
| JENNISON ASSOCIATES LLC 1.26% of their portfolio | 3.1m $2.2bn | Reduced -821.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.63% of their portfolio | 2.9m $2.0bn | Reduced -397.5k |
| Capital World Investors 0.26% of their portfolio | 2.7m $1.9bn | Added +789.8k |
| Fisher Asset Management, LLC 0.66% of their portfolio | 2.6m $1.8bn | Added +113.6k |
| BANK OF AMERICA CORP /DE/ 0.12% of their portfolio | 2.3m $1.6bn | Reduced -358.0k |
| GOLDMAN SACHS GROUP INC 0.18% of their portfolio | 1.8m $1.3bn | Added +516.5k |
| COATUE MANAGEMENT LLC 3.09% of their portfolio | 1.8m $1.3bn | Added +212.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.72% of their portfolio | 1.6m $1.1bn | Reduced -108.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.07% of their portfolio | 1.6m $1.1bn | Added +58.5k |
| SANDS CAPITAL MANAGEMENT, LLC 2.98% of their portfolio | 1.5m $1.1bn | Added +192.8k |
| NORTHERN TRUST CORP 0.14% of their portfolio | 1.5m $1.1bn | Added +3.2k |
| FORSTA AP-FONDEN 6.03% of their portfolio | 1.5m $1.0bn | Reduced -81.1k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.79% of their portfolio | 1.4m $1.0bn | Reduced -57.7k |
| JANUS HENDERSON GROUP PLC 0.44% of their portfolio | 1.4m $973.5m | Added +107.1k |
| DEUTSCHE BANK AG\ 0.30% of their portfolio | 1.3m $896.8m | Added +98.7k |
| TIGER GLOBAL MANAGEMENT LLC 2.72% of their portfolio | 1.3m $880.5m | Unchanged |
| Swedbank AB 0.83% of their portfolio | 1.2m $818.2m | Added +23.7k |
| AMF Tjanstepension AB 3.23% of their portfolio | 1.2m $808.1m | Added +158.9k |
| EDGEWOOD MANAGEMENT LLC 2.83% of their portfolio | 1.1m $797.8m | Reduced -106.8k |
| Legal & General Group Plc 0.18% of their portfolio | 1.1m $782.1m | Added +11.6k |
| Invesco Ltd. 0.12% of their portfolio | 1.1m $777.1m | Reduced -341.1k |
| FRANKLIN RESOURCES INC 0.19% of their portfolio | 1.1m $757.3m | Reduced -46.1k |
| Winslow Capital Management, LLC 2.37% of their portfolio | 1.0m $717.3m | Added +96.8k |
| VANGUARD GROUP INC 0.01% of their portfolio | 1.0m $702.1m | Added +24.2k |
| Technology Crossover Management XI, Ltd. 71.41% of their portfolio | 1.0m $698.0m | Unchanged |
| BAMCO INC /NY/ 1.83% of their portfolio | 988.7k $690.1m | Added +51.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.11% of their portfolio | 941.0k $656.8m | Reduced -917.3k |
| Artisan Partners Limited Partnership 0.94% of their portfolio | 940.5k $656.4m | Added +295.9k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.59% of their portfolio | 937.7k $654.5m | Reduced -83.0k |
| Nuveen, LLC 0.14% of their portfolio | 766.2k $534.8m | Reduced -1.7k |
| Capital Research Global Investors 0.10% of their portfolio | 733.8k $512.2m | New |
| NEUBERGER BERMAN GROUP LLC 0.37% of their portfolio | 732.4k $511.2m | Added +187.9k |
| ALLIANCEBERNSTEIN L.P. 0.15% of their portfolio | 699.9k $488.6m | Added +428.2k |
| ACADIAN ASSET MANAGEMENT LLC 0.85% of their portfolio | 694.7k $484.8m | Reduced -164.4k |
| Bank of New York Mellon Corp 0.09% of their portfolio | 684.4k $477.7m | Reduced -50.0k |
| BESSEMER GROUP INC 0.73% of their portfolio | 682.6k $476.5m | Added +177.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.61% of their portfolio | 657.6k $459.0m | Reduced -224.3k |
| BROWN ADVISORY INC 0.57% of their portfolio | 626.8k $437.5m | Added +264.0k |
| SEI INVESTMENTS CO 0.45% of their portfolio | 593.5k $414.2m | Added +77.9k |
| Amundi 0.13% of their portfolio | 593.1k $403.5m | Reduced -98.6k |
| Alecta Tjanstepension Omsesidigt 1.85% of their portfolio | 593.0k $413.7m | Reduced -28.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.20% of their portfolio | 571.5k $398.9m | Added +555.8k |
| Sumitomo Mitsui Trust Group, Inc. 0.23% of their portfolio | 570.5k $398.2m | Reduced -54.5k |
| Pictet Asset Management Holding SA 0.38% of their portfolio | 557.6k $389.4m | Added +81.0k |
| AMERICAN CENTURY COMPANIES INC 0.19% of their portfolio | 529.7k $369.7m | Added +108.8k |
| AXIOM INVESTORS LLC /DE 2.65% of their portfolio | 514.7k $359.3m | Reduced -322.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio | 500.8k $349.6m | Reduced -98.1k |
| FRED ALGER MANAGEMENT, LLC 1.36% of their portfolio | 500.2k $349.1m | Added +116.0k |
| Swiss National Bank 0.19% of their portfolio | 457.0k $319.0m | Reduced -27.1k |
| ROYAL BANK OF CANADA 0.05% of their portfolio | 435.2k $303.8m | Reduced -598.0k |
| Thrivent Financial for Lutherans 0.60% of their portfolio | 434.4k $303.2m | Added +228.0k |
| Aberdeen Group plc 0.50% of their portfolio | 431.7k $314.5m | Added +9.3k |
| UBS Group AG 0.06% of their portfolio | 426.7k $297.9m | Reduced -312.7k |
| AMERIPRISE FINANCIAL INC 0.07% of their portfolio | 418.2k $292.4m | Added +35.5k |
| VOYA INVESTMENT MANAGEMENT LLC 0.29% of their portfolio | 416.6k $290.6m | Reduced -101.6k |
| Liontrust Investment Partners LLP 3.99% of their portfolio | 391.1k $273.0m | Reduced -4.1k |
| SCGE MANAGEMENT, L.P. 5.06% of their portfolio | 371.6k $259.4m | Added +45.6k |
| Hyperion Asset Management Ltd 7.11% of their portfolio | 365.4k $255.0m | Added +36.1k |
| CITADEL ADVISORS LLC 0.20% of their portfolio | 362.1k $252.8m | Added +334.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.17% of their portfolio | 354.4k $247.4m | Reduced -103.0k |
| Robeco Institutional Asset Management B.V. 0.36% of their portfolio | 352.6k $246.1m | Reduced -142.6k |
| WELLS FARGO & COMPANY/MN 0.05% of their portfolio | 342.3k $238.9m | Reduced -1.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.39% of their portfolio | 335.7k $234.3m | Added +43.6k |
| Point72 Asset Management, L.P. 0.51% of their portfolio | 334.3k $233.3m | New |
| CITIGROUP INC 0.16% of their portfolio | 330.4k $230.6m | Added +33.5k |
| Balyasny Asset Management L.P. 0.46% of their portfolio | 328.0k $228.9m | Added +249.3k |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 2.04% of their portfolio | 327.0k $228.2m | Added +2.7k |
| BARCLAYS PLC 0.08% of their portfolio | 318.1k $222.1m | Added +50.3k |
| Capital International Investors 0.03% of their portfolio | 307.0k $215.2m | Reduced -122.7k |
| Russell Investments Group, Ltd. 0.24% of their portfolio | 297.4k $208.5m | Reduced -9.8k |
| Allianz Asset Management GmbH 0.24% of their portfolio | 284.4k $198.5m | Reduced -20.8k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.51% of their portfolio | 282.3k $197.1m | Reduced -89.5k |
| California Public Employees Retirement System 0.12% of their portfolio | 276.7k $193.1m | Added +6.9k |
| SAMLYN CAPITAL, LLC 2.58% of their portfolio | 260.4k $181.7m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.23% of their portfolio | 255.1k $178.1m | Added +31.3k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 252.6k $176.4m | Added +18.3k |
| Allspring Global Investments Holdings, LLC 0.28% of their portfolio | 252.2k $176.7m | Added +2.3k |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. 1.60% of their portfolio | 251.6k $175.6m | Reduced -21.4k |
| TD Asset Management Inc 0.14% of their portfolio | 245.5k $171.3m | Reduced -17.8k |
| NORDEA INVESTMENT MANAGEMENT AB 0.15% of their portfolio | 241.3k $166.4m | Added +48.2k |
| BANK OF MONTREAL /CAN/ 0.07% of their portfolio | 240.2k $167.6m | Added +17.3k |
| AGF MANAGEMENT LTD 0.73% of their portfolio | 238.4k $166.4m | Reduced -48.8k |
| LORD, ABBETT & CO. LLC 0.49% of their portfolio | 236.2k $164.9m | Reduced -157.4k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.65% of their portfolio | 236.0k $164.7m | Added +13.2k |
| AQR CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 223.5k $156.0m | Reduced -4.2k |
| XN LP 4.54% of their portfolio | 221.1k $154.3m | Added +91.3k |
| PRIMECAP MANAGEMENT CO/CA/ 0.12% of their portfolio | 219.9k $153.5m | Reduced -37.0k |
| Styrax Capital, LP 10.78% of their portfolio | 210.1k $146.6m | Unchanged |
| STOREBRAND ASSET MANAGEMENT AS 0.39% of their portfolio | 210.0k $146.6m | Added +116.0k |
| Holocene Advisors, LP 0.33% of their portfolio | 204.5k $142.8m | New |
| FEDERATED HERMES, INC. 0.25% of their portfolio | 204.4k $142.7m | Reduced -271.3k |
| Perpetual Ltd 1.76% of their portfolio | 202.7k $141.5m | Reduced -41.7k |