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 ($437.5m 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 ≈ $580.26. Options: 44 managers hold calls ($4.3bn notional), 48 hold puts ($3.7bn).
Trends to Q4 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 |
| Q4 2025 | 1,322 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 561 | 739 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $3.3bn | $3.1bn | 0.94 |
| Q2 2025 | $5.4bn | $5.1bn | 0.93 |
| Q3 2025 | $5.5bn | $5.3bn | 0.97 |
| Q4 2025 | $4.3bn | $3.7bn | 0.86 |
Biggest buyers
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +1.2m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Added | +952.1k |
| D. E. Shaw & Co., Inc. | Added | +762.8k |
| MARSHALL WACE, LLP | Added | +731.0k |
| COATUE MANAGEMENT LLC | Added | +647.7k |
| BARCLAYS PLC | Added | +645.6k |
| Point72 Asset Management, L.P. | Added | +636.7k |
| National Pension Service | New | +544.6k |
| Swedbank AB | Added | +444.2k |
| D1 Capital Partners L.P. | New | +395.9k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -3.5m |
| FMR LLC | Reduced | -2.4m |
| WCM INVESTMENT MANAGEMENT, LLC | Reduced | -897.2k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -772.0k |
| AMF Tjanstepension AB | Reduced | -657.8k |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Reduced | -548.2k |
| BlackRock, Inc. | Reduced | -465.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -374.7k |
| SCGE MANAGEMENT, L.P. | Sold out | -371.6k |
| BAILLIE GIFFORD & CO | Reduced | -364.2k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $1.1bn1.9m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $901.3m1.6m shares |
| CITADEL ADVISORS LLC | Reduced | $615.4m1.1m shares |
| IMC-Chicago, LLC | Added | $284.8m490.4k shares |
| Walleye Trading LLC | Added | $194.4m334.8k shares |
| UBS Group AG | Added | $193.9m334.0k shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Reduced | $188.2m324.0k shares |
| D. E. Shaw & Co., Inc. | Added | $158.8m273.4k shares |
| PEAK6 LLC | Reduced | $155.9m268.4k shares |
| Point72 Asset Management, L.P. | Added | $100.6m173.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $935.6m1.6m shares |
| CITADEL ADVISORS LLC | Reduced | $441.5m760.2k shares |
| IMC-Chicago, LLC | Reduced | $391.1m673.5k shares |
| GOLDMAN SACHS GROUP INC | Added | $354.2m609.9k shares |
| JANE STREET GROUP, LLC | Reduced | $344.2m592.7k shares |
| PEAK6 LLC | Added | $184.3m317.4k shares |
| D. E. Shaw & Co., Inc. | Added | $157.7m271.6k shares |
| Walleye Trading LLC | Added | $119.9m206.5k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $115.8m199.4k shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | Reduced | $66.2m114.0k 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 Q4 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 Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.11% of their portfolio | 11.6m $6.7bn | Reduced -465.5k |
| BAILLIE GIFFORD & CO 4.02% of their portfolio | 8.3m $4.8bn | Reduced -364.2k |
| MORGAN STANLEY 0.23% of their portfolio | 6.6m $3.8bn | Reduced -168.7k |
| STATE STREET CORP 0.09% of their portfolio | 4.7m $2.7bn | Added +90.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.24% of their portfolio | 3.9m $2.2bn | Added +149.5k |
| JENNISON ASSOCIATES LLC 1.05% of their portfolio | 3.0m $1.7bn | Reduced -82.1k |
| Capital World Investors 0.23% of their portfolio | 2.9m $1.7bn | Added +133.1k |
| FMR LLC 0.08% of their portfolio | 2.8m $1.6bn | Reduced -2.4m |
| Fisher Asset Management, LLC 0.53% of their portfolio | 2.7m $1.5bn | Added +62.9k |
| WCM INVESTMENT MANAGEMENT, LLC 2.92% of their portfolio | 2.5m $1.4bn | Reduced -897.2k |
| COATUE MANAGEMENT LLC 3.56% of their portfolio | 2.5m $1.4bn | Added +647.7k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.40% of their portfolio | 2.2m $1.2bn | Reduced -772.0k |
| JPMORGAN CHASE & CO 0.08% of their portfolio | 2.1m $1.2bn | Reduced -3.5m |
| BANK OF AMERICA CORP /DE/ 0.08% of their portfolio | 2.0m $1.2bn | Reduced -248.6k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.96% of their portfolio | 1.9m $1.1bn | Added +952.1k |
| GOLDMAN SACHS GROUP INC 0.15% of their portfolio | 1.8m $1.0bn | Reduced -47.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 1.7m $991.2m | Added +93.3k |
| Swedbank AB 0.91% of their portfolio | 1.6m $938.6m | Added +444.2k |
| DEUTSCHE BANK AG\ 0.28% of their portfolio | 1.5m $862.9m | Added +201.1k |
| NORTHERN TRUST CORP 0.11% of their portfolio | 1.5m $857.6m | Reduced -59.5k |
| FORSTA AP-FONDEN 5.10% of their portfolio | 1.5m $856.2m | Added +18.2k |
| SANDS CAPITAL MANAGEMENT, LLC 2.60% of their portfolio | 1.5m $853.6m | Reduced -77.8k |
| JANUS HENDERSON GROUP PLC 0.37% of their portfolio | 1.4m $827.1m | Added +30.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.43% of their portfolio | 1.3m $737.7m | Reduced -374.7k |
| TIGER GLOBAL MANAGEMENT LLC 2.47% of their portfolio | 1.3m $732.5m | Unchanged |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.15% of their portfolio | 1.2m $724.3m | Added +1.2m |
| NORGES BANK 0.08% of their portfolio | 1.2m $711.5m | Not comparable |
| Winslow Capital Management, LLC 2.16% of their portfolio | 1.1m $644.2m | Added +83.8k |
| Legal & General Group Plc 0.14% of their portfolio | 1.1m $636.8m | Reduced -23.9k |
| EDGEWOOD MANAGEMENT LLC 2.93% of their portfolio | 1.1m $614.5m | Reduced -84.9k |
| VANGUARD GROUP INC 0.01% of their portfolio | 1.0m $600.6m | Added +28.3k |
| Technology Crossover Management XI, Ltd. 78.45% of their portfolio | 1.0m $580.7m | Unchanged |
| BAMCO INC /NY/ 1.57% of their portfolio | 997.3k $579.1m | Added +8.6k |
| Artisan Partners Limited Partnership 0.87% of their portfolio | 974.1k $565.7m | Added +33.6k |
| Point72 Asset Management, L.P. 0.88% of their portfolio | 971.0k $563.8m | Added +636.7k |
| BARCLAYS PLC 0.22% of their portfolio | 963.7k $559.6m | Added +645.6k |
| Invesco Ltd. 0.05% of their portfolio | 930.8k $540.5m | Reduced -182.5k |
| Amundi 0.15% of their portfolio | 920.5k $534.5m | Added +327.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.09% of their portfolio | 899.0k $522.0m | Reduced -42.0k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.39% of their portfolio | 891.3k $517.6m | Reduced -548.2k |
| FRANKLIN RESOURCES INC 0.12% of their portfolio | 860.8k $499.9m | Reduced -224.2k |
| BROWN ADVISORY INC 0.68% of their portfolio | 834.7k $484.7m | Added +207.9k |
| MARSHALL WACE, LLP 0.46% of their portfolio | 818.9k $475.6m | Added +731.0k |
| Nuveen, LLC 0.12% of their portfolio | 798.0k $463.4m | Added +31.8k |
| Bank of New York Mellon Corp 0.08% of their portfolio | 785.1k $455.9m | Added +100.7k |
| D. E. Shaw & Co., Inc. 0.34% of their portfolio | 767.4k $445.6m | Added +762.8k |
| Capital Research Global Investors 0.08% of their portfolio | 762.2k $442.6m | Added +28.4k |
| SEI INVESTMENTS CO 0.42% of their portfolio | 736.1k $427.5m | Added +142.6k |
| BESSEMER GROUP INC 0.65% of their portfolio | 729.4k $423.6m | Added +46.8k |
| UBS Group AG 0.08% of their portfolio | 687.6k $399.3m | Added +260.8k |
| Capital International Investors 0.06% of their portfolio | 655.1k $380.3m | Added +348.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.19% of their portfolio | 645.2k $374.7m | Added +73.7k |
| ALLIANCEBERNSTEIN L.P. 0.11% of their portfolio | 623.3k $362.0m | Reduced -76.6k |
| ACADIAN ASSET MANAGEMENT LLC 0.57% of their portfolio | 594.2k $345.0m | Reduced -100.5k |
| Alecta Tjanstepension Omsesidigt 1.51% of their portfolio | 593.0k $344.3m | Unchanged |
| RENAISSANCE TECHNOLOGIES LLC 0.53% of their portfolio | 591.6k $343.6m | Reduced -66.0k |
| CITADEL ADVISORS LLC 0.23% of their portfolio | 577.2k $335.2m | Added +215.1k |
| AMERICAN CENTURY COMPANIES INC 0.16% of their portfolio | 547.5k $317.9m | Added +17.8k |
| National Pension Service 0.23% of their portfolio | 544.6k $316.3m | New |
| NEUBERGER BERMAN GROUP LLC 0.23% of their portfolio | 537.5k $312.1m | Reduced -194.9k |
| Sumitomo Mitsui Trust Group, Inc. 0.18% of their portfolio | 527.4k $306.3m | Reduced -43.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.20% of their portfolio | 510.2k $296.3m | Added +155.8k |
| AMF Tjanstepension AB 1.80% of their portfolio | 500.0k $290.4m | Reduced -657.8k |
| Thrivent Financial for Lutherans 0.50% of their portfolio | 489.1k $284.0m | Added +54.7k |
| Squarepoint Ops LLC 0.56% of their portfolio | 477.4k $277.2m | Added +294.4k |
| FRED ALGER MANAGEMENT, LLC 1.06% of their portfolio | 463.6k $269.2m | Reduced -36.6k |
| Pictet Asset Management Holding SA 0.25% of their portfolio | 450.0k $261.3m | Reduced -107.6k |
| Swiss National Bank 0.15% of their portfolio | 448.0k $260.2m | Reduced -9.0k |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 444.2k $258.0m | Added +26.0k |
| Aberdeen Group plc 0.39% of their portfolio | 430.8k $250.2m | Reduced -882 |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 2.10% of their portfolio | 421.6k $244.8m | Added +94.6k |
| Robeco Institutional Asset Management B.V. 0.35% of their portfolio | 419.0k $243.3m | Added +66.4k |
| D1 Capital Partners L.P. 2.15% of their portfolio | 395.9k $229.9m | New |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 380.0k $220.7m | Reduced -55.2k |
| STEADFAST CAPITAL MANAGEMENT LP 3.54% of their portfolio | 347.9k $202.0m | Added +193.4k |
| Balyasny Asset Management L.P. 0.37% of their portfolio | 339.4k $197.1m | Added +11.4k |
| Hyperion Asset Management Ltd 5.43% of their portfolio | 334.9k $194.5m | Reduced -30.5k |
| GENERATION INVESTMENT MANAGEMENT LLP 1.34% of their portfolio | 332.9k $193.3m | New |
| WELLS FARGO & COMPANY/MN 0.04% of their portfolio | 328.7k $190.9m | Reduced -13.6k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.31% of their portfolio | 325.5k $188.8m | Reduced -10.1k |
| XN LP 4.96% of their portfolio | 304.6k $176.9m | Added +83.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio | 301.4k $175.0m | Reduced -199.4k |
| Russell Investments Group, Ltd. 0.18% of their portfolio | 291.7k $169.3m | Reduced -5.6k |
| California Public Employees Retirement System 0.09% of their portfolio | 274.8k $159.6m | Reduced -1.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.61% of their portfolio | 272.9k $158.5m | Added +36.9k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 267.9k $155.5m | Added +15.3k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.23% of their portfolio | 266.2k $154.6m | First filing |
| PRIMECAP MANAGEMENT CO/CA/ 0.12% of their portfolio | 264.0k $153.3m | Added +44.1k |
| Allianz Asset Management GmbH 0.17% of their portfolio | 258.7k $150.2m | Reduced -25.7k |
| Holocene Advisors, LP 0.31% of their portfolio | 256.5k $148.9m | Added +51.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.14% of their portfolio | 248.2k $143.8m | Reduced -168.4k |
| Qube Research & Technologies Ltd 0.20% of their portfolio | 246.1k $142.9m | New |
| BANK OF MONTREAL /CAN/ 0.06% of their portfolio | 243.7k $141.5m | Added +3.5k |
| Allspring Global Investments Holdings, LLC 0.23% of their portfolio | 243.5k $140.0m | Reduced -8.7k |
| NORDEA INVESTMENT MANAGEMENT AB 0.12% of their portfolio | 243.0k $140.7m | Added +1.6k |
| TREMBLANT CAPITAL GROUP 3.58% of their portfolio | 241.4k $140.2m | Added +166.6k |
| AXIOM INVESTORS LLC /DE 1.20% of their portfolio | 235.4k $136.7m | Reduced -279.3k |
| Liontrust Investment Partners LLP 2.00% of their portfolio | 231.6k $134.5m | Reduced -159.5k |
| SAMLYN CAPITAL, LLC 2.08% of their portfolio | 224.8k $130.6m | Reduced -35.5k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.36% of their portfolio | 221.7k $128.8m | Reduced -60.6k |