Monitor next 13F filing for Q3 to see if the buying cluster persists or if Goldman Sachs' exit proves prescient. The 45-day lag makes current positioning uncertain.
Executive Summary
An institutional cluster on BTGO shows 11 buyers adding $12.4M in net new positions during Q2 2026, dominated by passive mega-funds and a quant fund, while Goldman Sachs fully exited a $17.4M position. The buying is broad but lacks strong active-manager conviction, and the 45-day reporting lag means positions may have shifted since quarter-end.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$5.1M
▲ Buyers (11)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Geode | ADD | +36.2% | $9.0M | $6.3M |
| Millennium | DOUBLED | +880.6% | $3.9M | $3.2M |
| State Street | DOUBLED | +582.4% | $1.2M | $922.0K |
| Tidal Investments | ADD | +73.5% | $10.3M | $871.0K |
| Susquehanna International Group | DOUBLED | +219% | $1.0M | $509.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | EXIT | -100% | $17.4M | -$17.4M |
| Barclays | NEAR_EXIT | -99% | $37.0K | -$36.0K |
Key Facts
- 11 institutional buyers added net $12.4M in new positions, with aggregate current holdings of $27.6M
- 2 sellers reduced holdings by net $17.5M, led by Goldman Sachs' full exit of a $17.4M position
- Millennium (quant) more than 8x'd its position, adding $3.2M to reach $3.9M
- Geode (mega-passive) added the largest dollar amount among buyers at +$6.3M
- Goldman Sachs' exit alone exceeded the total net buying from all 11 buyers combined
Financial Impact
Net institutional buying of $12.4M was offset by Goldman Sachs' $17.4M exit, resulting in net selling of $5.1M across the cluster
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Goldman Sachs' full exit of a $17.4M position is a strong bearish signal from a sophisticated seller
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-BTGO-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $7.26 $5.40 | ▼ −25.62% | ▼ −25.59% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $8.28 $5.74 | ▼ −30.68% | ▼ −30.12% | — |
Aug 12, 2026 10w ago | 8-K | $5.53 $7.65 | ▼ −38.34% | ▼ −40.08% | — |
Jul 28, 2026 12w ago | Insider Cluster | $4.69 $7.02 | ▲ +49.68% | ▲ +44.66% | — |
Jun 17, 2026 18w ago | 8-K | $5.91 $4.88 | ▼ −17.43% | ▼ −18.75% | — |
May 5, 2026 24w ago | 3 | $11.87 $5.61 | ▼ −52.74% | ▼ −55.52% | — |
Apr 13, 2026 28w ago | Court Ruling | $10.27 $11.89 | ▲ +15.77% | ▲ +9.48% | — |
Apr 6, 2026 29w ago | 8-K | $8.41 $11.50 | ▼ −36.74% | ▼ −27.76% | — |
US Market Status
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