The institutional cluster is dominated by passive/index fund buying (BlackRock, State Street, Geode, Northern Trust, Schwab) which likely reflects index rebalancing or ETF creation, not active conviction. Meanwhile, active managers and quants (Millennium, Susquehanna, Centiva, Goldman Sachs) are selling or nearly exiting. Monitor next 13F for whether passive buying persists or reverses; the active selling suggests smart money is reducing exposure despite the passive inflow.
Executive Summary
Institutional cluster in LODE shows heavy passive buying (10 buyers, net +$29.2M) concentrated in mega-passive funds (BlackRock, State Street, Geode, Northern Trust, Schwab) that doubled or added positions, while 8 sellers (including Millennium, Susquehanna, Goldman Sachs) trimmed or nearly exited, netting -$7.3M. The buying is overwhelmingly passive/index-driven, not active conviction, and the selling includes quant and active managers, suggesting the cluster reflects index rebalancing or ETF flows rather than a shared fundamental thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $21.9M
▲ Buyers (10)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| BlackRock | DOUBLED | +951.6% | $17.6M | $16.4M |
| State Street | DOUBLED | +295.6% | $5.0M | $4.0M |
| Geode | DOUBLED | +132.1% | $7.9M | $5.4M |
| Northern Trust | DOUBLED | +282% | $2.5M | $2.0M |
| Schwab | DOUBLED | +302.8% | $943.0K | $771.0K |
▼ Sellers (8)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Millennium | NEAR_EXIT | -97.9% | $2.8M | -$2.7M |
| Susquehanna International Group | TRIM | -55.5% | $6.1M | -$2.4M |
| Centiva Capital | NEAR_EXIT | -90.1% | $1.5M | -$1.3M |
| Goldman Sachs | NEAR_EXIT | -92% | $634.0K | -$565.0K |
Key Facts
- 10 institutional buyers accumulated $29.2M net in LODE during 2026-Q2, led by BlackRock (+$16.4M), State Street (+$4.0M), and Geode (+$5.4M)
- 8 institutional sellers reduced holdings by $7.3M net, led by Millennium (-$2.7M), Susquehanna (-$2.4M), and Centiva Capital (-$1.3M)
- 7 of 10 buyers are mega-passive/index funds (BlackRock, State Street, Geode, Northern Trust, Schwab, Fidelity, Wells Fargo); only 3 are active asset managers (American Century, Citigroup, Osaic)
- Sellers include quant fund Millennium (near-exit, -97.9% of shares), active manager Susquehanna (-55.5%), and investment banks Goldman Sachs (-92.0%), Morgan Stanley (-50.0%), BofA (-47.2%)
- Net institutional flow was positive $21.9M, but the composition is heavily passive buying vs active/quant selling
Financial Impact
10 institutions accumulated $34.7M in current holdings (net change +$29.2M) while 8 institutions reduced holdings by $7.3M, resulting in net institutional inflow of approximately $21.9M during Q2 2026
Risk Factors
- 13F data is 45-day stale; positions may have already been unwound since quarter-end
- Passive buying may be mechanical (index rebalancing, ETF flows) and not indicative of fundamental conviction
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-LODE-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | SC 13D/A | $1.75 $1.69 | ▲ +3.43% | ▲ +3.28% | — |
Sep 24, 2026 4w ago | Press Release | $2.56 $2.25 | ▼ −12.11% | ▼ −11.69% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $2.76 $2.35 | ▼ −14.86% | ▼ −13.67% | — |
Sep 16, 2026 5w ago | SC 13D/A | $2.63 $2.56 | ▲ +2.66% | ▲ +3.26% | — |
Jul 23, 2026 13w ago | Press Release | $3.00 $2.79 | ▼ −7.00% | ▼ −7.37% | — |
Jul 4, 2026 16w ago | Institutional Cluster | $4.08 $4.34 | ▲ +6.37% | ▲ +5.88% | — |
Jun 24, 2026 17w ago | Press Release | $4.11 $3.99 | ▼ −2.92% | ▼ −4.63% | — |
Jun 24, 2026 17w ago | 8-K | $4.11 $3.99 | ▼ −2.92% | ▼ −4.63% | — |
Jun 22, 2026 18w ago | Press Release | $4.48 $4.34 | ▼ −3.13% | ▼ −1.06% | — |
Jun 17, 2026 18w ago | 8-K | $4.77 $3.98 | ▼ −16.56% | ▼ −14.90% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers