Backblaze, Inc.

BLZE • NASDAQ

Backblaze, Inc. is a software - infrastructure company in the technology sector on NASDAQ, led by Gleb Budman, with a market cap of $276.9M. As of Q3 2025, 53% of shares are held by 147 institutional investors, with BlackRock, Inc. as the largest holder at 6.6%.

Chief Executive OfficerGleb Budman

Market Cap$276.9M

Software - Infrastructure

Technology

Employees381.0

Websitebackblaze.com

Country

United States of America

Overview

Overview of institutional ownership in BLZE as of Q3 2025 with a market cap of $524.0M

All Institutions

Institutions: 147
Value Held: $278.2M
Shares Held: 30.0M
Avg Position: $1.9M
Median Position: $361.0K

Hedge Funds

Hedge Funds: 28
Value Held: $86.8M
Shares Held: 9.4M
Avg Position: $3.1M
Median Position: $1.3M

Ownership Breakdown

Institutional (non-HF)

36.54%

$191.5M

Hedge Funds

16.56%

$86.8M

Retail & Other

46.9%

$245.7M

Based on market cap of $524.0M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BLZE as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$34.6M 0.00% of portfolio	6.60% 3.7M shares	Q4 2021 Held for 3y 11m	$5.67T
A AWM Investment Company, Inc. Hedge Fund•Event Driven	David Michael Greenhouse President	$28.4M 2.67% of portfolio	5.43% 3.1M shares	Q3 2024 Held for 1y 2m	$1.1B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$25.0M 0.00% of portfolio	4.77% 2.7M shares	Q4 2021 Held for 3y 11m	$6.69T
WASATCH ADVISORS INC Long Only Manager	Michael Kenneth Yeates CEO	$17.0M 0.09% of portfolio	3.25% 1.8M shares	Q3 2025 Held for 2 months	$18.6B
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	David Alan Atterbury President	$13.6M 3.75% of portfolio	2.59% 1.5M shares	Q4 2021 Held for 3y 11m	$361.1M
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$12.0M 0.00% of portfolio	2.28% 1.3M shares	Q4 2021 Held for 3y 11m	$1.57T
F First Eagle Investment Management, LLC Long Only Manager	Mehdi Asif Mahmud CEO	$10.5M 0.02% of portfolio	2.01% 1.1M shares	Q3 2023 Held for 2y 2m	$54.9B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$9.8M 0.00% of portfolio	1.87% 1.1M shares	Q1 2022 Held for 3y 8m	$2.88T
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	John Wyatt Ricketts President	$8.9M 0.03% of portfolio	1.69% 953.9K shares	Q2 2023 Held for 2y 5m	$31.7B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$8.1M 0.01% of portfolio	1.54% 870.3K shares	Q1 2023 Held for 2y 8m	$121.98B

Net Capital Flow

Institutional buying and selling activity for BLZE in Q3 2025

Traded: +$42.1M
Buyers: 88
Sellers: 57
Total Bought: +$64.3M
Total Sold: −$22.2M
Avg Position: $1.7M

Biggest Buyers

Institution	Net Bought	Current Position
WASATCH ADVISORS INC Long Only Manager	+$17.0M +1.8M shares	$17.0M 1.8M shares
D D. E. Shaw & Co., Inc. Institution	+$3.0M +321.7K shares	$3.4M 364.0K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$2.8M +299.7K shares	$4.5M 480.3K shares
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	+$2.5M +265.9K shares	$13.6M 1.5M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$2.4M +256.4K shares	$4.3M 460.2K shares
S Shannon River Fund Management CO LLC Hedge Fund•Long/Short	+$2.1M +229.4K shares	$2.1M 229.4K shares
J JANE STREET GROUP, LLC Institution	+$2.1M +224.9K shares	$2.1M 224.9K shares
STATE STREET CORP Institution	+$2.0M +215.2K shares	$9.8M 1.1M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$2.0M +210.8K shares	$3.2M 342.3K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$1.9M +207.3K shares	$3.1M 334.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
A AIGH Capital Management LLC Hedge Fund•Long/Short	−$10.0M −1.8M shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$1.9M −203.5K shares	$4.2M 447.7K shares
Q Qube Research & Technologies Ltd Institution	−$1.3M −143.0K shares	$2.7M 287.7K shares
P P.A.W. CAPITAL CORP Hedge Fund•Long/Short	−$742.4K −80.0K shares	$2.7M 290.0K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$612.6K −66.0K shares	$1.9M 203.5K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$569.5K −61.4K shares	$227.5K 24.5K shares
M Man Group plc Institution	−$551.1K −59.4K shares	$275.5K 29.7K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	−$529.6K −57.1K shares	$1.1M 115.2K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	−$503.3K −54.2K shares	$200.6K 21.6K shares
H HSBC HOLDINGS PLC Institution	−$502.3K −54.9K shares	$407.9K 44.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BLZE in Q3 2025

New Positions: 26
New Value: $24.1M
Exited Positions: 21
Exited Value: $11.8M

New Positions

Institution	Position Value
WASATCH ADVISORS INC Long Only Manager	$17.0M 1.8M shares
S Shannon River Fund Management CO LLC Hedge Fund•Long/Short	$2.1M 229.4K shares
AMERIPRISE FINANCIAL INC Institution	$1.4M 155.0K shares
Semanteon Capital Management, LP Hedge Fund•Long/Short	$501.2K 54.0K shares
Counterpoint Mutual Funds LLC ETF Provider	$479.7K 51.7K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$475.7K 51.3K shares
Round Rock Advisors, LLC RIA/Wealth	$410.1K 39.1K shares
BAILARD, INC. RIA/Wealth	$314.6K 33.9K shares
C CAXTON ASSOCIATES LLP Institution	$239.4K 25.8K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$207.4K 22.4K shares

Exited Positions

Institution	Previous Position
A AIGH Capital Management LLC Hedge Fund•Long/Short	$10.0M 1.8M shares
E EntryPoint Capital, LLC Hedge Fund•Long/Short	$342.2K 62.2K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$313.9K 57.1K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$293.8K 53.4K shares
F FOX RUN MANAGEMENT, L.L.C. Hedge Fund•Quant	$228.9K 41.6K shares
D Dynamic Technology Lab Private Ltd Institution	$133.1K 24.2K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$124.7K 22.7K shares
R Squared Ltd Private Equity	$81.9K 14.9K shares
L LPL Financial LLC Institution	$66.6K 12.1K shares
P ProShare Advisors LLC Institution	$60.4K 11.0K shares

Options Activity

Institutions with the largest Call and Put options positions in BLZE as of Q3 2025

Call Positions: 3
Call Value: $861.2K
Put Positions: 2
Put Value: -

Call Positions

Institution	Position Value
P PEAK6 LLC Institution	$455.6K 491.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$227.4K 245.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$178.2K 192.0 contracts

Put Positions

Institution	Position Value
P PEAK6 LLC Institution	- - contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with BLZE as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P P.A.W. CAPITAL CORP Hedge Fund•Long/Short	Peter Allen Wright CEO	4.88% $2.7M	0.51% 290.0K shares	Q4 2024 Held for 11 months	$55.2M
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	David Alan Atterbury President	3.75% $13.6M	2.59% 1.5M shares	Q4 2021 Held for 3y 11m	$361.1M
A AWM Investment Company, Inc. Hedge Fund•Event Driven	David Michael Greenhouse President	2.67% $28.4M	5.43% 3.1M shares	Q3 2024 Held for 1y 2m	$1.1B
PERKINS CAPITAL MANAGEMENT INC RIA/Wealth	Harry Allen Lee Lindberg President	2.29% $2.6M	0.50% 280.0K shares	Q3 2022 Held for 3y 2m	$113.5M
Semanteon Capital Management, LP Hedge Fund•Long/Short	Rajat Lal Managing Partner	0.63% $501.2K	0.10% 54.0K shares	Q3 2025 Held for 2 months	$79.7M
S Shannon River Fund Management CO LLC Hedge Fund•Long/Short	Spencer Marshal Waxman Managing Partner	0.34% $2.1M	0.41% 229.4K shares	Q3 2025 Held for 2 months	$621.2M
Penbrook Management LLC RIA/Wealth	Robert Stephen Anderson Managing Partner	0.34% $482.8K	0.09% 52.0K shares	Q4 2024 Held for 11 months	$143.0M
C Corton Capital Inc. Institution	-	0.25% $102.6K	0.02% 11.1K shares	Q1 2025 Held for 8 months	$40.6M
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	Mark Allen Broach Managing Partner	0.20% $556.8K	0.11% 60.0K shares	Q3 2025 Held for 2 months	$282.7M
OBERWEIS ASSET MANAGEMENT INC/ Long Only Manager	James Walter Oberweis President	0.19% $5.0M	0.95% 538.7K shares	Q1 2024 Held for 1y 8m	$2.6B

Hedge Fund Spotlight

Discover hedge funds investing in BLZE

CastleKnight Management LP

Hedge Fund • Event Driven

Portfolio ManagerAaron Michael Weitman

Portfolio Value: $1.9B
Positions: 365
Last Reported: Q3 2025

Sector Allocation

Position in Backblaze, Inc.

Market Value: $2.0M
Shares Held: 212.4K
Portfolio Weight: 0.11%
Owned Since: 2023-Q3

Top Holding	Sector	Market Value	Weight
1 Marvell Technology, Inc. MRVL	Semiconductors Technology	$57.3M	3.08%
2 Micron Technology MU	Semiconductors Technology	$48.0M	2.58%
3 Modine Manufacturing MOD	Auto - Parts Consumer Cyclical	$46.3M	2.49%