Commerce.com, Inc. Series 1 Common Stock

CMRC • NASDAQ

Commerce.com, Inc. Series 1 Common Stock is a services-prepackaged software company on NASDAQ, led by Christopher Travis Hess, with a market cap of $317.7M. As of Q3 2025, 68% of shares are held by 153 institutional investors, with Lynrock Lake LP as the largest holder at 10.35%.

CEOChristopher Travis Hess

Market Cap$317.7M

SERVICES-PREPACKAGED SOFTWARE

Employees1.6K

Websitebigcommerce.com

Overview

Overview of institutional ownership in CMRC as of Q3 2025 with a market cap of $402.9M

All Institutions

Institutions: 153
Value Held: $274.3M
Shares Held: 55.0M
Avg Position: $1.8M
Median Position: $196.1K

Hedge Funds

Hedge Funds: 23
Value Held: $110.2M
Shares Held: 22.1M
Avg Position: $4.8M
Median Position: $2.1M

Ownership Breakdown

Institutional (non-HF)

40.74%

$164.1M

Hedge Funds

27.35%

$110.2M

Retail & Other

31.91%

$128.6M

Based on market cap of $402.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CMRC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Lynrock Lake LP Hedge Fund•Multi-Strategy	Cynthia Lynn Paul CIO	$41.7M 5.52% of portfolio	10.35% 8.4M shares	Q2 2025 Held for 6 months	$755.7M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$39.1M 0.00% of portfolio	9.70% 7.8M shares	Q2 2025 Held for 6 months	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$23.8M 0.00% of portfolio	5.90% 4.8M shares	Q2 2025 Held for 6 months	$5.67T
D Divisar Capital Management LLC Hedge Fund•Long/Short	Steven Richard Baughman CEO	$23.0M 6.26% of portfolio	5.71% 4.6M shares	Q2 2025 Held for 6 months	$367.6M
Marshall Wace LLP Institution	Diana Lj Harrison President	$9.4M 0.01% of portfolio	2.34% 1.9M shares	Q2 2025 Held for 6 months	$90.4B
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	Gillian Morna Therese Savage CEO	$8.9M 0.02% of portfolio	2.20% 1.8M shares	Q3 2025 Held for 3 months	$51.5B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$7.7M 0.00% of portfolio	1.90% 1.5M shares	Q2 2025 Held for 6 months	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$7.2M 0.00% of portfolio	1.78% 1.4M shares	Q2 2025 Held for 6 months	$2.88T
P potrero capital research llc Hedge Fund•Long/Short	Jack R Ripsteen Managing Partner	$7.1M 2.13% of portfolio	1.75% 1.4M shares	Q2 2025 Held for 6 months	$330.9M
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	David Allen Lippe CEO	$6.1M 0.01% of portfolio	1.52% 1.2M shares	Q2 2025 Held for 6 months	$75.8B

Net Capital Flow

Institutional buying and selling activity for CMRC in Q3 2025

Traded: +$29.9M
Buyers: 101
Sellers: 58
Total Bought: +$47.5M
Total Sold: −$17.6M
Avg Position: $1.5M

Biggest Buyers

Institution	Net Bought	Current Position
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$8.9M +517.7K shares	$8.9M 1.8M shares
H Herald Investment Management Ltd Institution	+$3.5M +700.0K shares	$3.5M 700.0K shares
Penserra Capital Management LLC ETF Provider	+$3.2M +641.8K shares	$3.2M 641.8K shares
COMMERCE BANK RIA/Wealth	+$3.0M +358.8K shares	$3.0M 608.8K shares
P P.A.W. CAPITAL CORP Hedge Fund•Long/Short	+$3.0M +300.0K shares	$3.0M 600.0K shares
NEEDHAM INVESTMENT MANAGEMENT LLC Hedge Fund•Long/Short	+$2.1M +- shares	$2.1M 425.0K shares
D D. E. Shaw & Co., Inc. Institution	+$2.0M +396.4K shares	$4.7M 935.4K shares
Lynrock Lake LP Hedge Fund•Multi-Strategy	+$1.9M +376.3K shares	$41.7M 8.4M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$1.9M +374.9K shares	$3.8M 767.8K shares
S S Squared Technology, LLC Hedge Fund•Long/Short	+$1.6M +323.4K shares	$5.6M 1.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
Trexquant Investment LP Hedge Fund•Quant	−$1.9M −382.6K shares	$609.7K 122.2K shares
C Cubist Systematic Strategies, LLC Institution	−$1.8M −358.4K shares	Sold Off 0 shares
S Sapience Investments, LLC Long Only Manager	−$1.5M −303.2K shares	Sold Off 0 shares
P potrero capital research llc Hedge Fund•Long/Short	−$1.5M −291.2K shares	$7.1M 1.4M shares
BANK OF AMERICA CORP /DE/ Institution	−$1.2M −233.9K shares	$895.2K 179.4K shares
Marshall Wace LLP Institution	−$740.7K −148.4K shares	$9.4M 1.9M shares
M Man Group plc Institution	−$728.1K −145.9K shares	$103.0K 20.6K shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	−$642.6K −128.8K shares	$3.3M 670.0K shares
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	−$642.1K −128.7K shares	$1.2M 249.5K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$629.3K −126.1K shares	$380.5K 76.2K shares

Entry and Exit Activity

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

New Positions: 60
New Value: $31.7M
Exited Positions: 26
Exited Value: $6.2M

New Positions

Institution	Position Value
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	$8.9M 1.8M shares
H Herald Investment Management Ltd Institution	$3.5M 700.0K shares
Penserra Capital Management LLC ETF Provider	$3.2M 641.8K shares
COMMERCE BANK RIA/Wealth	$3.0M 608.8K shares
P P.A.W. CAPITAL CORP Hedge Fund•Long/Short	$3.0M 600.0K shares
NEEDHAM INVESTMENT MANAGEMENT LLC Hedge Fund•Long/Short	$2.1M 425.0K shares
P Pale Fire Capital SE Institution	$1.5M 298.6K shares
Bank of New York Mellon Corp Institution	$984.0K 197.2K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$508.2K 101.8K shares
RHUMBLINE ADVISERS Long Only Manager	$494.4K 99.1K shares

Exited Positions

Institution	Previous Position
C Cubist Systematic Strategies, LLC Institution	$1.8M 358.4K shares
S Sapience Investments, LLC Long Only Manager	$1.5M 303.2K shares
MACKENZIE FINANCIAL CORP Long Only Manager	$582.2K 116.4K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$507.7K 101.5K shares
PDT Partners, LLC Hedge Fund•Quant	$503.4K 100.7K shares
Engineers Gate Manager LP Hedge Fund•Quant	$306.8K 61.4K shares
X XTX Topco Ltd Institution	$183.7K 36.7K shares
C Campbell & CO Investment Adviser LLC Hedge Fund•Quant Macro	$170.7K 34.1K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$169.5K 33.9K shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC Hedge Fund•Distressed	$102.1K 20.4K shares

Options Activity

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

Call Positions: 5
Call Value: $766.5K
Put Positions: 4
Put Value: $2.0M

Call Positions

Institution	Position Value
S Shay Capital LLC Institution	$499.0K 1.0K contracts
J JANE STREET GROUP, LLC Institution	$98.3K 197.0 contracts
Walleye Trading LLC RIA/Wealth	$94.8K 190.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$74.4K 149.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
Crawford Fund Management, LLC Hedge Fund•Long/Short	$1.4M 2.7K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$335.8K 673.0 contracts
Walleye Trading LLC RIA/Wealth	$170.2K 341.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$109.8K 220.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
D Divisar Capital Management LLC Hedge Fund•Long/Short	Steven Richard Baughman CEO	6.26% $23.0M	5.71% 4.6M shares	Q2 2025 Held for 6 months	$367.6M
Lynrock Lake LP Hedge Fund•Multi-Strategy	Cynthia Lynn Paul CIO	5.52% $41.7M	10.35% 8.4M shares	Q2 2025 Held for 6 months	$755.7M
P P.A.W. CAPITAL CORP Hedge Fund•Long/Short	Peter Allen Wright CEO	5.42% $3.0M	0.74% 600.0K shares	Q3 2025 Held for 3 months	$55.2M
P potrero capital research llc Hedge Fund•Long/Short	Jack R Ripsteen Managing Partner	2.13% $7.1M	1.75% 1.4M shares	Q2 2025 Held for 6 months	$330.9M
S S Squared Technology, LLC Hedge Fund•Long/Short	Kenneth A Goldblatt Managing Partner	2.13% $5.6M	1.39% 1.1M shares	Q2 2025 Held for 6 months	$263.0M
N Notable Capital Management, L.L.C. Institution	-	0.99% $747.1K	0.19% 149.7K shares	Q2 2025 Held for 6 months	$75.6M
H Herald Investment Management Ltd Institution	-	0.47% $3.5M	0.87% 700.0K shares	Q3 2025 Held for 3 months	$745.8M
CenterBook Partners LP Hedge Fund•Market Neutral	David Israel Stemerman CEO	0.29% $5.8M	1.44% 1.2M shares	Q2 2025 Held for 6 months	$2.0B
S Shay Capital LLC Institution	-	0.20% $1.1M	0.27% 219.3K shares	Q2 2025 Held for 6 months	$548.9M
D Dean Capital Investments Management, LLC Institution	-	0.16% $393.9K	0.10% 78.9K shares	Q2 2025 Held for 6 months	$241.1M