D-Market Electronic Services & Trading

HEPS • NASDAQ

D-Market Electronic Services & Trading is a publicly traded company on NASDAQ. As of Q3 2025, 37 institutional investors hold shares in this company, with total holdings valued at $109.4M. VR Advisory Services Ltd is the largest holder with a position valued at $42.9M.

Employees3.5K

Websitehepsiburada.com

Overview

Overview of institutional ownership in HEPS as of Q3 2025

All Institutions

Institutions: 37
Value Held: $109.4M
Shares Held: 40.7M
Avg Position: $3.0M
Median Position: $101.4K

Hedge Funds

Hedge Funds: 9
Value Held: $85.3M
Shares Held: 31.7M
Avg Position: $9.5M
Median Position: $4.3M

Biggest Investors

Institutions with the largest positions in HEPS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VR Advisory Services Ltd Hedge Fund•Distressed	Jeffrey Michael Johnson Managing Partner	$42.9M 10.43% of portfolio	0.00% 15.9M shares	Q4 2024 Held for 11 months	$411.0M
BRIGHTLIGHT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Mihail Alexandru Covaci President	$17.0M 10.26% of portfolio	0.00% 6.3M shares	Q4 2024 Held for 11 months	$165.2M
Luxor Capital Group, LP Hedge Fund•Multi-Strategy	Christian Alexander Leone CEO	$10.5M 1.47% of portfolio	0.00% 3.9M shares	Q4 2024 Held for 11 months	$713.8M
Hosking Partners LLP Hedge Fund•Value	Luke Robinson Orlando Bridgeman Partner	$9.9M 0.36% of portfolio	0.00% 3.7M shares	Q4 2022 Held for 2y 11m	$2.8B
B BlackRock, Inc. Institution	-	$8.1M 0.00% of portfolio	0.00% 3.0M shares	Q4 2022 Held for 2y 11m	$5.67T
T Tekne Capital Management, LLC Hedge Fund•Multi-Strategy	Beeneet Kothari CEO	$4.3M 1.49% of portfolio	0.00% 1.6M shares	Q2 2025 Held for 5 months	$291.2M
B BIT Capital GmbH Institution	-	$4.1M 0.19% of portfolio	0.00% 1.5M shares	Q3 2024 Held for 1y 2m	$2.2B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$3.0M 0.00% of portfolio	0.00% 1.1M shares	Q4 2022 Held for 2y 11m	$1.65T
B BNP PARIBAS ARBITRAGE, SA Institution	-	$2.3M 0.00% of portfolio	0.00% 867.0K shares	Q4 2024 Held for 11 months	$126.06B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$2.2M 0.00% of portfolio	0.00% 819.4K shares	Q4 2022 Held for 2y 11m	$2.88T

Net Capital Flow

Institutional buying and selling activity for HEPS in Q3 2025

Traded: −$49.9K
Buyers: 20
Sellers: 23
Total Bought: +$7.7M
Total Sold: −$7.8M
Avg Position: $2.3M

Biggest Buyers

Institution	Net Bought	Current Position
VR Advisory Services Ltd Hedge Fund•Distressed	+$5.4M +2.0M shares	$42.9M 15.9M shares
Luxor Capital Group, LP Hedge Fund•Multi-Strategy	+$846.6K +314.7K shares	$10.5M 3.9M shares
MORGAN STANLEY RIA/Wealth	+$757.7K +281.7K shares	$3.0M 1.1M shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	+$163.9K +60.5K shares	$163.9K 60.5K shares
STATE STREET CORP Institution	+$100.0K +37.2K shares	$2.2M 819.4K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	+$97.9K +36.4K shares	$185.6K 69.0K shares
GOLDMAN SACHS GROUP INC Institution	+$87.4K +32.5K shares	$87.4K 32.5K shares
C Cubist Systematic Strategies, LLC Institution	+$65.3K +24.3K shares	$65.3K 24.3K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$60.1K +22.3K shares	$350.4K 130.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$41.9K +15.6K shares	$41.9K 15.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
T Tekne Capital Management, LLC Hedge Fund•Multi-Strategy	−$4.0M −1.5M shares	$4.3M 1.6M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$532.9K −197.4K shares	Sold Off 0 shares
I Itau Unibanco Holding S.A. Institution	−$449.1K −166.3K shares	Sold Off 0 shares
B Baader Bank INC Institution	−$444.4K −164.6K shares	Sold Off 0 shares
UBS Group AG Institution	−$431.7K −160.5K shares	$1.9M 691.7K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$369.9K −137.5K shares	$317.9K 118.2K shares
POLEN CAPITAL MANAGEMENT LLC Long Only Manager	−$310.0K −114.8K shares	Sold Off 0 shares
O OPTIONS SOLUTIONS, LLC Hedge Fund•Sector	−$310.0K −114.8K shares	Sold Off 0 shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$264.8K −98.5K shares	$2.3M 867.0K shares
Hosking Partners LLP Hedge Fund•Value	−$244.5K −90.9K shares	$9.9M 3.7M shares

Entry and Exit Activity

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

New Positions: 6
New Value: $195.8K
Exited Positions: 10
Exited Value: $2.2M

New Positions

Institution	Position Value
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	$163.9K 60.5K shares
IEQ CAPITAL, LLC RIA/Wealth	$30.6K 11.4K shares
Point72 Ltd RIA/Wealth	$664.0 247.0 shares
J JONES FINANCIAL COMPANIES LLLP Institution	$562.0 200.0 shares
R Rossby Financial, LCC RIA/Wealth	$30.0 11.0 shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	- - shares

Exited Positions

Institution	Previous Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$532.9K 197.4K shares
I Itau Unibanco Holding S.A. Institution	$449.1K 166.3K shares
B Baader Bank INC Institution	$444.4K 164.6K shares
O OPTIONS SOLUTIONS, LLC Hedge Fund•Sector	$310.0K 114.8K shares
POLEN CAPITAL MANAGEMENT LLC Long Only Manager	$310.0K 114.8K shares
C CANTOR FITZGERALD, L. P. Institution	$86.9K 32.2K shares
X XTX Topco Ltd Institution	$36.7K 13.6K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$16.2K 6.0K shares
Ameritas Advisory Services, LLC RIA/Wealth	$82.0 30.0 shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	- 1.7M shares

Options Activity

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

Call Positions: 1
Call Value: $27.2K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$27.2K 101.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
VR Advisory Services Ltd Hedge Fund•Distressed	Jeffrey Michael Johnson Managing Partner	10.43% $42.9M	0.00% 15.9M shares	Q4 2024 Held for 11 months	$411.0M
BRIGHTLIGHT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Mihail Alexandru Covaci President	10.26% $17.0M	0.00% 6.3M shares	Q4 2024 Held for 11 months	$165.2M
T Tekne Capital Management, LLC Hedge Fund•Multi-Strategy	Beeneet Kothari CEO	1.49% $4.3M	0.00% 1.6M shares	Q2 2025 Held for 5 months	$291.2M
Luxor Capital Group, LP Hedge Fund•Multi-Strategy	Christian Alexander Leone CEO	1.47% $10.5M	0.00% 3.9M shares	Q4 2024 Held for 11 months	$713.8M
A ABS Direct Equity Fund LLC Institution	-	0.71% $498.5K	0.00% 185.3K shares	Q4 2024 Held for 11 months	$69.9M
Hosking Partners LLP Hedge Fund•Value	Luke Robinson Orlando Bridgeman Partner	0.36% $9.9M	0.00% 3.7M shares	Q4 2022 Held for 2y 11m	$2.8B
B BIT Capital GmbH Institution	-	0.19% $4.1M	0.00% 1.5M shares	Q3 2024 Held for 1y 2m	$2.2B
C Capricorn Fund Managers Ltd Institution	-	0.03% $78.5K	0.00% 29.2K shares	Q3 2024 Held for 1y 2m	$297.8M
GAMMA Investing LLC Long Only Manager	Lorraine Y Fang CEO	0.00% $57.4K	0.00% 21.3K shares	Q4 2023 Held for 1y 11m	$1.8B
B BNP PARIBAS ARBITRAGE, SA Institution	-	0.00% $2.3M	0.00% 867.0K shares	Q4 2024 Held for 11 months	$126.06B

Hedge Fund Spotlight

Discover hedge funds investing in HEPS

Tekne Capital Management, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerBeeneet Kothari

Portfolio Value: $291.2M
Positions: 3
Last Reported: Q3 2025

Sector Allocation

Position in D-Market Electronic Services & Trading

Market Value: $4.3M
Shares Held: 1.6M
Portfolio Weight: 1.49%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 GDS GDS Holdings GDS	Unknown Unknown	$245.2M	84.22%
2 StoneCo STNE	Software - Infrastructure Technology	$41.6M	14.29%
3 HEPS D-Market Electronic Services & Trading HEPS	Unknown Unknown	$4.3M	1.49%

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