Shopify

SHOP • NYSE

Shopify is a software - application company in the technology sector on NYSE, led by Tobias Lutke, with a market cap of $205.68B. As of Q3 2025, 64% of shares are held by 1,670 institutional investors, with Capital World Investors as the largest holder at 4.13%.

CEOTobias Lutke

Market Cap$205.68B

Software - Application

Technology

Employees11.6K

Websiteshopify.com

Overview

Overview of institutional ownership in SHOP as of Q3 2025 with a market cap of $193.14B

All Institutions

Institutions: 1,670
Value Held: $123.06B
Shares Held: 827.4M
Avg Position: $73.7M
Median Position: $1.0M

Hedge Funds

Hedge Funds: 92
Value Held: $4.2B
Shares Held: 28.2M
Avg Position: $45.5M
Median Position: $5.7M

Ownership Breakdown

Institutional (non-HF)

61.54%

$118.87B

Hedge Funds

2.17%

$4.2B

Retail & Other

36.29%

$70.1B

Based on market cap of $193.14B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SHOP as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C Capital World Investors Institution	-	$8.0B 1.09% of portfolio	4.13% 53.6M shares	Q3 2018 Held for 7y 3m	$730.00B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$7.4B 0.11% of portfolio	3.84% 49.9M shares	Q2 2016 Held for 9y 6m	$6.69T
FMR LLC Institution	-	$6.9B 0.36% of portfolio	3.57% 46.4M shares	Q2 2015 Held for 10y 6m	$1.92T
C Capital International Investors Institution	-	$5.7B 0.93% of portfolio	2.97% 38.6M shares	Q1 2020 Held for 5y 9m	$617.62B
B BAILLIE GIFFORD & CO Institution	-	$5.3B 3.91% of portfolio	2.73% 35.4M shares	Q3 2017 Held for 8y 3m	$134.80B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$5.0B 0.32% of portfolio	2.61% 33.9M shares	Q2 2015 Held for 10y 6m	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$4.4B 0.26% of portfolio	2.25% 29.3M shares	Q2 2015 Held for 10y 6m	$1.65T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$3.9B 0.43% of portfolio	2.03% 26.4M shares	Q2 2015 Held for 10y 6m	$912.31B
R ROYAL BANK OF CANADA Institution	-	$3.3B 0.61% of portfolio	1.72% 22.4M shares	Q2 2015 Held for 10y 6m	$542.04B
F FIL Ltd Institution	-	$2.8B 2.23% of portfolio	1.48% 19.2M shares	Q2 2018 Held for 7y 6m	$127.75B

Net Capital Flow

Institutional buying and selling activity for SHOP in Q3 2025

Traded: +$701.2M
Buyers: 813
Sellers: 682
Total Bought: +$7.0B
Total Sold: −$6.3B
Avg Position: $70.2M

Biggest Buyers

Institution	Net Bought	Current Position
JENNISON ASSOCIATES LLC Long Only Manager	+$1.1B +7.4M shares	$2.8B 18.9M shares
JPMORGAN CHASE & CO Institution	+$800.5M +5.4M shares	$5.0B 33.9M shares
Invesco Ltd. ETF Provider	+$417.2M +2.8M shares	$1.9B 12.8M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$389.3M +2.6M shares	$1.2B 8.1M shares
BANK OF MONTREAL /CAN/ Institution	+$343.8M +2.3M shares	$2.0B 13.6M shares
FMR LLC Institution	+$182.9M +1.2M shares	$6.9B 46.4M shares
R ROYAL BANK OF CANADA Institution	+$170.4M +1.1M shares	$3.3B 22.4M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$168.9M +1.1M shares	$1.8B 11.9M shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	+$149.6M +1.0M shares	$211.9M 1.4M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	+$144.6M +973.1K shares	$822.8M 5.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$778.8M −5.2M shares	$3.9B 26.4M shares
C Capital World Investors Institution	−$648.7M −4.4M shares	$8.0B 53.6M shares
POLEN CAPITAL MANAGEMENT LLC Long Only Manager	−$539.3M −3.6M shares	$1.6B 11.1M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$532.6M −3.6M shares	$1.2B 8.3M shares
B BAILLIE GIFFORD & CO Institution	−$342.4M −2.3M shares	$5.3B 35.4M shares
N Nuveen, LLC Institution	−$266.3M −1.8M shares	$1.1B 7.1M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$221.0M −1.5M shares	$1.2B 8.1M shares
C Capital International Investors Institution	−$214.6M −1.4M shares	$5.7B 38.6M shares
S Sumitomo Mitsui Trust Holdings, Inc. Institution	−$156.9M −1.1M shares	$620.5M 4.2M shares
Nikko Asset Management Americas, Inc. Long Only Manager	−$155.3M −1.0M shares	$589.7M 4.0M shares

Entry and Exit Activity

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

New Positions: 118
New Value: $187.9M
Exited Positions: 82
Exited Value: $157.8M

New Positions

Institution	Position Value
R Rheos Capital Works Inc. Institution	$27.9M 188.0K shares
Bornite Capital Management LP Hedge Fund•Long/Short	$14.9M 100.0K shares
H Harvest Portfolios Group Inc. Institution	$14.5M 97.7K shares
Aristotle Atlantic Partners, LLC Long Only Manager	$13.9M 93.7K shares
A Ariose Capital Management Ltd Institution	$13.0M 87.2K shares
Ravenswood Partners LP Hedge Fund•Long/Short	$10.9M 73.1K shares
C Concentric Capital Strategies, LP Hedge Fund•Long/Short	$9.4M 63.2K shares
T Torrey Growth & Income Advisors RIA/Wealth	$9.1M 61.0K shares
FFG Partners, LLC RIA/Wealth	$7.5M 50.3K shares
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	$4.8M 32.2K shares

Exited Positions

Institution	Previous Position
A AXA Institution	$58.1M 503.7K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$22.9M 198.9K shares
F FUNDSMITH INVESTMENT SERVICES LTD. Long Only Manager	$10.2M 88.2K shares
Kessler Investment Group, LLC RIA/Wealth	$7.0M 60.5K shares
Financial Advocates Investment Management RIA/Wealth	$5.7M 49.7K shares
B Boothe Investment Group, Inc. RIA/Wealth	$5.7M 49.5K shares
PDT Partners, LLC Hedge Fund•Quant	$4.7M 40.8K shares
GLUSKIN SHEFF & ASSOC INC Long Only Manager	$4.2M 36.4K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$3.5M 30.0K shares
R Rip Road Capital Partners LP Hedge Fund•Long/Short	$3.4M 29.5K shares

Options Activity

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

Call Positions: 62
Call Value: $3.6B
Put Positions: 52
Put Value: $2.7B

Call Positions

Institution	Position Value
C CIBC World Markets Inc. Institution	$1.3B 86.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$556.2M 37.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$491.7M 33.1K contracts
J JANE STREET GROUP, LLC Institution	$187.9M 12.6K contracts
W WOLVERINE TRADING, LLC Institution	$169.1M 11.3K contracts
P PEAK6 LLC Institution	$149.8M 10.1K contracts
UBS Group AG Institution	$96.8M 6.5K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$85.6M 5.8K contracts
C Cubist Systematic Strategies, LLC Institution	$60.2M 4.0K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$52.2M 3.5K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$473.4M 31.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$410.1M 27.6K contracts
J JANE STREET GROUP, LLC Institution	$361.4M 24.3K contracts
UBS Group AG Institution	$145.7M 9.8K contracts
D D. E. Shaw & Co., Inc. Institution	$134.8M 9.1K contracts
W WOLVERINE TRADING, LLC Institution	$115.4M 7.7K contracts
BARCLAYS PLC Institution	$115.2M 7.8K contracts
Walleye Trading LLC RIA/Wealth	$106.4M 7.2K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$93.1M 6.3K contracts
P PEAK6 LLC Institution	$80.9M 5.4K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Barton Investment Management RIA/Wealth	Henry Barton Riley Founder	25.50% $250.4M	0.13% 1.7M shares	Q3 2016 Held for 9y 3m	$981.9M
A Ashe Capital Management, LLC Hedge Fund•Value	William Charles Crowley CEO	22.90% $324.8M	0.17% 2.2M shares	Q1 2022 Held for 3y 9m	$1.4B
Strategy Capital LLC Hedge Fund•Long/Short	Hamilton Wright Helmer Managing Partner	17.95% $271.2M	0.14% 1.8M shares	Q4 2018 Held for 7 years	$1.5B
A Arthedge Capital Management, LLC Hedge Fund•Value	Samir Gupta CCO	16.04% $23.8M	0.01% 160.0K shares	Q4 2020 Held for 5 years	$148.2M
A Ampersand Capital Group, L.P. Private Equity	Nikhil Trikha Managing Partner	12.37% $27.5M	0.01% 184.8K shares	Q4 2024 Held for 1 year	$222.0M
P Privium Fund Management B.V. Institution	-	11.09% $61.7M	0.03% 415.0K shares	Q4 2021 Held for 4 years	$556.3M
Gavilan Investment Partners LLC Hedge Fund•Sector	Louis Albert Chang Managing Partner	10.13% $45.3M	0.02% 305.0K shares	Q4 2022 Held for 3 years	$447.6M
M Marcho Partners LLP Institution	-	10.12% $25.2M	0.01% 169.6K shares	Q3 2020 Held for 5y 3m	$249.0M
C CMT Capital Markets Trading GmbH Institution	-	9.72% $18.9M	0.01% 127.3K shares	Q3 2022 Held for 3y 3m	$194.5M
SQUARE PEG CAPITAL PTY LTD Private Equity	-	8.76% $9.7M	0.01% 65.2K shares	Q1 2025 Held for 9 months	$110.6M

Hedge Fund Spotlight

Discover hedge funds investing in SHOP

Strategy Capital LLC

Hedge Fund • Long/Short

Portfolio ManagerHamilton Wright Helmer

Portfolio Value: $1.5B
Positions: 10
Last Reported: Q3 2025

Sector Allocation

Position in Shopify

Market Value: $271.2M
Shares Held: 1.8M
Portfolio Weight: 17.95%
Owned Since: 2018-Q4

Top Holding	Sector	Market Value	Weight
1 Axon Enterprise, Inc. AXON	Aerospace & Defense Industrials	$309.7M	20.49%
2 Shopify SHOP	Software - Application Technology	$271.2M	17.95%
3 Cloudflare, Inc. NET	Software - Infrastructure Technology	$249.6M	16.51%