Tucows

TCX • NASDAQ

Tucows is a software - infrastructure company in the technology sector on NASDAQ, led by Ivan Ivanov, with a market cap of $244.1M. As of Q3 2025, 55% of shares are held by 60 institutional investors, with EdgePoint Investment Group Inc. as the largest holder at 19.12%.

Chief Financial OfficerIvan Ivanov

Market Cap$244.1M

Software - Infrastructure

Technology

Employees1.0K

Websitetucows.com

Country

United States of America

Overview

Overview of institutional ownership in TCX as of Q3 2025 with a market cap of $205.6M

All Institutions

Institutions: 60
Value Held: $114.0M
Shares Held: 6.2M
Avg Position: $1.9M
Median Position: $115.2K

Hedge Funds

Hedge Funds: 5
Value Held: $4.4M
Shares Held: 237.0K
Avg Position: $879.5K
Median Position: $494.5K

Ownership Breakdown

Institutional (non-HF)

53.34%

$109.6M

Hedge Funds

2.14%

$4.4M

Retail & Other

44.52%

$91.5M

Based on market cap of $205.6M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TCX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
EdgePoint Investment Group Inc. Long Only Manager	Clifford Tye Bousada CEO	$39.1M 0.29% of portfolio	19.12% 2.1M shares	Q3 2021 Held for 4y 2m	$13.4B
B Blacksheep Fund Management Ltd Institution	-	$20.3M 17.28% of portfolio	9.86% 1.1M shares	Q4 2019 Held for 5y 11m	$117.3M
B BlackRock, Inc. Institution	-	$9.7M 0.00% of portfolio	4.73% 523.7K shares	Q2 2017 Held for 8y 5m	$5.67T
U Universal- Beteiligungs- und Servicegesellschaft mbH Institution	-	$9.5M 0.02% of portfolio	4.61% 511.0K shares	Q1 2025 Held for 8 months	$58.9B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$8.9M 0.00% of portfolio	4.35% 481.5K shares	Q2 2017 Held for 8y 5m	$6.69T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$3.4M 0.00% of portfolio	1.67% 185.3K shares	Q1 2017 Held for 8y 8m	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$3.4M 0.00% of portfolio	1.63% 180.7K shares	Q2 2017 Held for 8y 5m	$2.88T
R ROYAL BANK OF CANADA Institution	-	$3.1M 0.00% of portfolio	1.52% 168.3K shares	Q1 2014 Held for 11y 8m	$542.04B
B Baader Bank INC Institution	-	$3.0M 0.25% of portfolio	1.47% 163.2K shares	Q2 2023 Held for 2y 5m	$1.2B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$2.7M 0.00% of portfolio	1.32% 146.4K shares	≤ Q2 2013 Held for 12y 5m+	$75.8B

Net Capital Flow

Institutional buying and selling activity for TCX in Q3 2025

Traded: +$70.3K
Buyers: 24
Sellers: 25
Total Bought: +$2.1M
Total Sold: −$2.1M
Avg Position: $1.7M

Biggest Buyers

Institution	Net Bought	Current Position
Blackhawk Capital Partners LLC. RIA/Wealth	+$957.8K +51.6K shares	$957.8K 51.6K shares
R ROYAL BANK OF CANADA Institution	+$311.0K +16.8K shares	$3.1M 168.3K shares
VANGUARD GROUP INC Institution	+$229.9K +12.4K shares	$8.9M 481.5K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$198.1K +10.7K shares	$198.1K 10.7K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$161.7K +8.7K shares	$364.3K 19.6K shares
JPMORGAN CHASE & CO Institution	+$69.4K +3.7K shares	$128.5K 6.9K shares
R Russell Investments Group, Ltd. RIA/Wealth	+$64.7K +3.5K shares	$71.9K 3.9K shares
J JANE STREET GROUP, LLC Institution	+$45.3K +2.4K shares	$406.3K 21.9K shares
MORGAN STANLEY RIA/Wealth	+$26.5K +1.4K shares	$669.3K 36.1K shares
WELLS FARGO & COMPANY/MN Institution	+$15.1K +813.0 shares	$102.0K 5.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$300.3K −16.2K shares	$625.1K 33.7K shares
Invesco Ltd. ETF Provider	−$266.4K −13.5K shares	Sold Off 0 shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	−$256.4K −13.8K shares	$494.5K 26.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$253.3K −12.9K shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$201.8K −10.2K shares	Sold Off 0 shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	−$175.3K −9.4K shares	$3.4M 185.3K shares
B BlackRock, Inc. Institution	−$121.5K −6.5K shares	$9.7M 523.7K shares
MetLife Investment Advisors, LLC Insurance Manager	−$93.7K −4.8K shares	Sold Off 0 shares
NORTHERN TRUST CORP Institution	−$84.4K −4.5K shares	$1.1M 60.8K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$78.4K −4.2K shares	$1.3M 72.7K shares

Entry and Exit Activity

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

New Positions: 4
New Value: $1.2M
Exited Positions: 6
Exited Value: $823.4K

New Positions

Institution	Position Value
Blackhawk Capital Partners LLC. RIA/Wealth	$957.8K 51.6K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$198.1K 10.7K shares
SRS Capital Advisors, Inc. RIA/Wealth	$2.2K 120.0 shares
Cloud Capital Management, LLC RIA/Wealth	- 1.0 shares

Exited Positions

Institution	Previous Position
Invesco Ltd. ETF Provider	$266.4K 13.5K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$253.3K 12.9K shares
GOLDMAN SACHS GROUP INC Institution	$201.8K 10.2K shares
MetLife Investment Advisors, LLC Insurance Manager	$93.7K 4.8K shares
O Optiver Holding B.V. Institution	$7.0K 356.0 shares
Mowery & Schoenfeld Wealth Management, LLC RIA/Wealth	$1.2K 59.0 shares

Options Activity

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

Call Positions: 4
Call Value: $3.6M
Put Positions: 4
Put Value: $2.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.2M 1.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$706.9K 381.0 contracts
J JANE STREET GROUP, LLC Institution	$367.4K 198.0 contracts
Walleye Trading LLC RIA/Wealth	$308.0K 166.0 contracts

Put Positions

Institution	Position Value
Crawford Fund Management, LLC Hedge Fund•Long/Short	$1.6M 860.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$278.4K 150.0 contracts
Walleye Trading LLC RIA/Wealth	$103.9K 56.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B Blacksheep Fund Management Ltd Institution	-	17.28% $20.3M	9.86% 1.1M shares	Q4 2019 Held for 5y 11m	$117.3M
Blackhawk Capital Partners LLC. RIA/Wealth	Donald William Tendick President	0.38% $957.8K	0.47% 51.6K shares	Q3 2025 Held for 2 months	$254.6M
EdgePoint Investment Group Inc. Long Only Manager	Clifford Tye Bousada CEO	0.29% $39.1M	19.12% 2.1M shares	Q3 2021 Held for 4y 2m	$13.4B
B Baader Bank INC Institution	-	0.25% $3.0M	1.47% 163.2K shares	Q2 2023 Held for 2y 5m	$1.2B
K K.J. Harrison & Partners Inc Institution	-	0.11% $742.8K	0.37% 41.3K shares	Q3 2013 Held for 12y 2m	$698.5M
BARD ASSOCIATES INC RIA/Wealth	Timothy Bard Johnson Founder	0.07% $278.1K	0.14% 15.0K shares	Q4 2022 Held for 2y 11m	$376.6M
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	David Khabie-Zeitoune CEO	0.04% $494.5K	0.24% 26.7K shares	Q1 2024 Held for 1y 8m	$1.1B
U Universal- Beteiligungs- und Servicegesellschaft mbH Institution	-	0.02% $9.5M	4.61% 511.0K shares	Q1 2025 Held for 8 months	$58.9B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	0.00% $2.7M	1.32% 146.4K shares	≤ Q2 2013 Held for 12y 5m+	$75.8B
G GROUP ONE TRADING, L.P. Institution	-	0.00% $84.6K	0.04% 4.6K shares	Q4 2023 Held for 1y 11m	$3.3B

Hedge Fund Spotlight

Discover hedge funds investing in TCX

GSA CAPITAL PARTNERS LLP

Hedge Fund • Quant

Portfolio ManagerDavid Khabie-Zeitoune

Portfolio Value: $1.1B
Positions: 1,504
Last Reported: Q3 2025

Sector Allocation

Position in Tucows

Market Value: $494.5K
Shares Held: 26.7K
Portfolio Weight: 0.04%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Accenture ACN	Information Technology Services Technology	$5.6M	0.50%
2 Sprouts Farmers Market SFM	Grocery Stores Consumer Defensive	$5.2M	0.46%
3 Microsoft MSFT	Software - Infrastructure Technology	$4.8M	0.43%