Upstart Holdings, Inc.

UPST • NASDAQ

Upstart Holdings, Inc. is a financial - credit services company in the financial services sector on NASDAQ, led by Dave Girouard, with a market cap of $4.6B. As of Q3 2025, 65% of shares are held by 398 institutional investors, with VANGUARD GROUP INC as the largest holder at 8.56%.

Chief Executive OfficerDave Girouard

Market Cap$4.6B

Financial - Credit Services

Financial Services

Employees1.4K

Websiteupstart.com

Country

United States of America

Overview

Overview of institutional ownership in UPST as of Q3 2025 with a market cap of $4.9B

All Institutions

Institutions: 398
Value Held: $3.2B
Shares Held: 62.3M
Avg Position: $8.0M
Median Position: $462.2K

Hedge Funds

Hedge Funds: 49
Value Held: $764.4M
Shares Held: 15.0M
Avg Position: $15.6M
Median Position: $2.8M

Ownership Breakdown

Institutional (non-HF)

49.19%

$2.4B

Hedge Funds

15.64%

$764.4M

Retail & Other

35.17%

$1.7B

Based on market cap of $4.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in UPST as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$418.6M 0.01% of portfolio	8.56% 8.2M shares	Q4 2020 Held for 4y 11m	$6.69T
B BlackRock, Inc. Institution	-	$348.3M 0.01% of portfolio	7.13% 6.9M shares	Q4 2020 Held for 4y 11m	$5.67T
J Jericho Capital Asset Management L.P. Hedge Fund•Long/Short	Emer O'Hanlon CFO	$227.6M 2.37% of portfolio	4.66% 4.5M shares	Q2 2025 Held for 5 months	$9.6B
Slate Path Capital LP Hedge Fund•Long/Short	David Gerald Greenspan CEO	$138.8M 2.04% of portfolio	2.84% 2.7M shares	Q3 2025 Held for 2 months	$6.8B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$104.2M 0.00% of portfolio	2.13% 2.1M shares	Q1 2021 Held for 4y 8m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$103.7M 0.01% of portfolio	2.12% 2.0M shares	Q4 2020 Held for 4y 11m	$1.57T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$83.9M 0.01% of portfolio	1.72% 1.7M shares	Q4 2020 Held for 4y 11m	$1.65T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$80.8M 0.01% of portfolio	1.65% 1.6M shares	Q4 2020 Held for 4y 11m	$691.34B
S Squarepoint Ops LLC Hedge Fund•Quant	Michael Gottlieb CIO	$68.9M 0.15% of portfolio	1.41% 1.4M shares	Q1 2021 Held for 4y 8m	$46.9B
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$59.9M 0.10% of portfolio	1.23% 1.2M shares	Q2 2024 Held for 1y 5m	$61.8B

Net Capital Flow

Institutional buying and selling activity for UPST in Q3 2025

Net Flow: −$145.9M
Buyers: 140
Sellers: 194
Total Bought: +$486.9M
Total Sold: −$632.8M
Avg Position: $7.1M

Biggest Buyers

Institution	Net Bought	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$46.8M +920.9K shares	$50.4M 991.4K shares
J Jericho Capital Asset Management L.P. Hedge Fund•Long/Short	+$42.0M +827.0K shares	$227.6M 4.5M shares
J JANE STREET GROUP, LLC Institution	+$41.3M +813.5K shares	$49.5M 974.7K shares
WELLS FARGO & COMPANY/MN Institution	+$24.5M +482.1K shares	$43.0M 846.2K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	+$21.9M +430.5K shares	$49.3M 970.3K shares
Marshall Wace LLP Institution	+$19.3M +379.4K shares	$24.9M 490.6K shares
T Toroso Investments, LLC ETF Provider	+$18.9M +371.4K shares	$50.8M 1.0M shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	+$18.8M +370.9K shares	$18.8M 370.9K shares
O Optiver Holding B.V. Institution	+$18.2M +358.3K shares	$18.7M 367.5K shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$17.5M +345.1K shares	$68.9M 1.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
Contour Asset Management LLC Hedge Fund•Long/Short	−$89.7M −1.4M shares	Sold Off 0 shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	−$82.3M −1.3M shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$51.3M −1.0M shares	$12.4M 245.1K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$51.2M −1.0M shares	$14.1M 277.1K shares
MANE GLOBAL CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	−$43.6M −673.7K shares	Sold Off 0 shares
D D. E. Shaw & Co., Inc. Institution	−$27.6M −543.6K shares	$5.5M 109.2K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$20.2M −397.1K shares	$15.4M 302.9K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	−$16.9M −332.0K shares	$28.6M 562.1K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$15.3M −302.1K shares	$48.9M 962.9K shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	−$14.4M −283.0K shares	$15.2M 300.0K shares

Entry and Exit Activity

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

New Positions: 36
New Value: $174.3M
Exited Positions: 79
Exited Value: $321.8M

New Positions

Institution	Position Value
Slate Path Capital LP Hedge Fund•Long/Short	$138.8M 2.7M shares
A Annex Advisory Services, LLC Institution	$10.5M 207.1K shares
Halter Ferguson Financial Inc. RIA/Wealth	$10.4M 205.4K shares
E Erste Asset Management GmbH Institution	$4.8M 83.4K shares
Falcon Wealth Planning RIA/Wealth	$1.6M 31.4K shares
CAMPBELL NEWMAN ASSET MANAGEMENT INC Long Only Manager	$1.1M 21.9K shares
Ardmore Road Asset Management LP Hedge Fund•Long/Short	$1.0M 20.0K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$938.3K 18.5K shares
O OLD MISSION CAPITAL LLC Institution	$876.6K 17.3K shares
Firsthand Capital Management, Inc. Institution	$508.0K 10.0K shares

Exited Positions

Institution	Previous Position
Contour Asset Management LLC Hedge Fund•Long/Short	$89.7M 1.4M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	$82.3M 1.3M shares
MANE GLOBAL CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	$43.6M 673.7K shares
C Cubist Systematic Strategies, LLC Institution	$12.6M 194.9K shares
H Hidden Lake Asset Management LP Hedge Fund•Long/Short	$12.1M 187.3K shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$11.0M 170.7K shares
Y Y-Intercept Ltd Institution	$8.3M 128.4K shares
Polar Securities Inc. Hedge Fund•Multi-Strategy	$7.9M 122.4K shares
M Metavasi Capital LP Hedge Fund•Long/Short	$6.1M 95.0K shares
Nishkama Capital, LLC Hedge Fund•Sector	$4.7M 72.0K shares

Options Activity

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

Call Positions: 36
Call Value: $728.5M
Put Positions: 43
Put Value: $821.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$232.6M 45.8K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$202.6M 39.9K contracts
J JANE STREET GROUP, LLC Institution	$78.4M 15.4K contracts
W WOLVERINE TRADING, LLC Institution	$48.1M 9.1K contracts
D D. E. Shaw & Co., Inc. Institution	$39.3M 7.7K contracts
Walleye Trading LLC RIA/Wealth	$18.3M 3.6K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$13.7M 2.7K contracts
Caption Management, LLC Hedge Fund•Long/Short	$12.7M 2.5K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$10.6M 2.1K contracts
Polar Securities Inc. Hedge Fund•Multi-Strategy	$9.7M 1.9K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$208.9M 41.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$154.4M 30.4K contracts
J JANE STREET GROUP, LLC Institution	$86.7M 17.1K contracts
D D. E. Shaw & Co., Inc. Institution	$52.4M 10.3K contracts
T Toroso Investments, LLC ETF Provider	$50.8M 10.0K contracts
BANK OF AMERICA CORP /DE/ Institution	$39.5M 7.8K contracts
WELLS FARGO & COMPANY/MN Institution	$33.0M 6.5K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$28.8M 5.7K contracts
W WOLVERINE TRADING, LLC Institution	$23.2M 4.4K contracts
Walleye Trading LLC RIA/Wealth	$20.9M 4.1K contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Halter Ferguson Financial Inc. RIA/Wealth	Bradford Scott Ferguson President	2.53% $10.4M	0.21% 205.4K shares	Q3 2025 Held for 2 months	$411.9M
K KADENSA CAPITAL Ltd Institution	-	2.38% $23.1M	0.47% 455.2K shares	Q1 2025 Held for 8 months	$971.1M
J Jericho Capital Asset Management L.P. Hedge Fund•Long/Short	Emer O'Hanlon CFO	2.37% $227.6M	4.66% 4.5M shares	Q2 2025 Held for 5 months	$9.6B
Slate Path Capital LP Hedge Fund•Long/Short	David Gerald Greenspan CEO	2.04% $138.8M	2.84% 2.7M shares	Q3 2025 Held for 2 months	$6.8B
P Portman Square Capital LLP Hedge Fund•Vol Arbitrage	Sutesh Kumar Sharma CEO	1.01% $462.3K	0.01% 9.1K shares	Q1 2025 Held for 8 months	$45.7M
Firsthand Capital Management, Inc. Institution	Kevin Michael Landis CEO	0.86% $508.0K	0.01% 10.0K shares	Q3 2025 Held for 2 months	$58.8M
N Neo Ivy Capital Management Hedge Fund•Quant	Ranting Yao CIO	0.78% $3.2M	0.07% 63.4K shares	Q3 2025 Held for 2 months	$410.0M
Caitong International Asset Management Co., Ltd RIA/Wealth	Dusan Thomas Zachystal CEO	0.69% $997.4K	0.02% 19.6K shares	Q3 2025 Held for 2 months	$144.7M
V Virtu Financial LLC Institution	-	0.53% $8.6M	0.18% 170.2K shares	Q4 2024 Held for 11 months	$1.6B
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	Peter Y Chung CEO	0.48% $15.2M	0.31% 300.0K shares	Q3 2024 Held for 1y 2m	$3.2B

Hedge Fund Spotlight

Discover hedge funds investing in UPST

Portman Square Capital LLP

Hedge Fund • Vol Arbitrage

Portfolio ManagerSutesh Kumar Sharma

Portfolio Value: $45.7M
Positions: 18
Last Reported: Q3 2025

Sector Allocation

Position in Upstart Holdings, Inc.

Market Value: $462.3K
Shares Held: 9.1K
Portfolio Weight: 1.01%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Microchip Technology Incorporated Depositary Shares Each Representing a 1/20th Interest in a Share of 7.50% Series A Mandatory Convertible Preferred Stock MCHPP	Semiconductors Technology	$7.4M	16.13%
2 BridgeBio Pharma BBIO	Biotechnology Healthcare	$6.1M	13.38%
3 Wayfair W	Specialty Retail Consumer Cyclical	$5.5M	12.12%