Mariner Investment Group's Q4 2025 filing stands out: iShares Bitcoin Trust (IBIT) in the top five alongside Microsoft, Lam Research, Alphabet, and Costco.
The Numbers
| Metric | Value |
|---|---|
| AUM | $1.71T |
| Top-5 | MSFT, LRCX, GOOG, COST, IBIT |
| Top-5 weight | 36.0% |
| Top-10 weight | 64.0% |
| WhaleScore | 84.50 |
| Q3 overlap | 36 tickers |
| New positions | 65 |
IBIT in an institutional top five is still unusual. LRCX instead of NVDA is a more specific semiconductor capex thesis. 65 new positions = near-complete rebuild.
Originally published at 13finsight.com
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