ARGO BLOCKCHAIN PLC

The ownership is effectively one name. Susquehanna International Group holds about $137,000 — some 80% of the entire disclosed book — with only small residuals from Westside Investment Management ($24K) and Morgan Stanley ($8K). Susquehanna is a market-making and quant firm, so its ARBK position most likely reflects hedging or arbitrage tied to crypto exposure rather than a view on Argo's mining business.

For readers, ARBK's institutional story is a single-desk one: the entire signal is Susquehanna's positioning, and there is no fundamental long-only base behind it. Any change in that one holder would essentially redefine the stock's 13F profile.