Nasdaq, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,076 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• THE REGISTER IS THE STORY: Nasdaq carries two large, non-index, non-active strategic/sovereign holders left over from the 2007-2008 OMX/Nasdaq/Borse Dubai transaction, each still around 10.4-10.5% of the company: Investor AB (the Wallenberg family's Swedish holding company, held via its subsidiary Innax AB, typed 'strategic' because it is a controlling family investment vehicle with a Nasdaq board seat and commercial agreements, not a diversified manager) and Borse Dubai Limited (wholly owned by Investment Corporation of Dubai, the Government of Dubai's investment arm, and itself the parent of the Dubai Financial Market and Nasdaq Dubai, typed 'sovereign' because it is government-owned). Both hold contractual rights under stockholders' agreements to nominate one Nasdaq director each as long as they hold at least 10%: Johan Torgeby for Investor AB, His Excellency Essa Kazim for Borse Dubai. A third concentrated holder, Thoma Bravo (via Adenza Parent, LP / Argus Seller, LP), received 85.6 million Nasdaq shares (about 15% at the time) as consideration for the November 2023 Adenza acquisition, sold down to 42,804,207 shares (7.42%) by its last Schedule 13D/A (30 Jul 2024), and per Nasdaq's own FY2025 10-K, 'As of December 31, 2025, Thoma Bravo no longer holds any shares of our common stock.' This is confirmed by its absence from both the 2026 proxy's 5% table and every 13F register checked for this project. It is kept as a register row (shares null) to document a verified full exit rather than left out.
• The Adenza acquisition: closed 1 Nov 2023, $9,984 million total consideration ($5,814m cash plus 85.6 million newly issued Nasdaq shares worth $4,170m at the $48.71 closing price that day). No stock split was found in any filing checked; the share count moved down over the research window purely from buybacks, from 576,532,584 (10-Q cover, 24 Apr 2024, cited in Thoma Bravo's last 13D/A) to 558,977,372 (10-Q cover, 16 Jul 2026, used as this file's shares_outstanding basis).
• Vanguard: parent CIK 0000102909 filed Form 13F-NT for Q2 2026 (no holdings). Nasdaq's own 2026 DEF 14A explains why: a Schedule 13G/A filed by The Vanguard Group on 27 Mar 2026 disclosed an 'internal realignment' under which subsidiaries and business divisions now report beneficial ownership separately (disaggregated). Per the project's Vanguard rule, seven successor entities were summed: Vanguard Capital Management LLC (CIK 0002100119, 31,225,614 shares, fresh Q2 2026), Vanguard Portfolio Management LLC (CIK 0002100121, 26,091,520 shares, fresh Q2 2026), Vanguard Fiduciary Trust Co (CIK 0000933478, 2,577,116 shares), Vanguard Global Advisers, LLC (CIK 0001811242, 983,906 shares), Vanguard Asset Management, Ltd (CIK 0001680208, 792,477 shares), Vanguard Investments Australia, Ltd. (CIK 0001550100, 226,467 shares), Vanguard Personalized Indexing Management, LLC (CIK 0001767306, 61,356 shares). Total: 61,958,456 shares (11.08%), this project's freshest available figure for The Vanguard Group family.
• Capital Group family checked per the brief's explicit instruction, all three CIKs, fresh Q2 2026 (30 Jun 2026) 13F-HR filings, by CUSIP 631103108: Capital World Investors (CIK 0001422849), zero. Capital International Investors (CIK 0001562230), zero. Capital Research Global Investors (CIK 0001422848), zero. None holds NDAQ; not included as a register row.
• T. Rowe Price family checked, both CIKs, fresh Q2 2026. T. Rowe Price Associates, Inc. (CIK 0000080255) holds 778,975 shares (see the thousands-trap method_note on its register row). T. Rowe Price Investment Management, Inc. (CIK 0001897612), the separate registrant, filed its own Q2 2026 13F-HR and holds zero NDAQ shares, checked by CUSIP across its full info table.
• Holdings side: Nasdaq's only material named minority equity stake found is a 40.0% equity method interest in The Options Clearing Corporation (OCC), the industry-utility clearing corporation for US-listed options. Its dollar value could not be individually sourced: the Q2 2026 10-Q and FY2025 10-K disclose only a combined 'Equity method investments' balance of $559 million (30 Jun 2026) / $512 million (31 Dec 2025) that 'primarily' but not solely reflects OCC. Per the rule against assigning a combined balance to one investee, value_usd is null on the OCC row; the combined balances are recorded here and in unknowns.
• Nasdaq also carries an 'Equity Securities' balance of $180 million (31 Dec 2025) held at the measurement alternative (ASC 321, no readily determinable fair value), described only as 'various strategic minority investments made through our corporate venture program' (Nasdaq Ventures), investing in 'emerging growth FinTech companies.' No individual investee is named anywhere in the 10-K or 10-Q text searched, so no holdings row could be created for it (a target_name is required); it is recorded in unknowns instead.
• Clearing-house default funds and margin deposits are explicitly NOT holdings. Nasdaq's filings disclose material 'Default Fund Contributions and Margin Deposits' balances at Nasdaq Clearing (its own European clearinghouse), described as customer/member funds held on Nasdaq's balance sheet that are 'both equal and offsetting' against a corresponding liability and have no impact on Nasdaq's own cash. These are excluded from holdings per the brief.
• Nasdaq has a single class of common stock (par value $0.01, one vote per share, subject to a 5% voting limitation in the certificate of incorporation) and no founder or dual-class control structure. CEO Adena Friedman holds 1,965,986 shares (0.35%), the largest individual insider position; all directors and executive officers as a group (20 persons) hold 3,394,256 shares (0.61%).
• Self-gate, computed from this final file exactly as the chart computes it: 15 register rows. Members: Adena Friedman's 1,965,986 shares roll up into the officers/directors group container, whose residual counts at 3,394,256 - 1,965,986 = 1,428,270. Thoma Bravo's row has shares: null, contributing 0. Sum of all other rows at full value: Vanguard 61,958,456 + Investor AB 58,439,208 + Borse Dubai 58,341,545 + BlackRock 37,194,072 + Wellington 30,332,286 + MFS 23,259,539 + State Street 20,181,861 + Geode 13,121,054 + Morgan Stanley 11,355,733 + Franklin Resources 9,174,148 + FMR 4,593,229 + T. Rowe Price 778,975 + Friedman 1,965,986 + group residual 1,428,270 = 332,124,362 shares, or 59.42% of 558,977,372 shares outstanding. This sits well above the usual 25-45% band, but is fully explained and named: Investor AB (10.45%) and Borse Dubai (10.44%) are concentrated legacy strategic/sovereign holders from the 2007-2008 OMX transaction, together contributing 20.9 percentage points on top of an already dense institutional cluster (Vanguard's 7-entity family alone is 11.08%, versus a more typical ~8-9% single-entity Vanguard stake elsewhere). No mixed instrument, pre-split count or double-counted holder was found on review; the concentration is real and matches the brief's expectation that Nasdaq's register would run high, the way monster-beverage.json names Coca-Cola's 20.85%.
• Thoma Bravo is deliberately NOT a register row, and the reason is worth recording. It received 85.6 million newly issued Nasdaq shares, about 15 per cent, as part of the USD 9,984 million consideration for the Adenza acquisition completed 1 Nov 2023, sold down to 42.8 million shares (7.42 per cent) by July 2024, and per Nasdaq's own FY2025 10-K held NO shares as of 31 Dec 2025, which was confirmed against the 2026 proxy and every Q2 2026 13F checked. It was originally written as a register row with shares null to document that trajectory. That is wrong for this database: null means NOT SIZED, so a null row would render Thoma Bravo as a current holder of unknown size rather than a holder of nothing, which is the opposite of what the filings say. Every comparable exit in this project is recorded in notes with no row: Western Digital out of Sandisk, HPE out of H3C, AIG out of Corebridge, GE out of both Baker Hughes and Wabtec, Starboard out of Autodesk. The full trajectory is preserved here instead. Original method_note follows verbatim. || Full trajectory, each point sourced separately: Nasdaq completed its acquisition of Adenza on 1 Nov 2023 for $9,984 million total consideration ($5,814m cash plus 85.6 million newly issued Nasdaq shares valued at $4,170m, at a $48.71 closing price), issued to Thoma Bravo as sole shareholder of Adenza, representing approximately 15% of Nasdaq's then-outstanding shares (10-K, Note 4, Acquisitions and Divestitures). Thoma Bravo's deal vehicles (Adenza Parent, LP, later renamed Argus Seller, LP, CIK 0001993263) sold down via a secondary offering and reported 42,804,207 shares (7.42%, against 576,532,584 shares then outstanding) in their last Schedule 13D/A, filed 30 Jul 2024. No further SC 13D/A or SC 13G has been filed on Nasdaq by this CIK since (checked through 18 Aug 2026), and it is absent from the Q1 2026 and Q2 2026 13F registers checked for this project (no Thoma Bravo entity holds NDAQ shares under CUSIP 631103108 in any 13F reviewed). Nasdaq's own FY2025 10-K states explicitly: 'As of December 31, 2025, Thoma Bravo no longer holds any shares of our common stock.' Consistent with this, Thoma Bravo/Adenza/Argus Seller is entirely absent from the 2026 DEF 14A's 5% Owners table (record date 13 Apr 2026), which lists only Vanguard, Investor AB, Borse Dubai, Wellington and BlackRock. Row is retained (shares and pct null, not omitted) to record this as a verified full exit rather than an unchecked absence, per the brief's instruction to verify presence AND absence and to name deal-consideration PE holders as 'strategic' even after they sell down to zero.