Intercontinental Exchange (ICE) operates some of the world’s most important financial market infrastructure, including futures exchanges, clearinghouses, fixed income platforms, and the New York Stock Exchange. Shares recently traded around $163 per share, giving ICE a market value of roughly $93.0 billion.
Looking at who owns ICE and how insiders have traded recently helps show how large institutions and company leadership may be positioning around the stock today.
Who Are Intercontinental Exchange’s Top Shareholders?
ICE’s shareholder base is led by major passive institutions that tend to hold through market cycles, which can help support long term ownership stability. Active managers have adjusted positions in both directions, suggesting a more valuation-aware approach rather than broad conviction shifts.
- The Vanguard Group: 57,061,845 shares (10.01%), ~$9.31B value. Added 3,586,477 shares (+6.71%).
- BlackRock Institutional Trust Company: 28,128,888 shares (4.93%), ~$4.59B value. Added 206,258 shares (+0.74%).
- State Street Investment Management (US): 24,816,744 shares (4.35%), ~$4.05B value. Added 194,325 shares (+0.79%).
- Geode Capital Management: 12,570,477 shares (2.20%), ~$2.05B value. Added 132,323 shares (+1.06%).
- Wellington Management Company: 10,354,224 shares (1.82%), ~$1.69B value. Added 4,067,922 shares (+64.71%).
- Harris Associates: 10,195,719 shares (1.79%), ~$1.66B value. Cut 74,522 shares (0.73%).
- Managed Account Advisors: 8,992,580 shares (1.58%), ~$1.47B value. Cut 17,946 shares (0.20%).
- Norges Bank Investment Management: 8,408,897 shares (1.47%), ~$1.37B value. Added 380,861 shares (+4.74%).
- T. Rowe Price Associates: 7,369,143 shares (1.29%), ~$1.20B value. Cut 23,061 shares (0.31%).
- Morgan Stanley Investment Management (UK): 7,286,973 shares (1.28%), ~$1.19B value. Cut 180,757 shares (2.42%).
For investors, this ownership mix suggests ICE remains firmly supported by long term institutional holders, while active managers appear to be fine-tuning exposure rather than making decisive directional bets.
Hedge Fund Highlights
One notable move last quarter came from Balyasny Asset Management, founded by Dmitry Balyasny, which sharply increased its ICE position. The firm boosted its stake by several hundred percent and now holds a position valued in the tens of millions of dollars, which may reflect increased interest in ICE’s exchange and data-driven revenue model.
Squarepoint Ops, co-founded by Rishi Narang, also meaningfully expanded its ICE exposure. The fund more than doubled its position and now holds roughly $36M value, which could suggest higher allocation following recent share price consolidation.
AQR Capital Management, founded by Cliff Asness, continued to add to its ICE stake, lifting holdings by more than 60% last quarter. With over $100M value invested, the move may indicate improving signals within AQR’s systematic models tied to ICE’s earnings durability.
Smaller but still notable, Chilton Investment Company, led by Richard Chilton, raised its ICE position by several hundred percent from a low base. While the dollar value remains modest, the sharp increase stands out and may reflect a reassessment of ICE’s longer term growth profile for investors.
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Intercontinental Exchange’s Recent Insider Trades
Insider trades can offer context around how executives and directors may be managing personal exposure. Recent filings for ICE show mostly small transactions that lean toward selling.
- Jeffrey C. Sprecher: Sold 195,000 shares near $152 to $153.
- Mayur Kapani: Sold 5,345 shares near $156 to $157 and acquired 5,345 shares at $57.31.
- Douglas Foley: Sold 1,600 shares at $163.20.
- Judith A. Sprieser: Sold 3,700 shares near $158.
- Warren Gardiner: Sold 1,572 shares at $153.65.
- Andrew J. Surdykowski: Sold 3,540 shares and acquired 1,770 shares at $50.01.
These transactions do not materially change insider ownership levels, but they provide useful context on how ICE leadership appears to be adjusting exposure around recent price levels for investors.
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What the Ownership & Insider Trade Data Tell Us
ICE’s shareholder base remains anchored by large, long term institutional investors, providing stability in ownership. Hedge fund activity appears selective, with some managers increasing exposure while others remain cautious.
Insider activity appears measured, with selling outweighing buying, though transaction sizes remain small relative to total shares outstanding and may relate to timing or compensation considerations.
For investors, the overall picture suggests ICE continues to be treated as a high-quality market infrastructure business with durable cash flows, while both institutions and insiders appear to be taking a balanced, valuation-aware approach at current prices.
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