Latest Period
Q4 2025
Security Snapshot
D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) Institutional Ownership
CUSIP: 23292B104
13F Institutional Holders and Ownership History from Q3 2021 to Q1 2026
Institutions Reporting
32
Shares (Excl. Options)
30,366,022
Price
$2.48
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- Type / Class
- Equity / Ordinary Shares, nominal value TRY 0.20 per share
- Symbol
- HEPS on Nasdaq
- Shares outstanding
- 357,240,523
- Price per share
- $2.69
- All holders as of 31 Dec 2025
- Q4 2025
- Total 13F shares
- 30,366,022
- Total reported value
- $75,324,589
- % of total 13F portfolios
- 0%
- Share change
- -12,147,690
- Value change
- -$33,170,351
- Number of holders
- 32
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors
Quick Takeaways
- HEPS - D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share is tracked under CUSIP 23292B104.
- 32 institutions reported positions in Q4 2025.
- 3 significant owners is listed from Schedule 13D/13G reporting.
What Changed
- Holder count moved from 32 to 9 between Q4 2025 and Q1 2026.
- Reported value moved from $75,324,589 to $2,898,392.
Why This Matters
- You can quickly see who holds this security, then open quarter and manager detail pages for full evidence.
- 13F and Schedule 13D/13G sections are kept together so you can cross-check institutional and beneficial ownership context.
Source Evidence
Source: SEC Form 13F
Open SEC Evidence
Latest holder context comes from 32 institutions filings for Q4 2025.
Investment Quick Answers
What is CUSIP 23292B104?
CUSIP 23292B104 identifies HEPS - D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share in SEC 13F datasets.
Where can I see the latest institutional holders?
Review the Q4 2025 holders report and the ownership history table below.
Next ownership checks
Use the next link that matches the question you still need to answer about this security.
- Latest 13F filings when you want to inspect fresh institutional portfolio moves.
- Latest Schedule 13D/13G reports when you need large-owner changes outside the 13F cycle.
- All institutional ownership pages to compare this security with other holder-history pages.
Recent Quarterly Holder Reports
Open recent reporting periods for CUSIP 23292B104:
Significant Owners of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) based on Schedule 13D/G filings
| Filer | Ownership | Change % | Holdings Value | Net Change | Nb Shares | Change % | Reporting Name | Report Period |
|---|---|---|---|---|---|---|---|---|
| Joint Stock Co Kaspi.kz | 86% | +0.58% | $841,533,638 | +$4,877,524 | 306,012,232 | +0.58% | Joint Stock Company Kaspi.kz | 16 Mar 2026 |
| VR Advisory Services Ltd | 4.6% | $46,782,812 | 16,472,821 | VR Advisory Services Ltd | 31 Dec 2025 | |||
| VR Global Partners, L.P. | 5% | $37,509,790 | 16,168,013 | VR Global Partners, L.P. | 01 Dec 2025 |
As of 31 Dec 2025, 32 institutional investors reported holding 30,366,022 shares of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS). This represents 8.5% of the company’s total 357,240,523 outstanding shares.
Institutional Holders of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) across Reporting Periods
| Period | Reported Shares, Excl. Options | Value, Excl. Options | Value Change | Price (Median) | Investors |
|---|---|---|---|---|---|
| 2026 Q1 | 1,106,257 | $2,898,392 | -$10,215,092 | $2.62 | 9 |
| 2025 Q4 | 30,366,022 | $75,324,589 | -$33,170,351 | $2.48 | 32 |
| 2025 Q3 | 42,348,571 | $113,918,818 | -$955,684 | $2.69 | 43 |
| 2025 Q2 | 42,793,265 | $115,541,731 | +$1,740,035 | $2.70 | 41 |
| 2025 Q1 | 42,116,585 | $120,031,711 | +$25,961,373 | $2.85 | 38 |
| 2024 Q4 | 32,907,298 | $99,714,232 | +$55,765,702 | $3.03 | 46 |
| 2024 Q3 | 13,834,642 | $31,247,547 | -$3,124,831 | $2.26 | 39 |
| 2024 Q2 | 15,281,594 | $33,767,049 | -$1,046,039 | $2.21 | 40 |
| 2024 Q1 | 15,786,962 | $23,683,067 | -$2,212,786 | $1.50 | 33 |
| 2023 Q4 | 17,232,853 | $31,009,093 | -$4,049,314 | $1.80 | 34 |
| 2023 Q3 | 19,544,265 | $25,993,301 | -$4,020,034 | $1.33 | 36 |
| 2023 Q2 | 22,287,725 | $37,444,089 | +$325,163 | $1.68 | 39 |
| 2023 Q1 | 22,075,575 | $29,579,925 | -$3,673,979 | $1.34 | 34 |
| 2022 Q4 | 25,974,540 | $16,874,913 | -$8,011,521 | $0.66 | 34 |
| 2022 Q3 | 37,831,923 | $36,551,101 | -$2,796,988 | $0.96 | 28 |
| 2022 Q2 | 41,146,577 | $25,457,498 | -$12,950,578 | $0.61 | 39 |
| 2022 Q1 | 52,235,908 | $118,806,769 | -$6,207,756 | $2.27 | 35 |
| 2021 Q4 | 55,239,483 | $105,419,240 | -$57,666,848 | $1.91 | 35 |
| 2021 Q3 | 60,466,137 | $414,422,456 | +$414,422,456 | $6.86 | 38 |