Exploring Gold Royalty Corp. (GROY) Investor Profile: Who’s Buying and Why?

You've seen Gold Royalty Corp. (GROY) shares climb, up about 176.89% since late 2024, and you're defintely wondering who is driving that momentum-is it the smart money or the crowd? The story is fascinating because while major institutional players like Van Eck Associates Corp. and BlackRock Fund Advisors hold significant positions, a staggering 92.28% of the stock is held by retail and public investors, a concentration that creates both opportunity and volatility. This isn't a sleepy royalty company anymore; with Q3 2025 revenue hitting a record $4.1 million and positive operating cash flow of $2.4 million, the company is now at a critical inflection point, using that cash to pay down debt, including a recent $7.0 million in repayments. So, are the institutions buying because they see the production ramp-up at Côté Gold and Vareš leading to the projected 5,700-7,000 gold equivalent ounces (GEOs) for 2025, or is this a retail-driven momentum play that could reverse quickly? Let's break down the investor profile to see who is truly betting on this growth story and what their movements mean for your investment strategy.

Who Invests in Gold Royalty Corp. (GROY) and Why?

You want to know who is buying Gold Royalty Corp. (GROY) and what their game plan is. The short answer is a mix of major institutional players and a very large pool of individual investors, all betting on the massive, multi-year production ramp-up from key royalty assets. This is a pure growth story right now, plain and simple.

The ownership structure is less institutional than many large-cap gold royalty peers, which is a key factor in the stock's volatility. While you see titans like Van Eck Associates Corp. and BlackRock Fund Advisors on the shareholder list, the majority of the stock is held by retail investors. This high retail float can mean big swings on news, but also strong support during market downturns.

The Investor Profile: Institutional vs. Retail

Gold Royalty Corp. has a unique shareholder base for a company of its size. The institutional ownership percentage typically hovers around 18% to 21% of outstanding shares, which means retail investors-people like you and me, plus smaller funds-hold the lion's share, roughly 82% to 79% of the company.

Here's the quick math on the major institutional holders, based on recent 2025 filings, showing the serious money involved:

• Van Eck Associates Corp. is a top holder, with a position of over 5.23 million shares, valued near $19.05 million.
• Morgan Stanley holds about 5.09 million shares, with a value around $19.38 million.
• Other major players include Bank of Montreal and BlackRock Fund Advisors, signaling confidence from large, established financial institutions.

To be fair, the high retail ownership means the stock can be sensitive to sentiment, but the institutional presence lends significant credibility and stability. You defintely want to see those big names doing their due diligence.

Investment Motivations: Betting on Multi-Year Growth

The core attraction to Gold Royalty Corp. is the massive, near-term growth trajectory tied to its royalty portfolio. Investors aren't buying this for current cash flow; they are buying it for what's coming in the next few years.

The royalty model is the real draw. It lets investors gain exposure to gold price increases and mine production volume without the heavy operational costs, labor issues, or capital expenditures of a traditional miner. Gold Royalty Corp. is a high-margin, asset-light business model.

The numbers driving this thesis are compelling, with the company projecting production of 5,700 to 7,000 Gold Equivalent Ounces (GEOs) for the 2025 fiscal year, which is expected to translate into over $20 million in revenue. But the real kicker is the long-term outlook: the company is targeting a massive jump to 23,000 to 29,000 GEOs by 2029. That's a huge growth multiple in a short timeframe.

Key growth catalysts attracting capital right now:

• Ramp-up of the Côté Gold Mine (0.75% Net Smelter Return).
• Commercial production at the Borborema project, expected to contribute significantly to GEOs.
• The overall diversification across 248 assets, which hedges against single-mine risk.

Plus, while the company has not yet instituted a significant dividend, management has stated a plan to prioritize debt repayment first, then explore shareholder distributions, which is a future incentive for long-term holders.

Strategies in Play: Growth, Value, and Event-Driven

The investor base employs a few distinct strategies, which is typical for a stock in a high-growth phase with a relatively small market capitalization of around $622 million as of late 2025.

Long-Term Growth Investors: This is the dominant mindset for institutional and retail investors who believe in the Gold Royalty Corp. (GROY): History, Ownership, Mission, How It Works & Makes Money story. They are willing to overlook the current negative P/E ratio of -91.25 because they are focused on the projected cash flow and earnings that will materialize as the key assets come online in 2026 and beyond. They are buying the future revenue stream.

Value Investors: Despite the volatility, the stock attracts value buyers. Analyst forecasts, as of November 2025, suggest a fair value of $4.89 per share, which represents a potential 32% upside from the recent trading price of approximately $3.66 per share. These investors see the current price as a discount to the company's intrinsic value, assuming the production ramp-ups proceed as planned.

Hedge Funds and Short-Term Traders: The presence of hedge funds like Millennium Management LLC and Citadel Advisors LLC indicates active, short-term trading. These firms often engage in event-driven strategies, trading around quarterly earnings reports (like the recent Q3 2025 sales of US$4.15 million) or operational updates. The company's recent adoption of a shareholder rights plan in November 2025, in response to 'recent trading volumes and activity,' also suggests a focus on managing potential short-term control shifts.

Institutional Ownership and Major Shareholders of Gold Royalty Corp. (GROY)

You're looking at Gold Royalty Corp. (GROY) because you know institutional money often signals where a stock is headed, and you're defintely right to focus there. The direct takeaway is that institutional investors are net accumulators of GROY stock, increasing their long positions by a notable margin in the most recent quarter, but the ownership base is still relatively concentrated for a company of this size.

As of the third quarter (Q3) of the 2025 fiscal year, 105 institutional owners have filed 13F forms, holding a total of over 40.85 million shares. This represents a significant institutional value of approximately $127.43 million. While this institutional ownership is substantial, it's worth noting that the ownership structure remains a mix, with a large portion of the stock held by public companies and individual (retail) investors-a factor that can sometimes lead to higher volatility.

Top Institutional Investors and Their Q3 2025 Stakes

The largest institutional holders of Gold Royalty Corp. (GROY) are a mix of major banks, specialized asset managers, and prominent hedge funds. This diversity shows that the company appeals to both long-term, sector-focused investors like Van Eck Associates Corp and more tactical, short-term players like Millennium Management LLC. Here's a snapshot of the top five holders based on Q3 2025 13F filings, which is the latest comprehensive data we have:

Morgan Stanley taking the top spot with a significant increase is a strong vote of confidence. Plus, you see names like BlackRock Fund Advisors and Sprott Asset Management LP also holding meaningful stakes, reinforcing the view that major players see long-term value in the royalty model.

Recent Shifts in Institutional Ownership: Buying vs. Selling

Looking at the Q3 2025 filings, the overall trend is an accumulation of shares. Institutional shares (Long) increased by 10.83% during the most recent quarter. This net buying suggests a positive outlook on the company's near-term growth, likely tied to the anticipated production ramp-up at key assets like the Côté Gold mine.

However, the picture is complex, as not all major holders are on the same page. You see a clear divergence in strategy:

• Aggressive Buyers: Firms like Morgan Stanley added over 53.92% of their position, and Jpmorgan Chase & CO dramatically increased its stake by 2851.08% in Q3 2025. That's a massive conviction trade.
• Net Sellers: Conversely, long-time holders such as Van Eck Associates Corp and Bank Of Montreal trimmed their positions by 3.81% and 17.45%, respectively. This could be profit-taking after the stock's impressive 176.89% surge between November 2024 and November 2025.

Here's the quick math: the sheer volume of new buying outweighed the selling, pushing the total institutional float higher. This accumulation aligns with the positive market sentiment and the company's improved earnings outlook; for the fiscal year ending December 2025, the Zacks Consensus Estimate for the company's earnings per share has increased by 20% over the past three months.

The Role of Large Investors in GROY's Stock and Strategy

Institutional investors play a critical role that goes beyond just trading volume. Their buying and selling patterns, often driven by quantitative models and earnings estimate revisions, directly impact the stock price. When analysts raise their fair value estimates, these large funds buy in bulk, which then pushes the stock higher. For more context on the business model, you can check out Gold Royalty Corp. (GROY): History, Ownership, Mission, How It Works & Makes Money.

More importantly, these large shareholders influence corporate governance. In a significant move on November 5, 2025, the Gold Royalty Corp. Board adopted a Shareholder Rights Plan (often called a 'Poison Pill'). This strategic action was taken to protect and maximize shareholder value against any potential unsolicited takeover bids, setting a 15% beneficial ownership threshold as the trigger. This move signals that the Board is actively managing the risk of any single institutional investor or group attempting to acquire control without paying a fair premium to all shareholders. It's a clear example of how the presence of large, potentially activist, investors directly shapes the company's defensive strategy.

Key Investors and Their Impact on Gold Royalty Corp. (GROY)

You want to know who is buying Gold Royalty Corp. (GROY) and what their moves mean for your investment. The short answer is that institutional money is driving the bus, and a recent, non-traditional investor has prompted a direct, defensive action from management. Specifically, the company's board adopted a Shareholder Rights Plan in November 2025 following a significant, unsolicited stake acquisition by the stablecoin company Tether.

This is a classic example of how large investors, even passive ones, can force a company's hand. Gold Royalty Corp. (GROY) is seeing strong institutional interest, holding over 40.8 million shares as of the most recent filings, but the key action is the company's reaction to a new, major player. The stock's stability and future strategy are now being mapped against the intentions of these large holders.

The New Activist: Tether's Unsolicited Stake

The most notable recent move came from Tether, the stablecoin issuer, which disclosed a substantial position in Gold Royalty Corp. (GROY). On October 24, 2025, Tether filed a 13D with the SEC, revealing an initial acquisition of approximately 13.8 million shares, representing 8% of the outstanding share float. Days later, they increased this position to roughly 10% of the company's outstanding shares. Honestly, this kind of unannounced, large-scale buying from a non-mining entity is rare and signals a strong belief in the gold royalty model as a store of value.

The company's response was immediate and telling. On November 5, 2025, the board adopted a Shareholder Rights Plan (often called a 'poison pill') to protect against a potential 'creeping take-over bid.' This plan sets a threshold of 15% (or 20% for non-standstill entities) where, if crossed, it would allow other shareholders to purchase stock at a discount, effectively diluting the acquirer. It's a clear signal: the board wants to control the pace of any acquisition and ensure all shareholders are treated fairly, not just the new, large investor. Mission Statement, Vision, & Core Values of Gold Royalty Corp. (GROY).

Institutional Giants and Their Q3 2025 Positioning

Beyond the headline-grabbing move by Tether, the core of Gold Royalty Corp.'s (GROY) investor base remains traditional institutional funds. These are the mutual funds, ETFs, and major banks that provide long-term stability and liquidity. As of the Q3 2025 filings (September 30, 2025), the top institutional holders show a mixed but generally accumulating picture, particularly from major financial institutions.

Here's the quick math on the top institutional holders and their Q3 2025 activity, reflecting a collective value of over $119 million in reported holdings:

• Morgan Stanley: Increased its position by 53.92% to 5,086,780 shares.
• Van Eck Associates Corp.: Holds 5,034,508 shares, a slight reduction of 3.81%.
• JPMorgan Chase & Co.: Massive accumulation, adding 2851.08% of their position.
• Citadel Advisors LLC: Significantly reduced their stake by 31.07%.

The fact that a major bank like Morgan Stanley is adding over half its position, while hedge funds like Citadel are trimming, shows a divergence in strategy. The banks are likely betting on the long-term, de-risked growth tied to the company's ramp-up of key assets like the Côté Gold Mine and Borborema, which helped drive Q3 2025 revenue to a record $4.1 million. The hedge funds, on the other hand, might be taking profits after the stock's strong performance, which saw its share price increase by over 176% from November 2024 to November 2025.

Investor Influence: Driving Debt Reduction and Growth

The collective actions of these investors, especially the long-term holders, directly influence Gold Royalty Corp.'s (GROY) capital allocation strategy. The market's positive sentiment, reflected in the strong institutional ownership, gives management the confidence to prioritize debt reduction over aggressive new acquisitions. They are leveraging the strong cash flow from royalties at Borden, Borborema, Côté, and Cozamin.

For example, the company generated positive operating cash flow of $2.4 million in Q3 2025 and repaid $2.0 million on its revolving credit facility during the quarter, plus an additional $5.0 million subsequently. That's a total of $7.0 million in debt reduction in a short window. The goal, as stated by management, is to be essentially debt-free by the end of 2026, which is a clear, investor-friendly action designed to strengthen the balance sheet and reduce risk.

What this estimate hides, still, is the potential impact of the Shareholder Rights Plan on future M&A. It makes the company a much harder target for a hostile bid, meaning any future acquisition of royalties or streams will likely be on the company's terms, which is defintely a win for existing shareholders.

Market Impact and Investor Sentiment

You want to know who is buying Gold Royalty Corp. (GROY) and why, and the short answer is that major institutions and a significant private entity are accumulating shares, driving a broadly positive sentiment based on the company's strong 2025 cash flow growth, not just headline revenue. This accumulation trend suggests sophisticated investors are focused on the long-term value of the royalty portfolio's ramp-up.

Investor sentiment is defintely leaning positive, which is a big shift. The stock price, as of November 2025, has climbed dramatically, showing a 176.89% increase over the preceding twelve months. This surge reflects investor confidence in the royalty model, which provides exposure to rising gold prices without the operational costs of mining. You see this confidence most clearly in the institutional ownership, which holds approximately 21.9% of the company's shares, totaling over 40.86 million shares.

The largest institutional holders are exactly who you'd expect in the precious metals space-firms like Van Eck Associates Corp, Bank of Montreal, and BlackRock, Inc. Plus, a major private company, Tether Holdings, S.A. de C.V., made a massive bet, buying over 13 million shares in October and November 2025 alone, representing a multi-million-dollar commitment. That's a clear signal of conviction from a key player in the financial ecosystem.

• Institutions are buying for long-term portfolio stability.
• Private capital is making large, high-conviction purchases.
• The focus is on future cash flow, not just current revenue.

Recent Market Reactions to Ownership Changes

The stock market has been surprisingly forgiving of short-term misses, choosing instead to reward strategic progress and positive cash flow. For example, in August 2025, Gold Royalty Corp. (GROY) reported a Q2 revenue of $4.4 million, which missed analyst expectations. But, the stock price still rose 7.32% in after-hours trading. Here's the quick math: investors cared more about the positive operating cash flow and the strategic outlook than a temporary revenue shortfall.

This market reaction is a classic sign of a growth stock transitioning into a cash-flow-positive entity, where the market is willing to look past minor quarterly noise. The stock also experienced an eight-day winning streak in April 2025, with shares climbing 1.2% on a single day, driven by positive developments like the initial economic assessment at the Whistler Gold-Copper Project. This shows that every positive step in the underlying asset portfolio immediately translates into share price momentum. You can delve deeper into the company's foundation and strategy here: Gold Royalty Corp. (GROY): History, Ownership, Mission, How It Works & Makes Money.

Analyst Perspectives on Key Investors' Impact

Wall Street analysts are overwhelmingly bullish, with a consensus rating of 'Buy' for Gold Royalty Corp. (GROY). The average 12-month price target stands at a compelling $4.75, suggesting a forecasted upside of 36.49% from the recent trading price. This optimism is directly tied to the institutional and private investor confidence, as it validates the company's aggressive growth strategy.

Bullish analysts are projecting top-line revenue growth of over 80% in the 2025 fiscal year, driven by the ramp-up of key assets like the Côté Gold, Vareš, and Borborema mines. The conviction of major investors like Van Eck Associates Corp-a firm specializing in this sector-signals to the broader market that the royalty model is working and the assets are de-risking. The large institutional accumulation essentially acts as a quality stamp.

Still, you need to be a trend-aware realist. Bearish analysts caution that the high earnings expectations are heavily dependent on sustained high gold prices and the successful, timely ramp-up of these new assets. The company's own guidance for 2025 Gold Equivalent Ounces (GEOs) is currently expected to be around or modestly below the bottom of the 5,700-7,000 GEO guidance range, which is a near-term risk. What this estimate hides is the long-term production profile, which is why the market is still rewarding the stock.

The clear action for you is to monitor the production ramp-up at Côté and Borborema closely. If the company hits its full-year GEO guidance-even at the low end-the investment thesis holds. If they miss significantly, expect short-term volatility, but the long-term story of being debt-free by the end of 2026 remains a powerful anchor.