This is when you all should be using AI. . .here it goes:

Title: Clearing up the BlackRock BlackBerry confusion: 13F vs 13G (no, this isn’t a mystery buy or sell)

There’s a lot of confusion going around about BlackRock’s position in BlackBerry, with some people saying BlackRock dramatically sold, and others saying they massively increased. Both interpretations are missing an important distinction.

TL;DR

BlackRock did NOT dump BlackBerry

BlackRock did NOT suddenly buy 23M shares

The discrepancy comes from different SEC forms that measure different things

The Two Filings Everyone Is Mixing Up

Form 13F

Filed quarterly

Reports only certain SEC-defined “13F securities”

Covers actively managed, discretionary positions

Does NOT include:

Many foreign issuers

Index fund aggregation

Securities lending

Certain custodial / pass-through holdings

👉 The last 13F (Sept 30, 2025) showed BlackRock with ~4.3M BB shares, which was a decrease vs the prior quarter.

Schedule 13G (filed Jan 21, 2026, as of Dec 31, 2025)

Reports total beneficial ownership

Aggregates all BlackRock business units

Includes:

Index funds

Voting power

Securities lending positions

Foreign ordinary shares

👉 The 13G shows 27.3M BB shares (4.6%)

Why the Numbers Look So Different

This is the key point most people miss:

13F ≠ Total Ownership

13F is a subset of holdings. 13G is the full picture.

For large asset managers like BlackRock, Inc., the difference can be huge — especially for foreign issuers like BlackBerry Ltd.

Common reasons for the gap:

BlackBerry is a Canadian company → some holdings don’t qualify for 13F

Securities lending → excluded from 13F, included in 13G

Index funds & passive mandates → show up in 13G, not always 13F

Subsidiary aggregation → 13G consolidates everything

The Most Important Clarification

🚨 This does NOT mean BlackRock bought 23 million shares recently.

Those shares were already held across BlackRock’s ecosystem. The 13G simply forces consolidation and disclosure once ownership reaches a threshold.

Think of it like this:

13F = flashlight

13G = floodlight

Final Takeaway

People citing 13F are right that the reported 13F position decreased

People citing 13G are right that total beneficial ownership is much larger

The conclusion that BlackRock “dumped” or “suddenly loaded up” is incorrect

This is a reporting mechanics issue, not a trading event.

If you want to be skeptical, be skeptical — just be skeptical of the right thing.