April 2025 144 Market Report
Aggregate 144 Market Volume
In April 2025, the total reported value of Form 144s fell 75% from March, alongside a 72% and 59% drop in shares registered and number of filings, respectively. This overall slow-down is not surprising since April is typically a slow month due to preearnings blackout periods. When comparing April 2025 to April 2024, there was also a 53% decrease in the value of Form 144s, driven by a 63% decline in value of discretionary filings. However, a total reported value this low is not unheard of; October 2024, the month preceding the US election, was the most recent month that had a lower total reported value than this April. This concurrent month-over-month and year-over-year decrease may simply reflect hesitancy by insiders during the tariff-related dip of the stock market.
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Top 5 Brokers for April 2025
This past month, JP Morgan claimed first place in value brokered, a rise from its fourth place finish in March. Morgan Stanley and Bank of America remained in second and third place, respectively. However, Morgan Stanley took the top spot for number of filings, while Bank of American placed first for number of shares brokered. Newcomer TradeUp Securities rose through the ranks to claim fourth for value, due to their role in brokering one of last month’s largest filings (see next page). In fifth place, Fidelity rounds out April’s Top 5 Brokers.
Top 144 Filers for April 2025
| Filer | Company | Broker | Value(M) | Shares(M) |
| AGK Giving Trust | CrowdStrike Holdings Inc. - [CRWD] | JP Morgan | $473.9 | 1.25 |
| KKD Holding Ltd. | ZJK Industrial Co - [ZJK] | TradeUp Securities | $283.0 | 0.61 |
| Nir Zuk | Palo Alto Networks - [PANW] | JP Morgan | $159.8 | 0.95* |
*Pursuant to Rule 10b5-1