February 2025 144 Market Report
Aggregate 144 Market Volume
In February, the total reported value of Form 144s rose 53% from January, driven by a 137% increase in the value of discretionary filings. There was also a rise of 51% in the number filings when compared to January, likely due to the lifting of pre-earnings trading restrictions. Although February is typically a busy month for the Form 144 market, the month-over-month increase in total value was much less dramatic than it was in prior years (276% and 136% for 2024 and 2023, respectively). When comparing February 2025 to the same time last year, total value, number of shares, and number of filings decreased across the board. However, this years’ numbers are more in line with that of 2023, and the year-over-year decline in activity may indicate a return to normal for the 144 market after the heightened activity of last year.
Top 5 Brokers for February 2025
JP Morgan rose through the ranks to claim first place for value brokered in February, from its position in fifth in January. This is due in part to JP Morgan’s role in brokering multiple of last month’s largest Form 144s (see next page). Morgan Stanley followed close behind to take second for value, but secured first for number of shares and filings. While Fidelity, Bank of America, and Charles Schwab remained in the same order as January, they slid to third, fourth, and fifth respectively.
Top 144 Filers for February 2025
| Filer | Company | Broker | Value(M) | Shares(M) |
| Lilly Endowment Inc. | Eli Lilly & Co. - [LLY] | Fidelity, JP Morgan | $567.2 | 0.66 |
| Meliga No. 1 LP | MercadoLibre - [MELI] | JP Morgan | $329.6 | 0.15 |
| Mark Zuckerberg | Meta Platforms - [META] | Charles Schwab | $307.2 | 0.43* |
(*Pursuant to Rule 10b5-1)