Citigroup filed its quarterly portfolio update with the SEC on Monday, disclosing that it closed the first quarter holding 8,674,247 Rivian shares.
The New York-based firm trimmed its position for the second consecutive quarter, this time by 12.1% — after selling approximately 1.19 million shares between January and March.
The roughly 8.7 million remaining shares mark Citigroup’s lowest Rivian holding since the fourth quarter of 2023, when the firm held a similar level of around 8.5 million shares.
Citigroup’s stake was valued at approximately $130.5 million as of March 31 and has since dropped to just below $140.3 million.
Rivian closed 2025 trading at $19.71.
In the first three months of 2026, the stock declined by over 23% to $15.05.
As of press time, the EV maker’s shares were trading 0.6% higher at $14.31.
In the same filing, Citigroup disclosed call options on 1,932,500 Rivian shares, valued at $29.1 million.
The bank also holds put options on 3,580,000 shares worth $53.9 million — down 59.8% from the 8,902,700 put options held at the end of 2025.
The sharp reduction in puts, combined with the maintained call position, suggests a partial shift in Citigroup’s hedging posture on the stock.
Citigroup x Rivian
Citigroup first entered a position in Rivian in the first quarter of 2022, acquiring approximately 1,383,033 shares valued at $69.5 million — shortly after the EV maker’s November 2021 initial public offering.
The stake was reduced sharply in the following quarter, falling to just 73,663 shares by mid-2022 amid the broader collapse in EV stock prices.
By the end of 2022, the position had recovered to 186,781 shares.
Holdings fluctuated over the next several quarters.
Citigroup rebuilt its stake to 590,982 shares by the end of 2022, then trimmed it to 349,978 shares in the first quarter of 2023 before reducing further to 287,665 shares at mid-year.
The position reached its lowest point of 145,092 shares in the third quarter of 2023 — a level from which it began a sustained recovery.
By the end of 2023, Citigroup had grown its Rivian stake significantly to 704,130 shares, a 385.3% increase.
The buying momentum continued into 2024, with the position climbing to 1,360,309 shares by the end of the first quarter and 1,184,975 shares at mid-year after a modest trim.
Citigroup accelerated its purchases through the second half of 2024, ending the third quarter with roughly 2 million shares and closing the year at 2,530,657 shares — its largest position at the time.
The first half of 2025 saw the most aggressive accumulation, as holdings jumped from 1,460,751 shares at the end of March to 3,587,332 by June, and then surged to 8,541,403 shares by September — a 138.1% quarterly increase.
The stake peaked at 9,864,221 shares at year-end before the two consecutive quarterly reductions brought it to the current level.
Institutional Ownership
As of Monday, Nasdaq data shows Rivian has 918 institutional shareholders, collectively holding 792.8 million shares in the EV maker.
Most major institutions have not yet disclosed their first-quarter 2026 portfolio updates with the SEC.
The EV maker has been primarily backed by Amazon, which first invested in the company in 2019 and holds approximately 158 million shares.
Volkswagen Group has since overtaken Amazon as Rivian’s largest shareholder, according to a Monday disclosure.
The German giant now holds 209.8 million Class A common shares, representing a 15.9% stake — up from 146 million shares as of mid-2025.
Volkswagen’s growing position stems from its up-to-$5.8 billion commitment to Rivian, tied to the software joint venture the two companies established in late 2024.
Of that total, $4 billion had been disbursed as of late April, with the successful completion of winter testing milestones unlocking the latest $1 billion equity tranche.
An additional $1 billion in nonrecourse debt is expected in October, with the remaining roughly $500 million due in 2027 or upon the start of joint vehicle production.
UBS, which ranks in the top 20 largest institutions, reduced its Rivian holdings by 26.4% in the first quarter of 2026 to just below 10.3 million shares.
Deutsche Bank also trimmed its Rivian position for the second straight quarter, holding 1,879,129 shares at the end of March — its lowest level since mid-2024.
Among its major institutional shareholders, Baillie Gifford has also updated its portfolio with a slight increase of 40,145 shares in a stake of over 43.8 million.
Citigroup ranks 20th.
Citigroup’s Portfolio
Citigroup’s positions also include EV makers Lucid Motors, Tesla and Nio.
The company has increased its stake in Lucid by 67.0% to 1.6 million shares, while reducing its call options by 88.6% — from 1.7 million to less than 200,000 shares — and trimming its put options by 39.7% to 577,460 shares.
Citigroup held just below 500,000 shares in Nio, a position worth nearly $3 million. While it exited its call options in the first quarter, put options have jumped eightfold to 3 million shares.
In the Elon Musk-led company, Citigroup had a position of 5.2 million shares by the end of the first quarter — a reduction of one-fifth of its stake in late 2025.
