--- title: "Index funds must buy Chime on Nov. 18 as DST Global's filings show $433 million of sales since Aug. 19" description: "Passive trackers must buy Chime at Wednesday's open because Black Hills is buying NorthWestern, not because anyone chose Chime. The same week, DST Global filed a 13G/A at 10.2 percent, and its funds have sold $433 million of the stock since August 19, sales that go dark below the 10 percent line." publisher: "The Inference" section: "Economy" published: 2026-11-14T20:08:18.364Z modified: 2026-11-14T20:08:18.364Z canonical: https://theinference.org/article/index-funds-must-buy-chime-on-nov-18-as-dst-global-s-filings-show-433-million-of-sales-since-aug-19 language: en keywords: "Chime, Index Funds, Insider Selling, S&P MidCap 400, Fintech" --- # Index funds must buy Chime on Nov. 18 as DST Global's filings show $433 million of sales since Aug. 19 > Passive trackers must buy Chime at Wednesday's open because Black Hills is buying NorthWestern, not because anyone chose Chime. The same week, DST Global filed a 13G/A at 10.2 percent, and its funds have sold $433 million of the stock since August 19, sales that go dark below the 10 percent line. ## A utility merger hands Chime a midcap seat S&P Dow Jones Indices announced after Friday's close that [Chime](https://theinference.org/markets/companies/chime) Financial (NASDAQ: CHYM), the consumer fintech serving 10.9 million members, joins the S&P MidCap 400 before the open on Wednesday, November 18 [1][4]. The shares rose 5.03 percent Friday on the news [1][4]. The slot opened because Black Hills Corp. (NYSE: BKH) completed its acquisition of NorthWestern Energy Group (NASDAQ: NWE); the combined utility, renamed Bright Horizon Energy Corp. (NYSE: HZN), keeps Black Hills' seat and vacates NorthWestern's. The slot is mechanical, not earned: Chime is filling a vacancy left by a merger, per [S&P's own release](https://finance.yahoo.com/markets/stocks/articles/chime-financial-set-join-p-231800744.html) [1][5]. ## Passive money has to buy, and a seller has been selling Index funds that track the S&P MidCap 400 must own the new constituent at Wednesday's open; that is how the benchmark works [1]. On the other side of the trade sits DST Global, the venture firm founded by Yuri Milner that was one of Chime's two biggest institutional owners at the June 2025 IPO ($27 a share, about $700 million raised) [3][5]. Its fund chain filed [an amended Schedule 13G on Friday evening, November 13](https://www.stocktitan.net/sec-filings/CHYM/schedule-13g-a-chime-financial-inc-amended-passive-investment-disclos-d2d9ee4620e9.html), reporting 36,018,593 Class A shares, 10.2 percent of the class, as of September 30, counted against 353,422,420 Class A shares outstanding as of November 2 [2]. ## Eleven receipts, then silence The Form 4 record since August 19 shows eleven dated sales totaling about $433 million, from $145.5 million on August 19 to [$41.1 million on November 6](https://theinference.org/article/dst-global-sold-41-million-of-chime-not-80-of-its-stake-seven-funds-still-hold-1-1-billion), when seven DST funds sold 1,319,027 shares at a blended $31.13 [3]. After that sale the seven funds held 34,688,826 shares, about 9.8 percent of the November 2 share count, worth about $1.13 billion at Monday's $32.53 close [3]. Just under the 10 percent line, the filing duty that produced every one of those receipts lapses; from here the stake shows up only in quarterly 13Fs [3]. *Chart: **Eleven dated sales, $433 million since August 19** Bars showing the dollar size of each of eleven disclosed DST Global fund sales of Chime stock between August 19 and November 6, dominated by the August 19 tranche of $145.5 million and September 14's $109.3 million.* *Proceeds in millions of dollars of DST Global funds' disclosed Form 4 sales of Chime Class A stock, by trade date, August 19 to November 6, 2026. Source: MarketBeat compilation of Form 4 transactions as reported in The Inference, November 10, 2026. [3]* ## A good quarter, an expensive stock The selling runs against a clean print: third-quarter revenue up 32 percent to $718 million, net income of $44 million, a third straight GAAP-profitable quarter, and guidance raised to $2.792 to $2.802 billion for the year [3][4]. Insiders overall sold [$620 million in 90 days](https://theinference.org/article/chime-insiders-sold-620-million-in-90-days-and-its-growth-consensus-is-30-not-43-5) into a stock near 130 times earnings [3][4]. Nothing in any filing says why DST is selling [3]. *Chart: **Revenue has risen 87 percent in ten quarters, to $718 million** Line chart of Chime's quarterly revenue from Q2 2024 to Q3 2026, rising from $384.2 million to $718 million with no down quarter.* *Chime quarterly revenue, in millions of dollars, Q2 2024 through Q3 2026. Source: Chime quarterly figures from its SEC filings, retrieved 14 November 2026. [6]* ## One mechanical bid, then no more receipts The forced index bid lands Wednesday and the demand is real, but it is one-time, mechanical demand. The investor who buys the inclusion pop may be buying from a holder whose next sales leave no receipt. February's 13F is the next countable reading [3]. ## Takeaway Chime joins the S&P MidCap 400 before the open on Nov. 18, so index funds must buy it. DST Global's funds have sold about $433 million of the stock since Aug. 19 and now hold 9.8 percent, just under the line that requires them to report each sale. ## Sources 1. [PR Newswire via Yahoo Finance, Chime Financial Set to Join S&P MidCap 400, November 13, 2026](https://finance.yahoo.com/markets/stocks/articles/chime-financial-set-join-p-231800744.html) 2. [StockTitan, Chime Financial Schedule 13G/A, DST Global Advisors reports 10.2% stake, filed November 13, 2026](https://www.stocktitan.net/sec-filings/CHYM/schedule-13g-a-chime-financial-inc-amended-passive-investment-disclos-d2d9ee4620e9.html) 3. [The Inference, DST Global sold $41 million of Chime, not 80% of its stake; seven funds still hold $1.1 billion, November 10, 2026](https://theinference.org/article/dst-global-sold-41-million-of-chime-not-80-of-its-stake-seven-funds-still-hold-1-1-billion) 4. [Yahoo Finance, Chime Financial stock rises after S&P MidCap 400 inclusion announcement, November 13, 2026](https://finance.yahoo.com/markets/stocks/articles/chime-financial-stock-rises-p-225706258.html) 5. [Securities.io, Chime to Enter S&P MidCap 400 as Utility Merger Reshapes Index, November 13, 2026](https://www.securities.io/chime-to-enter-s-and-p-midcap-400-as-utility-merger-reshapes-index/) 6. [Chime, quarterly figures from its SEC filings, retrieved 14 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001795586) --- Index funds must buy Chime on Nov. 18 as DST Global's filings show $433 million of sales since Aug. 19 — The Inference. Canonical: https://theinference.org/article/index-funds-must-buy-chime-on-nov-18-as-dst-global-s-filings-show-433-million-of-sales-since-aug-19