State Street cuts stake in Zip Co through stock lending

State Street Corporation and its subsidiaries have announced a change in their substantial holding in Zip Co Limited. As of October 9, 2025, the group's voting power decreased to 5.72%, representing 73,822,712 ordinary shares. This is a notable reduction from their previous reported holding of 7.05%, which amounted to 90,946,577 ordinary shares, on August 22, 2025.

The changes in relevant interests primarily involved collateral received and stock lending activities by State Street Bank and Trust Company, as detailed in Annexure A. These transactions included both increases and decreases in holdings, with various movements recorded between August 21, 2025, and October 9, 2025. SSGA Funds Management, Inc. and State Street Global Advisors, Australia, Limited, also reported transfers of shares.

The nature of the changes largely involved collateral received and stock lending, where State Street Bank and Trust Company acted as both lender and borrower of securities, subject to obligations outlined in master securities lending agreements. These agreements grant rights to control voting and disposal of securities under specific conditions, such as default or recall.