Decagon’s CyberArk Gamble: A $36M Wager in the Identity Security Poker Game

November 14, 2025. The City of London was doing its usual “pretending to be normal while Brexit negotiations implode” dance when Decagon Asset Management decided to shake things up. With the precision of a Bond villain, they acquired 74,990 shares of CyberArk Software Ltd. (CYBR 0.48%) for $36.23 million. That’s roughly 18.29% of their U.S. equity portfolio, which feels like bringing a flamethrower to a knife fight.






