Based on 39 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BSTP positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (98% of max)
98% of all-time peak
39 hedge funds hold BSTP right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BSTP is almost the same as a year ago (-1 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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Heavy selling pressure — only 39% buying
12 buying19 selling
Last quarter: 19 funds sold vs only 12 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 5 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 31% medium
■ 8% new
24 out of 39 hedge funds have held BSTP for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Steady discovery — ~3 new funds/quarter
5 → 2 → 1 → 5 → 3 new funds/Q
New funds entering each quarter: 2 → 1 → 5 → 3. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Veteran-anchored — 64% veterans vs 8% newcomers
■ 64% veterans
■ 28% 1-2yr
■ 8% new
Entry-cohort mix of 39 holders: 25 (64%) are 2+ year veterans, 11 entered 1–2 years ago, and 3 (8%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
4 of 39 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.