Based on 203 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added BTBT than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
203 hedge funds hold BTBT 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.
🚀
Fast accumulation — +36% more funds vs a year ago
fund count last 6Q
+54 new funds entered over the past year (+36% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟠
More sellers than buyers — 49% buying
107 buying111 selling
Last quarter: 111 funds reduced or exited vs 107 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~48 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 57 → 60 → 50 → 48. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 33% long-term, 39% new
■ 33% conviction (2yr+)
■ 28% medium
■ 39% new
Of the 203 current holders: 67 (33%) held >2 years, 57 held 1–2 years, and 79 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -10%, value -41%
Last quarter: funds added -10% more shares while total portfolio value only changed -41%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
32 → 57 → 60 → 50 → 48 new funds/Q
New funds entering each quarter: 57 → 60 → 50 → 48. BTBT is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 42% veterans vs 43% newcomers
■ 42% veterans
■ 14% 1-2yr
■ 43% new
Entry-cohort mix of 212 holders: 90 (42%) are 2+ year veterans, 30 entered 1–2 years ago, and 92 (43%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
44 of 201 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in BTBT. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.4
out of 10
Moderate Exit Risk
Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.