Based on 11 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BDRY positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 42% of 3.0Y high
42% of all-time peak
Only 11 funds hold BDRY today versus a peak of 26 funds at 2024 Q1 — just 42% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉
Outflows — 8% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold BDRY compared to a year ago (-8% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 47% buying
7 buying8 selling
Last quarter: 8 funds reduced or exited vs 7 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 — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 6 → 4 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
73% of holders stayed for 2+ years
■ 73% conviction (2yr+)
■ 9% medium
■ 18% new
8 out of 11 hedge funds have held BDRY 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.
📊
Peak discovery — momentum slowing
1 → 2 → 6 → 4 → 2 new funds/Q
New funds entering each quarter: 2 → 6 → 4 → 2. BDRY 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 — 82% veterans vs 9% newcomers
■ 82% veterans
■ 9% 1-2yr
■ 9% new
Entry-cohort mix of 11 holders: 9 (82%) are 2+ year veterans, 1 entered 1–2 years ago, and 1 (9%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 89% AUM from top-100 funds
89% from top-100 AUM funds
4 of 10 holders are among the 100 largest funds by AUM, controlling 89% of total institutional value in BDRY. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 1.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.