Based on 165 hedge funds · latest filing: 2026 Q1 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added BHB 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
165 hedge funds hold BHB 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.
📶
Steady growth — +20% more funds vs a year ago
fund count last 6Q
+28 new funds entered over the past year (+20% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 60% buying
82 buying54 selling
Last quarter: 82 funds were net buyers (29 opened a brand new position + 53 added to an existing one). Only 54 were sellers (34 trimmed + 20 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~29 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 13 → 21 → 25 → 29. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
52% of holders stayed for 2+ years
■ 52% conviction (2yr+)
■ 22% medium
■ 27% new
85 out of 165 hedge funds have held BHB 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.
🚀
Acceleration phase — new buyers rushing in
18 → 13 → 21 → 25 → 29 new funds/Q
New funds entering each quarter: 13 → 21 → 25 → 29. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Veteran-anchored — 50% veterans vs 32% newcomers
■ 50% veterans
■ 18% 1-2yr
■ 32% new
Entry-cohort mix of 165 holders: 83 (50%) are 2+ year veterans, 30 entered 1–2 years ago, and 52 (32%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
38 of 165 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in BHB. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.