Based on 16 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds added BITS 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
16 hedge funds hold BITS 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 — +78% more funds vs a year ago
fund count last 6Q
+7 new funds entered over the past year (+78% 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 buyers than sellers — 64% buying
9 buying5 selling
Last quarter: 9 funds were net buyers (6 opened a brand new position + 3 added to an existing one). Only 5 were sellers (1 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~6 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 4 → 5 → 6. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 38% long-term, 44% new
■ 38% conviction (2yr+)
■ 19% medium
■ 44% new
Of the 16 current holders: 6 (38%) held >2 years, 3 held 1–2 years, and 7 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 +161%, value +70%
Last quarter: funds added +161% more shares while total portfolio value only changed +70%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~6 new funds/quarter
3 → 4 → 4 → 5 → 6 new funds/Q
New funds entering each quarter: 4 → 4 → 5 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 56% of holders entered in last year
■ 25% veterans
■ 19% 1-2yr
■ 56% new
Of 16 current holders: 9 (56%) entered in the past year, only 4 (25%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 77% AUM from top-100 funds
77% from top-100 AUM funds
5 of 16 holders are among the 100 largest funds by AUM, controlling 77% of total institutional value in BITS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.8
out of 10
Moderate Exit Risk
Exit risk score 4.8/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.