Based on 155 hedge funds · latest filing: 2026 Q2 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added BLLN 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
155 hedge funds hold BLLN 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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Fast accumulation — +15400% more funds vs a year ago
fund count last 6Q
+154 new funds entered over the past year (+15400% 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.
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More buyers than sellers — 84% buying
128 buying24 selling
Last quarter: 128 funds were net buyers (78 opened a brand new position + 50 added to an existing one). Only 24 were sellers (13 trimmed + 11 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+49 vs last Q)
new funds entering per quarter
Funds opening a new BLLN position: 0 → 86 → 29 → 78. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 97% entered in last year
■ 1% conviction (2yr+)
■ 3% medium
■ 97% new
Only 1 funds (1%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
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Value +109% but shares only +38% — price-driven
Last quarter: the total dollar value of institutional holdings rose +109%, but actual share count only changed +38%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
0 → 0 → 86 → 29 → 78 new funds/Q
New funds entering each quarter: 0 → 86 → 29 → 78. A growing number of institutions are discovering BLLN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Early stage — 98% of holders entered in last year
■ 2% veterans
■ 0% 1-2yr
■ 98% new
Of 160 current holders: 157 (98%) entered in the past year, only 3 (2%) 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.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
37 of 154 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 7.4/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.