Based on 85 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, 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
85 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.
🚀
Fast accumulation — +8400% more funds vs a year ago
fund count last 6Q
+84 new funds entered over the past year (+8400% 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 — 100% buying
84 buying0 selling
Last quarter: 84 funds were net buyers (84 opened a brand new position + 0 added to an existing one). Only 0 were sellers (0 trimmed + 0 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+84 vs last Q)
new funds entering per quarter
Funds opening a new BLLN position: 0 → 0 → 0 → 84. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 98% entered in last year
■ 2% conviction (2yr+)
■ 0% medium
■ 98% new
Only 2 funds (2%) 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.
💎
Buying through price weakness — shares +31445%, value +29634%
Last quarter: funds added +31445% more shares while total portfolio value only changed +29634%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~84 new funds/quarter
0 → 0 → 0 → 0 → 84 new funds/Q
New funds entering each quarter: 0 → 0 → 0 → 84. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 95% of holders entered in last year
■ 5% veterans
■ 0% 1-2yr
■ 95% new
Of 85 current holders: 81 (95%) entered in the past year, only 4 (5%) 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 — 26% AUM from major funds
26% from top-100 AUM funds
22 of 85 holders rank in the top 100 by AUM, accounting for 26% 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.