Based on 140 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BLZE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
140 hedge funds hold BLZE 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
+23 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.
🟡
Slight buying edge — 57% buying
91 buying70 selling
Last quarter: 91 funds bought or added vs 70 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 18 → 28 → 39 → 28. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌
Mixed — 32% long-term, 29% new
■ 32% conviction (2yr+)
■ 39% medium
■ 29% new
Of the 140 current holders: 45 (32%) held >2 years, 54 held 1–2 years, and 41 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 +9%, value -45%
Last quarter: funds added +9% more shares while total portfolio value only changed -45%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
27 → 18 → 28 → 39 → 28 new funds/Q
New funds entering each quarter: 18 → 28 → 39 → 28. A growing number of institutions are discovering BLZE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 38% veterans, 36% new entrants
■ 38% veterans
■ 26% 1-2yr
■ 36% new
Of 143 current holders: 55 (38%) held 2+ years, 37 held 1–2 years, 51 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 28% AUM from major funds
28% from top-100 AUM funds
26 of 140 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
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.