Based on 63 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added BYLD 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
63 hedge funds hold BYLD 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 — +5% more funds vs a year ago
fund count last 6Q
+3 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 68% buying
42 buying20 selling
Last quarter: 42 funds were net buyers (13 opened a brand new position + 29 added to an existing one). Only 20 were sellers (13 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new BYLD position: 10 → 10 → 5 → 13. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
57% of holders stayed for 2+ years
■ 57% conviction (2yr+)
■ 21% medium
■ 22% new
36 out of 63 hedge funds have held BYLD 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.
➡️
Steady discovery — ~13 new funds/quarter
14 → 10 → 10 → 5 → 13 new funds/Q
New funds entering each quarter: 10 → 10 → 5 → 13. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 54% of holders stayed 2+ years
■ 54% veterans
■ 17% 1-2yr
■ 29% new
Of 63 current holders: 34 (54%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 25% AUM from major funds
25% from top-100 AUM funds
8 of 63 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.