Based on 249 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added BZ 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
249 hedge funds hold BZ 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 — +15% more funds vs a year ago
fund count last 6Q
+33 new funds entered over the past year (+15% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 62% buying
156 buying96 selling
Last quarter: 156 funds were net buyers (45 opened a brand new position + 111 added to an existing one). Only 96 were sellers (64 trimmed + 32 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~45 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 51 → 28 → 50 → 45. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 31% medium
■ 21% new
119 out of 249 hedge funds have held BZ 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.
💎
Buying through price weakness — shares +1%, value -86%
Last quarter: funds added +1% more shares while total portfolio value only changed -86%. 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
39 → 51 → 28 → 50 → 45 new funds/Q
New funds entering each quarter: 51 → 28 → 50 → 45. A growing number of institutions are discovering BZ each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 12% 1-2yr
■ 31% new
Of 256 current holders: 146 (57%) 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 — 38% AUM from major funds
38% from top-100 AUM funds
40 of 249 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.