Based on 246 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added COCO 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.
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At the ownership peak (100% of max)
100% of all-time peak
246 hedge funds hold COCO 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 — +31% more funds vs a year ago
fund count last 6Q
+58 new funds entered over the past year (+31% 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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Slight buying edge — 56% buying
146 buying113 selling
Last quarter: 146 funds bought or added vs 113 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.
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More new buyers each quarter (+21 vs last Q)
new funds entering per quarter
Funds opening a new COCO position: 44 → 42 → 40 → 61. 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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53% of holders stayed for 2+ years
■ 53% conviction (2yr+)
■ 25% medium
■ 22% new
131 out of 246 hedge funds have held COCO 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.
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Price up while funds trimmed (+20% value, -2% shares)
Last quarter: total value of institutional COCO holdings rose +20% even though funds reduced share count by 2%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Growing discovery — still being found
36 → 44 → 42 → 40 → 61 new funds/Q
New funds entering each quarter: 44 → 42 → 40 → 61. A growing number of institutions are discovering COCO each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 16% 1-2yr
■ 28% new
Of 254 current holders: 144 (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.
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Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
36 of 246 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in COCO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.