Based on 74 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added DAPP 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
74 hedge funds hold DAPP 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 — +57% more funds vs a year ago
fund count last 6Q
+27 new funds entered over the past year (+57% 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.
🟡
Slight buying edge — 56% buying
39 buying31 selling
Last quarter: 39 funds bought or added vs 31 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.
➡️
Steady new buyers — ~20 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 14 → 13 → 20 → 20. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 31% long-term, 45% new
■ 31% conviction (2yr+)
■ 24% medium
■ 45% new
Of the 74 current holders: 23 (31%) held >2 years, 18 held 1–2 years, and 33 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 +10%, value -16%
Last quarter: funds added +10% more shares while total portfolio value only changed -16%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
15 → 14 → 13 → 20 → 20 new funds/Q
New funds entering each quarter: 14 → 13 → 20 → 20. A growing number of institutions are discovering DAPP each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 57% of holders entered in last year
■ 35% veterans
■ 8% 1-2yr
■ 57% new
Of 74 current holders: 42 (57%) entered in the past year, only 26 (35%) 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 — 37% AUM from major funds
37% from top-100 AUM funds
7 of 74 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.9
out of 10
Moderate Exit Risk
Exit risk score 4.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.