Based on 244 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added DX 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
244 hedge funds hold DX 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 — +42% more funds vs a year ago
fund count last 6Q
+72 new funds entered over the past year (+42% 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.
🟢
More buyers than sellers — 72% buying
183 buying70 selling
Last quarter: 183 funds were net buyers (78 opened a brand new position + 105 added to an existing one). Only 70 were sellers (41 trimmed + 29 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+38 vs last Q)
new funds entering per quarter
Funds opening a new DX position: 55 → 41 → 40 → 78. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
41% of holders stayed for 2+ years
■ 41% conviction (2yr+)
■ 23% medium
■ 36% new
101 out of 244 hedge funds have held DX 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.
💰
Value +30% but shares only +14% — price-driven
Last quarter: the total dollar value of institutional holdings rose +30%, but actual share count only changed +14%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Growing discovery — still being found
39 → 55 → 41 → 40 → 78 new funds/Q
New funds entering each quarter: 55 → 41 → 40 → 78. A growing number of institutions are discovering DX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 51% of holders stayed 2+ years
■ 51% veterans
■ 11% 1-2yr
■ 38% new
Of 252 current holders: 128 (51%) 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.
🏆
Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
30 of 244 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in DX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.