Based on 83 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their EZBC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (97% of max)
97% of all-time peak
83 hedge funds hold EZBC right now — the highest count in 2.0 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 — +46% more funds vs a year ago
fund count last 6Q
+26 new funds entered over the past year (+46% 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 — 57% buying
51 buying39 selling
Last quarter: 51 funds bought or added vs 39 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 — ~21 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 20 → 15 → 23 → 21. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 42% entered in last year
■ 1% conviction (2yr+)
■ 57% medium
■ 42% new
Only 1 funds (1%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎
Buying through price weakness — shares +8%, value -17%
Last quarter: funds added +8% more shares while total portfolio value only changed -17%. 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
24 → 20 → 15 → 23 → 21 new funds/Q
New funds entering each quarter: 20 → 15 → 23 → 21. A growing number of institutions are discovering EZBC each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 69% of holders entered in last year
■ 0% veterans
■ 31% 1-2yr
■ 69% new
Of 85 current holders: 59 (69%) entered in the past year, only 0 (0%) 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 — 33% AUM from major funds
33% from top-100 AUM funds
7 of 83 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.