Based on 55 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 7 quarters in a row
For 7 consecutive quarters, more hedge funds added FDV 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
55 hedge funds hold FDV 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 — +38% more funds vs a year ago
fund count last 6Q
+15 new funds entered over the past year (+38% 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 — 83% buying
44 buying9 selling
Last quarter: 44 funds were net buyers (11 opened a brand new position + 33 added to an existing one). Only 9 were sellers (7 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~11 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 7 → 6 → 6 → 11. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
42% of holders stayed for 2+ years
■ 42% conviction (2yr+)
■ 31% medium
■ 27% new
23 out of 55 hedge funds have held FDV 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.
📈
Growing discovery — still being found
10 → 7 → 6 → 6 → 11 new funds/Q
New funds entering each quarter: 7 → 6 → 6 → 11. A growing number of institutions are discovering FDV each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 44% of holders stayed 2+ years
■ 44% veterans
■ 15% 1-2yr
■ 42% new
Of 55 current holders: 24 (44%) 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 — 27% AUM from major funds
27% from top-100 AUM funds
9 of 55 holders rank in the top 100 by AUM, accounting for 27% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.