Based on 9 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 FIAT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 69% of 1.5Y high
69% of all-time peak
Only 9 funds hold FIAT today versus a peak of 13 funds at 2025 Q2 — just 69% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
🚀
Fast accumulation — +29% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+29% 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. The peak was reached in just 3 quarters from the low — a sharp move.
🔴
Heavy selling pressure — only 25% buying
4 buying12 selling
Last quarter: 12 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~4 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 7 → 5 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔄
Mostly new holders — 44% entered in last year
■ 0% conviction (2yr+)
■ 56% medium
■ 44% new
Only 0 funds (0%) 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.
💰
Price up while funds trimmed (-59% value, -96% shares)
Last quarter: total value of institutional FIAT holdings rose -59% even though funds reduced share count by 96%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
2 → 4 → 7 → 5 → 4 new funds/Q
New funds entering each quarter: 4 → 7 → 5 → 4. FIAT is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 78% of holders entered in last year
■ 0% veterans
■ 22% 1-2yr
■ 78% new
Of 9 current holders: 7 (78%) 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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
2 of 9 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.