Based on 87 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added MMT 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
87 hedge funds hold MMT 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.
📶
Steady growth — +5% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+5% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 51% buying
32 buying31 selling
Last quarter: 32 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.
📈
More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new MMT position: 7 → 9 → 7 → 20. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
62% of holders stayed for 2+ years
■ 62% conviction (2yr+)
■ 21% medium
■ 17% new
54 out of 87 hedge funds have held MMT 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.
🚀
Acceleration phase — new buyers rushing in
18 → 7 → 9 → 7 → 20 new funds/Q
New funds entering each quarter: 7 → 9 → 7 → 20. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️
Deep conviction — 71% of holders stayed 2+ years
■ 71% veterans
■ 6% 1-2yr
■ 23% new
Of 87 current holders: 62 (71%) 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 — 31% AUM from major funds
31% from top-100 AUM funds
11 of 87 holders rank in the top 100 by AUM, accounting for 31% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.