Based on 16 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added RSBA 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.
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At the ownership peak (100% of max)
100% of all-time peak
16 hedge funds hold RSBA right now — the highest count in 1.5 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.
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Fast accumulation — +433% more funds vs a year ago
fund count last 6Q
+13 new funds entered over the past year (+433% 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.
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More buyers than sellers — 89% buying
16 buying2 selling
Last quarter: 16 funds were net buyers (11 opened a brand new position + 5 added to an existing one). Only 2 were sellers (0 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+9 vs last Q)
new funds entering per quarter
Funds opening a new RSBA position: 5 → 4 → 2 → 11. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
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Mostly new holders — 88% entered in last year
■ 0% conviction (2yr+)
■ 12% medium
■ 88% 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.
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Growing discovery — still being found
3 → 5 → 4 → 2 → 11 new funds/Q
New funds entering each quarter: 5 → 4 → 2 → 11. A growing number of institutions are discovering RSBA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Early stage — 94% of holders entered in last year
■ 0% veterans
■ 6% 1-2yr
■ 94% new
Of 16 current holders: 15 (94%) 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.
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Smaller funds dominant — 5% AUM from top-100
5% from top-100 AUM funds
4 of 16 holders rank in the top 100 by AUM, but together hold only 5% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 7.0/10 — multiple crowding signals converge. Institutional ownership is at 100% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.