Based on 203 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 RUM 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
203 hedge funds hold RUM 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 — +14% more funds vs a year ago
fund count last 6Q
+25 new funds entered over the past year (+14% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 51% buying
101 buying96 selling
Last quarter: 101 funds bought or added vs 96 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 — ~35 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 26 → 48 → 33 → 35. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 37% long-term, 31% new
■ 37% conviction (2yr+)
■ 33% medium
■ 31% new
Of the 203 current holders: 75 (37%) held >2 years, 66 held 1–2 years, and 62 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
➡️
Steady discovery — ~35 new funds/quarter
42 → 26 → 48 → 33 → 35 new funds/Q
New funds entering each quarter: 26 → 48 → 33 → 35. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 43% of holders stayed 2+ years
■ 43% veterans
■ 17% 1-2yr
■ 40% new
Of 216 current holders: 93 (43%) 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.
🏆
Elite ownership — 43% AUM from top-100 funds
43% from top-100 AUM funds
29 of 203 holders are among the 100 largest funds by AUM, controlling 43% of total institutional value in RUM. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.