Based on 56 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added USD 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
56 hedge funds hold USD 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 — +10% more funds vs a year ago
fund count last 6Q
+5 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢
More buyers than sellers — 71% buying
48 buying20 selling
Last quarter: 48 funds were net buyers (12 opened a brand new position + 36 added to an existing one). Only 20 were sellers (11 trimmed + 9 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~12 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 8 → 17 → 17 → 12. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 36% long-term, 34% new
■ 36% conviction (2yr+)
■ 30% medium
■ 34% new
Of the 56 current holders: 20 (36%) held >2 years, 17 held 1–2 years, and 19 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.
💎
Buying through price weakness — shares +63%, value -19%
Last quarter: funds added +63% more shares while total portfolio value only changed -19%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
18 → 8 → 17 → 17 → 12 new funds/Q
New funds entering each quarter: 8 → 17 → 17 → 12. A growing number of institutions are discovering USD each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 48% of holders stayed 2+ years
■ 48% veterans
■ 21% 1-2yr
■ 31% new
Of 62 current holders: 30 (48%) 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.
📋
Smaller funds dominant — 1% AUM from top-100
1% from top-100 AUM funds
7 of 56 holders rank in the top 100 by AUM, but together hold only 1% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.