Based on 193 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 11 quarters in a row
For 11 consecutive quarters, more hedge funds added XNTK 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
193 hedge funds hold XNTK 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.
🚀
Fast accumulation — +27% more funds vs a year ago
fund count last 6Q
+41 new funds entered over the past year (+27% 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.
🟢
More buyers than sellers — 62% buying
92 buying57 selling
Last quarter: 92 funds were net buyers (32 opened a brand new position + 60 added to an existing one). Only 57 were sellers (41 trimmed + 16 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~32 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 24 → 22 → 28 → 32. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
48% of holders stayed for 2+ years
■ 48% conviction (2yr+)
■ 30% medium
■ 22% new
93 out of 193 hedge funds have held XNTK 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.
💎
Buying through price weakness — shares +9722%, value +8%
Last quarter: funds added +9722% more shares while total portfolio value only changed +8%. 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
26 → 24 → 22 → 28 → 32 new funds/Q
New funds entering each quarter: 24 → 22 → 28 → 32. A growing number of institutions are discovering XNTK each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 49% of holders stayed 2+ years
■ 49% veterans
■ 18% 1-2yr
■ 32% new
Of 194 current holders: 96 (49%) 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 — 28% AUM from major funds
28% from top-100 AUM funds
16 of 193 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.