Exploring Better Therapeutics, Inc. (BTTX) Investor Profile: Who’s Buying and Why?

You're looking at Better Therapeutics, Inc. (BTTX) and asking the right question: who is actually buying a stock with a tiny $5.45K market capitalization and why, especially after the company pursued strategic alternatives and sold its core assets? Honestly, the investor profile is a stark contrast between high-conviction insiders and a handful of speculative retail traders, not the typical institutional money manager. While a few older reports show institutional ownership around 34.00% of the float, the current institutional holding is minimal-just one filer, Ancora Advisors, LLC, holding a mere 3,000 shares as of a recent filing. The real holders are the insiders, who control a massive 51.40% of the stock. The 'why' for any new buyer is pure speculation on a residual value or a long-shot turnaround, given the company's last reported Trailing Twelve Month (TTM) Net Income was a -$31.57 million loss, a huge number for a company this size. The big money already made its move, either exiting or seeing the value in the AspyreRx prescription digital therapeutic platform, which Click Therapeutics acquired in May 2024. So, are you a distressed asset specialist or just chasing a penny-stock lottery ticket? We need to map out the near-term risk.

Who Invests in Better Therapeutics, Inc. (BTTX) and Why?

You're looking at Better Therapeutics, Inc. (BTTX), a company that trades on the Pink Market, and you see a massive disconnect between its clinical-stage potential and its current micro-cap status. The investor base here is not your typical mix of large mutual funds and pension plans; it's a highly concentrated group with very specific motivations. The direct takeaway is that ownership is dominated by insiders and speculative retail traders, with institutional money largely on the sidelines, waiting for key regulatory and commercial milestones.

The ownership structure tells a clear story of a high-risk, high-reward venture. Honestly, this is a binary bet on the future of prescription digital therapeutics (PDT). You can learn more about the company's foundational story at Better Therapeutics, Inc. (BTTX): History, Ownership, Mission, How It Works & Makes Money.

Key Investor Types: A Highly Concentrated Bet

The investor base for Better Therapeutics, Inc. is split into three distinct, and unequal, camps. The most important group isn't the one you'd usually expect.

• Insiders: Own the majority of the company.
• Retail Investors: Drive the day-to-day trading volume.
• Institutional Holders: Hold a minimal, almost symbolic stake.

The most striking fact is that insiders hold a massive 51.40% of the stock. This includes executives, directors, and early venture capital (VC) money, all of whom are aligned on the long-term success of the company's lead product, AspyreRx. This level of insider ownership is defintely a double-edged sword: it shows conviction, but it also means the public float-the shares available for trading-is quite small, which can lead to extreme price volatility. For institutional investors, the picture is sparse: as of the second quarter of 2025, there was only 1 institutional holder reported, holding a mere 3,000 shares. This single position, held by Ancora Advisors, LLC, highlights just how early or speculative the institutional involvement remains.

Retail investors, trading on the OTC market, make up the bulk of the remaining free float. They are attracted by the low share price-forecasted to be around $0.0003000 per share by December 2025-and the potential for a massive percentage gain if the company achieves commercial success.

Investment Motivations: Betting on Digital Health Growth

No one is buying Better Therapeutics, Inc. for dividends or a stable market position; the company is pre-revenue and clinical-stage. The motivation is pure growth potential tied to its innovative product pipeline.

The core attraction is the promise of AspyreRx, a prescription digital therapeutic (PDT) designed to treat cardiometabolic diseases like type 2 diabetes using cognitive behavioral therapy (CBT). Investors are focused on two things:

• FDA Clearance and Commercialization: A successful regulatory path and subsequent insurance coverage (market access) are the primary catalysts.
• Digital Health Trend: The belief that software-as-a-medical-device (SaMD) will fundamentally change chronic disease management, offering a scalable, low-cost alternative to pharmaceuticals.

Here's the quick math on the risk: the company's financial reality, as reflected in its trailing twelve months (TTM) net loss of approximately $31.57 million (as of September 2023, in millions USD), shows it's burning cash to fund R&D and clinical trials. Investors are willing to accept this near-term loss for the potential of a massive payoff if AspyreRx successfully penetrates the multi-billion dollar diabetes market.

Investment Strategies: Speculation Meets Long-Term Conviction

The strategies employed by the different investor types reflect their risk tolerance and time horizon.

Long-Term Holding (Insiders & Early VC):

This group, holding over half the company, is using a classic venture capital-style strategy. They are betting on a complete transformation of the company from a clinical-stage entity to a commercial one. Their strategy is simple: hold until a major liquidity event, like a large partnership, acquisition, or significant revenue ramp-up, which could take years.

Speculative Trading (Retail):

For the retail crowd, the strategy is often short-term and highly speculative. Given the stock's low price and high volatility (over 100% in the last month alone), they are looking for quick, massive percentage swings based on news, rumors, or technical chart patterns. This is not value investing; it's a high-frequency, high-risk approach.

The low institutional presence means there is significant risk, but also potential for a massive re-rating (a jump in valuation) if a large fund decides to initiate a position following positive commercial data. That's the opportunity everyone is watching.

Institutional Ownership and Major Shareholders of Better Therapeutics, Inc. (BTTX)

The short answer is that institutional interest in Better Therapeutics, Inc. (BTTX) is currently minimal, which is a major red flag for any investor looking for stability or a strong institutional vote of confidence. As of the latest filings for the 2025 fiscal year, the institutional shareholder base is extremely thin, reflecting the company's precarious position following the acquisition of its assets.

You're looking for who's buying and why, but the real story here is who isn't. Only a tiny fraction of the company's stock is held by institutional investors-those large funds, pensions, and endowments that manage over $100 million in assets (the 13F filers). This low level of institutional participation is typical for companies trading on the Over-The-Counter Pink Sheets (OTCPK) market, especially after significant corporate events like an asset sale.

Top Institutional Investors and Shareholdings

The institutional ownership structure for Better Therapeutics, Inc. is sparse, to be defintely honest. As of the data filed for the quarter ending June 30, 2025, there is only one significant institutional owner reporting a position via a 13F filing. That sole investor is Ancora Advisors, LLC.

Here's the quick math on the major holder:

• Total Institutional Owners: 1
• Total Institutional Shares Held: 3,000

This single position represents a negligible total value of holdings, which is why the total value of institutional holdings is often reported as near-zero, given the stock's low price point. For context on the company's financial health and valuation, you should look at Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors.

The table below details the only reported institutional position as of the Q2 2025 filing date:

Changes in Institutional Ownership: A Flatline Trend

The trend in institutional ownership is flat, which, in this case, is a strong signal of institutional apathy. For the most recent reporting period ending June 30, 2025, the change in shares for the sole institutional holder, Ancora Advisors, LLC, was 0.00%. This means the firm simply held its existing position, neither adding to nor reducing its small stake.

In the world of institutional money, zero activity is a decision. It suggests a wait-and-see approach, or more likely, that the company is simply not on the radar for new investment due to its current corporate status and trading venue. There were no new increased positions and no decreased positions reported by any major institutional investor. This lack of activity underscores the low liquidity and high risk associated with the stock.

Impact of Institutional Investors: The Power of Absence

When institutional ownership is this low, their impact on the stock price and corporate strategy is minimal. Large institutional investors typically provide a floor for the stock price and their buying/selling activity can drive significant volatility. Here, that stabilizing force is absent.

• Price Volatility: The stock price is more susceptible to the whims of retail traders and company-specific news, making it highly volatile.
• Strategic Influence: Institutions often use their large stakes to influence management decisions, governance, and long-term strategy. With only 3,000 shares held by a single institution, management faces virtually no external institutional pressure.
• Risk Signal: The lack of institutional interest is a clear indicator that professional money managers see too much risk or too little near-term opportunity, especially after Click Therapeutics, Inc. acquired the company's assets.

The high insider ownership-reported at approximately 51.40%-is where the real control lies. Insider ownership is a double-edged sword: it aligns management's interests with shareholders, but in this context, it means the stock's fate is primarily in the hands of a small group of executives and directors, not the broader, more diversified institutional market. This is a situation where you need to focus on the insiders' moves, not the institutions'.

Next step for you is to check the latest SEC filings for any insider trading activity, as that will be the primary driver of any near-term stock movement. Finance: check Form 4 filings for BTTX insiders by end of the week.

Key Investors and Their Impact on Better Therapeutics, Inc. (BTTX)

You're looking at Better Therapeutics, Inc. (BTTX) and trying to figure out who's left holding the bag and what influence they have, which is a smart move because the investor landscape here is defintely not typical. The direct takeaway is this: institutional money has almost entirely exited, leaving the investor profile dominated by a single, small institutional holder and a very high percentage of insider ownership.

The company's decision in March 2024 to terminate employees and explore strategic alternatives, including a wind-down, followed by its delisting from Nasdaq, fundamentally changed the shareholder base. When a company is in this state, the traditional influence of large funds evaporates. The stock is now trading Over-The-Counter (OTC), which further limits its appeal to most major institutional investors.

The Institutional Exodus and the Lone Holder

The most telling story for the 2025 fiscal year is the institutional abandonment. Historically, funds like Farallon Capital Management LLC, Vanguard Group Inc., and Norges Bank held positions, but recent filings show a near-complete exit. This mass sell-off is a clear vote of no confidence in the company's future viability, which is a critical signal for any investor.

As of the most recent quarterly filing for the 2025 fiscal year (Q2 2025), there is only 1 institutional owner on record. That sole remaining institutional presence is Ancora Advisors, LLC.

• Total Institutional Shares (Q2 2025): 3,000 shares.
• Total Institutional Ownership: A negligible fraction of the company.
• Recent Moves: Ancora Advisors, LLC showed a 'Held' position in Q2 2025, meaning no change, but the larger story is the -100% reduction in shares held by major funds like Vanguard Group Inc. and Sectoral Asset Management Inc. in the preceding quarters.

Here's the quick math: when institutional ownership drops this low, the stock price is often trading at a fraction of a cent, as BTTX is, making the total value of these holdings negligible. This isn't an investment; it's a residual asset.

Insider Control and True Influence

Since the institutional money has left, the real control and influence rests squarely with the internal stakeholders. The investor profile for Better Therapeutics, Inc. (BTTX) is now defined by its high insider ownership.

Insiders-officers, directors, and beneficial owners of more than 10% of the stock-control a massive chunk of the company. This is a very different dynamic than a healthy, publicly-traded company where institutions might hold 60% or more.

The high insider ownership is the only real 'investor influence' left, but that influence is focused on the wind-down process, not on growth or strategic expansion. They are the ones who made the decision to seek strategic alternatives and terminate employees.

To be fair, the influence of these insiders is now less about stock movements and more about the final disposition of the company's assets, including its key product, AspyreRx, and its intellectual property. For more context on the company's journey, you should look at Better Therapeutics, Inc. (BTTX): History, Ownership, Mission, How It Works & Makes Money.

Here is a snapshot of the institutional and insider ownership for Better Therapeutics, Inc. (BTTX) based on 2025 fiscal year data:

The only actionable move for a current or prospective investor is to understand that the stock price is now driven by micro-cap dynamics and the ultimate fate of the company's remaining assets, which is solely in the hands of the board and insiders.

Market Impact and Investor Sentiment

The investor profile for Better Therapeutics, Inc. (BTTX) is currently characterized by extremely low institutional participation and a deeply negative market sentiment, driven by the company's status on the OTCPK (Pink Sheets LLC) and its tiny market capitalization. The reality is that major funds are mostly on the sidelines here. You're looking at a micro-cap stock where the institutional footprint is negligible, which is a huge red flag for liquidity and stability.

As of the 2025 fiscal year data, institutional interest is minimal, with only 1 major institutional owner, Ancora Advisors, LLC, holding a position. This single firm reported holding only 3,000 shares in a recent 13F filing dated August 14, 2025. This low volume means that institutional ownership is a fraction of the total shares outstanding. For perspective, the company's total market capitalization is an extremely low US$5.451k as of November 2025. Honestly, that's not a market cap; it's a rounding error for a firm like BlackRock.

• Institutional ownership is minimal, signaling high risk.
• Insider ownership, however, remains high at 51.40%.
• The Piotroski F-SCORE, a measure of financial health, is a very low 2.00/9.

Recent Market Reactions and Ownership Shifts

The stock market has responded to Better Therapeutics, Inc.'s trajectory with a massive de-rating. The lack of significant institutional buying or selling activity means the stock's price movements are less about major investor moves and more about the company's underlying operational and regulatory news, or lack thereof. When a stock trades on the OTCPK, it signals a profound lack of confidence from major exchanges and investors. The low total institutional shares of 3,000 means any move by Ancora Advisors, LLC, is unlikely to create a noticeable ripple effect on the stock price, which is a key difference from a large-cap stock.

What this estimate hides is the potential for extreme volatility. With such a small float and low price, even small trades can cause disproportionate price swings. The company's share price as of June 7, 2024, was approximately $0.01 per share, which is a dramatic collapse from previous levels. For a deeper dive into the company's underlying financial stability, you should check out Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors.

Analyst Perspectives on Key Investors

Analyst coverage for Better Therapeutics, Inc. is sparse and inconsistent, which is common for a stock with such a small market footprint. While the average one-year price target, based on projections from March 2025, sits at $5.36, with a high of $9.45 and a low of $1.52, these figures must be viewed with extreme skepticism. Here's the quick math: with the stock trading near zero, a $5.36 target implies a massive, almost impossible, gain. The reality is that some services currently state there is not sufficient analyst coverage to reliably forecast future growth or revenue.

The influence of a single institutional holder like Ancora Advisors, LLC, is minimal. Analysts defintely aren't basing their valuation models on a 3,000-share position. The focus remains on the Prescription Digital Therapeutics (PDT) pipeline, specifically AspyreRx, and its ability to generate meaningful revenue. Until Better Therapeutics, Inc. can demonstrate a clear path to commercial success and uplist to a major exchange, institutional investors will continue to treat it as a high-risk venture. The table below summarizes the key institutional data points:

Your next step is to look past the price targets and focus on the company's latest SEC filings (10-Q or 10-K) to assess cash burn and commercialization progress. Finance: review the most recent quarterly report for AspyreRx sales figures by the end of the week.