Exploring Reliance Global Group, Inc. (RELI) Investor Profile: Who’s Buying and Why?

You're looking at Reliance Global Group, Inc. (RELI) and seeing a stock that's down nearly 48.15% over the last year, trading around $0.71 per share as of November 2025, and you have to wonder: who is actually buying this, and what is their thesis? The ownership profile tells a fascinating story of a company in transition, where institutional interest is incredibly low, hovering at about 1.75% of shares outstanding, yet key players are making aggressive moves. For example, BlackRock, Inc. dramatically increased its position by over 25,485% in the third quarter of 2025, now holding 130,743 shares. This institutional accumulation is happening even as company insiders, including the CFO Joel Markovits, have been net sellers, offloading shares worth an estimated $121,602 in recent months. Is the buying driven by the company's strategic pivot in 2025, like the $5 million sale of Fortman Insurance Services which allowed them to cut long-term debt by roughly 50%, or is it simply a bet on the new $0.03 special cash dividend announced for December? The low float and high insider ownership-where CEO Ezra Beyman holds over 54%-means any institutional move has an outsized impact, so understanding this buyer-seller dynamic is defintely the key to mapping RELI's near-term risk and opportunity.

Who Invests in Reliance Global Group, Inc. (RELI) and Why?

If you're looking at Reliance Global Group, Inc. (RELI), you're looking at a stock where the investment profile is highly concentrated, meaning a small number of people and a large number of individual investors drive the action. The direct takeaway is that RELI is overwhelmingly a retail and insider-owned stock, attracting investors primarily motivated by a high-risk, high-reward turnaround story centered on its InsurTech pivot and a new digital asset strategy.

The ownership structure is unusual for a publicly traded company, showing a clear lack of broad institutional support. As of late 2025, the vast majority of shares are held by individual investors and company insiders. This means the stock price is often more susceptible to news, sentiment, and short-term trading dynamics than large-cap stocks with heavy institutional backing.

Investment Motivations: The Turnaround and Tech Pivot

The core attraction for investors right now isn't steady, predictable earnings; it's the potential for a significant re-rating based on the company's strategic transformation. The investment thesis is a mix of financial restructuring, technology adoption, and a unique treasury strategy. You can learn more about the company's core business in this deep dive: Reliance Global Group, Inc. (RELI): History, Ownership, Mission, How It Works & Makes Money.

The financial narrative improved significantly in the third quarter of 2025. The sale of Fortman Insurance Services for $5 million resulted in an approximate $3 million gain, which was used to cut long-term debt by about 50%. This move dramatically strengthened the balance sheet, with unrestricted cash increasing by roughly $2.2 million, or 590%, to $2.6 million compared to the prior fiscal year-end. That's a defintely solid step toward financial stability.

• Growth Prospects: Investors are betting on the InsurTech platforms, RELI Exchange and 5minuteinsure.com, which leverage artificial intelligence (AI) and cloud technology to scale higher-margin segments.
• Dividends: The company's declaration of its first-ever dividend-a $0.03 per share special cash dividend payable on December 2, 2025-is a powerful signal to shareholders that management is focused on near-term returns.
• Digital Asset Strategy: A highly speculative, but compelling, motivation is the company's new Digital Asset Treasury Initiative. RELI has strategically acquired positions in leading digital assets, including Bitcoin, Ethereum, and Solana, positioning itself as an innovator in the InsurTech space that is ready for blockchain integration.

Investment Strategies: High-Risk, High-Frequency

Given the low institutional ownership and high retail float, the typical investment strategies observed are heavily weighted toward short-term trading and speculation, often chasing momentum swings rather than long-term value investing (DCF analysis). The stock's volatility is a feature, not a bug, for this investor base.

The high short interest is a key indicator of this dynamic. As of November 18, 2025, the short-sale ratio was an extremely high 45.33%, showing that a significant portion of trading activity involves short-sellers betting on a further price decline. This creates the potential for a 'short squeeze,' a high-risk scenario where a sudden price jump forces short-sellers to buy back shares, fueling a rapid, albeit temporary, surge. This is a classic setup for short-term traders.

Long-term investors, however, are focused on the value proposition of the InsurTech pivot. They are essentially buying into the management team's ability to execute on the 'OneFirm' integration strategy, which aims to streamline operations and drive profitability through technology. But to be fair, you must acknowledge the insider selling activity: several officers sold shares in the latter half of 2025, which can signal a lack of confidence or simply profit-taking after a strategic asset sale. This is a risk you must factor into any long-term holding plan.

Institutional Ownership and Major Shareholders of Reliance Global Group, Inc. (RELI)

If you're looking at Reliance Global Group, Inc. (RELI), the first thing to understand is that institutional ownership is remarkably low-a key signal for a small-cap stock. As of the end of the third quarter of 2025, institutional investors hold only around 0.29% to 0.32% of the company's stock, which is a tiny slice compared to the estimated 80.20% held by public and retail investors. This low institutional float means that any large trade by a major fund can have an outsized impact on the stock price, for better or worse. It's a very retail-driven stock, and that changes the trading dynamics completely.

The total institutional shares held were approximately 173,114 as of September 30, 2025. This small pool of professional money managers includes a few globally recognized names, but their overall position size remains small relative to their total assets under management. The presence of these funds, even in small amounts, often acts as a stamp of legitimacy for a micro-cap company.

Here's the quick math on the top institutional holders based on their Q3 2025 13F filings:

Note: Percentage of company owned is extremely low due to the small float and is often rounded to 0.00% for these small positions.

Recent Shifts: Who's Buying and Who's Selling?

The third quarter of 2025 saw a fascinating, defintely mixed signal from the institutional crowd. While the overall number of institutional owners remains low (around 18 total), the activity suggests a significant rotation of capital. The headline is the massive buy-in from BlackRock, Inc., which added 130,232 shares, representing a staggering 25,485.714% quarter-over-quarter increase. This is a huge vote of confidence from a passive giant like BlackRock, Inc., likely due to the stock's inclusion in an index fund.

But you also saw significant selling. The total number of shares sold from decreased positions (196,921) was actually greater than the total number of shares bought from increased positions (141,040). This net outflow was driven by funds like Private Capital Management, LLC, which liquidated their entire position of 148,532 shares in Q3 2025, and UBS Group AG, which cut its stake by 54.702% (or 9,371 shares). The professional money is split, so you need to look closer at the 'why'.

• BlackRock, Inc.'s buy-in was the single largest positive signal.
• Net institutional flow was negative, with more shares sold than bought.
• The professional money is clearly divided on Reliance Global Group, Inc.'s near-term prospects.

Institutional Impact on Stock Price and Strategy

The role of these investors in Reliance Global Group, Inc. is less about corporate control and more about market liquidity and sentiment. Since insiders own a substantial 19.48% of the company and retail investors own the lion's share, institutions are not driving the company's day-to-day strategy. The influence of CEO Ezra Beyman and other insiders remains paramount.

However, institutional trading has a huge impact on the stock price because of the low float. When a fund like BlackRock, Inc. buys over 130,000 shares, that demand can disproportionately push up the price. Conversely, the sale of over 148,000 shares by Private Capital Management, LLC puts significant downward pressure on a stock with a low number of publicly traded shares. This dynamic is a major contributor to the stock's volatility. The price has been under pressure, declining from $1.36 on November 18, 2024, to $0.71 per share as of November 14, 2025, a drop of 48.15%.

Strategically, the institutional reaction is tied directly to the company's pivot. The recent November 2025 announcement of a new Digital Asset Treasury Initiative, focusing on blockchain and tokenization within its InsurTech business, is a major pivot. Funds that sold, like Private Capital Management, LLC, may be signaling skepticism about the shift away from the core InsurTech model, or simply exiting a position that hasn't performed well. Funds that bought, like BlackRock, Inc., are either passively tracking an index or actively betting on the long-term value of merging insurance with decentralized finance (DeFi). The company's Mission Statement, Vision, & Core Values of Reliance Global Group, Inc. (RELI). will need to clearly articulate how this new digital asset focus creates value. Your action is to track the next 13F filings closely to see if BlackRock, Inc.'s buy-in was a one-off passive event or the start of a trend.

Key Investors and Their Impact on Reliance Global Group, Inc. (RELI)

You're looking at Reliance Global Group, Inc. (RELI) and the first thing you need to understand is that this is defintely not a stock driven by institutional money. The investor profile is dominated by insiders, which means the company's direction is tightly controlled by management, not by Wall Street funds.

The core of RELI's ownership sits with its executive team and affiliated entities. Chairman and CEO Ezra Beyman is the largest individual shareholder, controlling a massive 5,354,430 shares, which represents 54.27% of the company as of the most recent filings. When one person holds that much equity, they are the ultimate activist investor, so to speak. Their vision is the company's strategy.

Other key insiders, including Reliance Global Holdings LLC and CFO Joel Markovits, hold significant stakes, pushing the total insider ownership to a level that essentially dictates every major decision. This concentration of power is why you see such a bold, top-down pivot in strategy, like the move into digital assets, which we'll discuss in a moment.

The Role of Institutional Holders: Small Stakes, Big Names

While the company is insider-heavy, a few notable institutional players hold passive stakes. Institutional ownership is quite low, totaling only 193,554 shares across 18 institutional owners. This small float means any large institutional move, even a relatively small one, can have an outsized impact on the stock price.

The presence of a name like BlackRock, Inc., holding approximately 130,743 shares (about 1.33% of the company), is primarily due to index funds-they're buying because RELI is in an index, not necessarily because an active fund manager is pounding the table on the stock. Other holders like Geode Capital Management, Llc and UBS Group AG operate similarly.

Here's the quick math on key institutional positions from recent 2025 data:

Recent Investor Moves and Strategic Direction

The most significant recent moves haven't been large-scale buying, but rather a strategic repositioning that has directly influenced investor sentiment and stock volatility. In the third quarter of 2025, we saw a net decrease in institutional positions, with 9 institutions decreasing their holdings versus 3 adding shares. The complete exit of PRIVATE CAPITAL MANAGEMENT, LLC, which removed 148,532 shares (a -100.0% change), is a clear signal of some institutions stepping away from the InsurTech company.

The company's response has been to double down on a new growth narrative: the Digital Asset Treasury (DAT) initiative. This is the new focus, and it's a big bet on a new investor base. The market reacted strongly to the news, with the stock trending up by 26.3% on October 28, 2025, after the announcement of adding Solana to their digital asset treasury.

Near-term risks and opportunities are mapped to these recent actions:

• Digital Asset Commitment: The board approved a plan to purchase up to $120 million in cryptocurrencies like Bitcoin, Ethereum, and Solana. This is a massive capital allocation for a company with total assets around $18M.
• New Leadership for DAT: The appointment of blockchain pioneer Blake Janover as Chairman of the Crypto Advisory Board on November 19, 2025, signals management's commitment to this pivot.
• Shareholder Reward: Management declared a special cash dividend of $0.03 per share payable in December 2025, a clear move to reward patient shareholders amidst the strategic shift.

The investor base is being asked to shift its focus from the core InsurTech business-which reported a Q3 2025 net loss of $1.2 million-to the potential upside of the digital asset strategy. If you want to understand the long-term thinking behind this, you should review the Mission Statement, Vision, & Core Values of Reliance Global Group, Inc. (RELI).

What this estimate hides is the risk: the stock's price of $0.71/share as of mid-November 2025 is down significantly from the previous year. This volatility is the price of a major strategic pivot, and the stock's movement will continue to be influenced more by the success of the DAT strategy than by passive institutional buying. Your action here is to track the execution of that $120 million crypto investment plan.

Market Impact and Investor Sentiment

You are looking at Reliance Global Group, Inc. (RELI) and seeing a stock with a high-risk, high-reward profile, and honestly, the current investor sentiment is a mixed bag, which is typical for a micro-cap InsurTech play. The most critical factor here is the extreme concentration of ownership with insiders, which skews the entire picture.

Insiders, the people running the company, hold a massive 98.47% of the stock. The Chairman and CEO, Ezra Beyman, is the largest individual shareholder, owning 5.35 million shares, which represents 54.27% of the company. This level of control means management's vision is paramount, but it also means the stock's liquidity is defintely low, making it highly volatile. The low institutional ownership, at just 1.75%, confirms that major funds are largely on the sidelines.

Here's the quick math on who owns what:

• Insiders: 98.47% of shares
• Institutions: 1.75% of shares
• Largest Institutional Holder: Blackrock Inc., holding 130,743 shares, or 1.33%

Insider Activity and Market Reaction

The market has been reacting to both strategic moves and insider selling. Over the last year, insiders have sold approximately $1.54 million worth of stock, with high-impact open-market sales totaling $839.2K. Specifically, in the six months leading up to July 2025, there were 5 sales and 0 purchases from insiders, which naturally sparks concern among retail investors about the company's near-term trajectory.

Still, the stock has seen massive short-term spikes on positive news. For example, on September 15, 2025, the stock price trended up by a dramatic 38.68% following the public notice of its registration under the Securities Act of 1933. This tells you that despite the underlying insider selling pressure, a small catalyst can lead to a huge price swing because of the low float and high volatility. The stock closed on November 19, 2025, at $0.721, having declined 70.18% year-to-date, showing the overall negative trend remains dominant.

Analyst Perspectives and Strategic Opportunities

Analyst sentiment is split, which is common for small-cap stocks undergoing a transformation. While one rating suggests a consensus 'Sell', the broader coverage from seven analysts assigns a 'Buy' consensus percentage of 83%. This divergence forces you to look at the underlying strategy, not just the rating. Analysts are paying attention to the company's shift toward InsurTech and its Digital Asset Treasury (DAT) initiative, which you can read more about here: Reliance Global Group, Inc. (RELI): History, Ownership, Mission, How It Works & Makes Money.

The recent Q3 2025 earnings report (November 6, 2025) provides the clearest financial context for the analyst views. The company reported a net loss of $1.2 million and an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss of $700k. However, management is focused on balance sheet strength, having completed a $5.0 million sale of Fortman, which generated an approximate $3.0 million gain and boosted unrestricted cash by 590% to $2.6 million.

The key opportunity analysts are watching is the DAT initiative, especially with the November 19, 2025, appointment of Blake Janover as Chairman of the Crypto Advisory Board. This signals a serious commitment to leveraging blockchain for liquidity and efficiency in the insurance marketplace, a high-risk but potentially high-reward strategy that is driving the positive analyst outlook despite the current losses.

What this estimate hides is the true long-term value of the Digital Asset Treasury. If that strategy pays off, the current negative insider selling and YTD price action will be noise. If it doesn't, the current losses will accelerate.

Next Step: Review the Q3 2025 10-Q filing to assess the specific digital asset holdings and their mark-to-market performance against the $700k adjusted EBITDA loss.