Exploring Better Choice Company Inc. (BTTR) Investor Profile: Who’s Buying and Why?

You've seen the ticker Better Choice Company Inc. (BTTR) disappear, replaced by SRx Health Solutions Inc. (SRXH) post-merger, and you're defintely asking: who is buying into this new entity and why? The investor profile is shifting from a pure pet health play to a global health and wellness story, and the smart money is following the $270+ million in projected 2025 combined revenue and the anticipated $10+ million in EBITDA that the new company is forecasting. Institutional confidence is real: in April 2025, a single institutional investor poured $8.8 million into a private placement at $2.18 per share, a slight premium to the market price, signaling a strong belief in the SRx Health Solutions transformation. Altium Capital Management LLC and GEODE CAPITAL MANAGEMENT, LLC are among the names active in recent quarters, adding shares as the new structure takes hold, but the key is that this isn't just a volume play; it's a strategic bet on the combined entity's ability to execute on its new, broader mandate. The merger is the catalyst.

Who Invests in Better Choice Company Inc. (BTTR) and Why?

You're looking at Better Choice Company Inc. (BTTR) and trying to figure out who is buying this stock and what their endgame is, especially after the big corporate changes this year. The short answer is: it's a mix of aggressive hedge funds and growth-focused institutional players who see a deep-value turnaround play, plus a large base of retail investors betting on the strategic pivot.

The company, which officially changed its name to SRx Health Solutions Inc. and its ticker to SRXH on April 30, 2025, is no longer just a pet food business. This shift from consumer packaged goods to a broader global health and wellness company is the single most important factor driving investor interest in the 2025 fiscal year. You need to think about the stock as a bet on the new entity's ability to execute its expansion into veterinary medicine (Better Pet Rx) and specialty healthcare services.

The Institutional and Hedge Fund Landscape

Institutional ownership in Better Choice Company Inc. is relatively concentrated, which is typical for a small-cap stock undergoing a major transition. The institutional investors here fall into two main camps: the active, short-cycle hedge funds and the longer-term, growth-oriented asset managers.

For the first quarter of 2025, the data shows firms like Altium Capital Management LLC, Warberg Asset Management LLC, and Sanctuary Advisors LLC were among the largest institutional holders. Altium Capital Management LLC, for example, held 38,984 shares as of May 13, 2025, though this was a significant reduction from the 118,459 shares reported earlier in the year. This kind of transaction volume-adding and removing positions-suggests a keen focus on short-term catalysts and merger arbitrage opportunities.

The institutional group also includes major players like GEODE CAPITAL MANAGEMENT, LLC and UBS GROUP AG, who added shares in late 2024 and early 2025, signaling a belief in the long-term value of the combined entity. Honestly, the big institutional money is watching one thing: how well the new SRx Health Solutions Inc. integrates the merger and leverages its new market position.

The Retail Investor's Growth Bet

Retail investors, from novice to expert, are a huge part of the Better Choice Company Inc. investor base. They are attracted to the high-risk, high-reward nature of a small-cap stock with massive growth potential in a booming sector. The global pet care market is projected to hit $269 billion in 2025, so the move into veterinary medicine is a clear growth signal.

This group is less concerned with the negative trailing twelve-month return on equity of 206.10% and more focused on the strategic narrative: a turnaround story. They are looking at the company's stated goal to achieve profitability through operational leverage in 2025, building on the 99% improvement in net loss to $(0.2) million for the full year 2024. Plus, the stock's low price, trading around the $2.08 to $2.12 range in November 2025, makes it accessible for smaller portfolios.

Motivations: Growth, Value, and Strategic Catalysts

Investors are buying for three core reasons, and none of them is a dividend, which the company canceled in April 2025.

• Growth Prospects: The primary motivator is the strategic pivot to a global health and wellness platform, combining premium pet nutrition (Halo brand) with specialty pharmacy services. This positions the company to capture a larger share of the resilient animal health market.
• Value Investing (Deep Value): Some investors are using a Net Current Asset Value (NCAV) approach, a deep-value strategy. As of June 30, 2024, the Pro Forma Adjusted Net Current Asset Value Per Share (NCAVPS) was $3.94, which is significantly higher than the stock's 2025 trading price. Here's the quick math: a stock trading well below its net current assets is a classic value signal, even with a negative net loss.
• Strategic Catalyst Play: The merger and the subsequent $8.8 million private placement with an institutional investor in April 2025, which involved the sale of 4,036,697 shares at $2.18 per share, are huge catalysts. Investors are buying in anticipation of the value creation from this new capital and the combined business model.

The biggest risk here is execution-if onboarding takes 14+ days, churn risk rises, and the post-merger integration is the same for a company. You should defintely review the Mission Statement, Vision, & Core Values of Better Choice Company Inc. (BTTR) to gauge the new entity's direction.

Investment Strategies in Play

The mix of investor types leads to a blend of strategies:

• Long-Term Holding/Growth: Investors who believe in the new SRx Health Solutions Inc. vision are holding for the long haul, expecting the stock to appreciate as the new business model matures and achieves the targeted profitability in 2025.
• Value Investing: Deep-value buyers are in because the stock trades below its tangible book value, seeing a major discount on the underlying assets.
• Short-Term Trading: Given the stock's 8.70% price volatility over the last 30 days and the constant news flow around the merger and name change, day traders and short-term speculators are actively trading the swings.

The key action for you is to monitor the new SRx Health Solutions Inc. (SRXH) for its Q3 2025 earnings report, which will be the first full look at the combined entity's financial health. Finance: draft a 13-week cash view on the new SRXH entity by Friday.

Institutional Ownership and Major Shareholders of Better Choice Company Inc. (BTTR)

You need to know who is really calling the shots at Better Choice Company Inc. (BTTR) and why they are buying or selling. Institutional investors-the mutual funds, pension funds, and endowments-are the big players, and their moves often signal confidence or concern. As of the end of the 2025 fiscal year, institutional ownership in BTTR stands at approximately 25.5% of the total shares outstanding.

This level of institutional backing is typical for a small-cap company in the pet wellness space, but it's still a sizable block that influences stock volatility. A quarter of the company is held by professional money managers. That's a defintely important metric to track.

Top Institutional Investors and Their Stakes

When you look at the 13F filings-the quarterly reports that institutional investment managers must file-a few names consistently appear at the top. These firms aren't just buying; they are making a strategic bet on BTTR's growth trajectory, particularly its premium pet food brands. Here's the quick math: the top three institutions alone control over 9.5% of the company.

The table below details the largest institutional holders as of the most recent reporting period in 2025:

Notice the presence of passive index giants like Vanguard Group, Inc. and BlackRock, Inc. They hold shares primarily because BTTR is a component of various small-cap and total-market indices. Still, their sheer size means their movements are significant for liquidity.

Recent Shifts in Ownership: Near-Term Risks and Opportunities

Tracking the net change in institutional holdings gives you a clear read on the smart money's sentiment. Over the third quarter of the 2025 fiscal year, there was a net decrease in institutional ownership, with sales slightly outpacing new purchases. This is a critical near-term risk.

Specifically, institutions sold a net total of approximately 125,000 shares. This suggests some investors may be taking profits or reallocating capital due to concerns about near-term profitability or integration risks following any recent acquisitions. What this estimate hides is the difference between active and passive selling; a large passive fund selling is less about a strategic view than an active manager selling.

Here's a breakdown of the recent activity:

• New Positions Opened: 15 institutions initiated new positions, buying a total of 350,000 shares.
• Positions Closed: 10 institutions completely exited their positions, selling 210,000 shares.
• Positions Reduced: A net reduction of 265,000 shares came from institutions trimming their existing stakes.

The opportunity here is that the active managers who did open new positions are betting on a turnaround or a successful execution of the company's growth strategy. You can dive deeper into the operational side by reading Breaking Down Better Choice Company Inc. (BTTR) Financial Health: Key Insights for Investors.

The Impact of Institutional Investors on BTTR's Strategy

Large institutional investors don't just move the stock price; they also influence corporate strategy. For a company like BTTR, which is focused on scaling its pet health and wellness brand portfolio, these investors play a dual role.

First, their buying activity provides a floor for the stock price and adds liquidity, making it easier for you to buy or sell shares. Second, their sheer size gives them a powerful voice in shareholder votes, especially on major issues like executive compensation, board elections, and mergers or acquisitions.

When an institutional holder takes a large, active stake-say, over 5%-they often start engaging with management directly. This engagement can push BTTR to focus more intensely on achieving specific financial metrics, such as improving its gross margin, which sat around 32.5% in the last reported quarter of 2025. If the institutions see a path to higher returns, they will press for it. So, you should watch for any new 13D filings, which signal an activist investor is taking a significant, influencing stake.

Action: Track the next round of 13F filings to see if the net selling trend accelerates or reverses, as this will be your clearest signal on the near-term stock trajectory.

Key Investors and Their Impact on Better Choice Company Inc. (BTTR)

You want to know who is buying Better Choice Company Inc. (BTTR) and why, and the answer is simple: they were buying into a strategic transformation. The most significant investor action in 2025 wasn't just a trade; it was an overwhelming vote of confidence in the company's pivot from a pet-focused firm to a broader health and wellness entity, culminating in the merger with SRx Health Solutions, Inc.

This strategic shift, which saw the company change its name to SRx Health Solutions Inc. and its ticker from BTTR to SRXH on April 30, 2025, was driven by a strong alignment between management and its institutional base. Shareholders approved the proposals, including the issuance of up to 30 million shares for the acquisition, with a participation rate of 71.71% of total outstanding shares on March 21, 2025. That level of participation shows the institutional money was paying close attention.

The Institutional Backers and Their Recent Moves

The investor profile for Better Choice Company Inc. (BTTR) is characterized by a mix of smaller, specialized funds and large asset managers making tactical moves, particularly around the merger news. The largest institutional holders in the last two years included Altium Capital Management LLC and Warberg Asset Management LLC, though their recent activity shows some divergence.

In the lead-up to the SRx merger, we saw funds either initiating or significantly increasing positions, essentially staking a claim in the new, combined entity. This is the clearest signal of who was buying the new vision. On the flip side, some funds used the strategic event as a liquidity opportunity, taking profits or reallocating capital.

• ALTIUM CAPITAL MANAGEMENT LP added 133,117 shares in Q3 2024, valued at an estimated $278,214.
• GEODE CAPITAL MANAGEMENT, LLC increased its stake by adding 10,398 shares in Q4 2024, estimated at $24,435.
• UBS GROUP AG also added 6,278 shares in Q4 2024, with an estimated value of $14,753.

To be fair, institutional selling was also present. Firms like HRT FINANCIAL LP and CITADEL ADVISORS LLC removed their entire positions in Q3 2024, valued at an estimated $26,248 and $21,303, respectively. This movement is typical in a major corporate restructuring-some investors are built to ride the merger wave, and others aren't.

Investor Influence: The Merger Mandate

The most concrete example of investor influence is the successful completion of the business combination with SRx Health Solutions, Inc. The deal was not just a simple transaction; it was a fundamental re-rating of the company's business model, positioning the merged entity as a leading global health and wellness company. This pivot was financially supported by an $8.8 million private placement with an institutional investor, which involved the purchase of 4,036,697 shares of common stock and pre-funded warrants at $2.18 per share. That capital injection is a direct result of institutional conviction.

Here's the quick math: the merger vote and the subsequent capital raise provided the mandate and the cash to execute the new strategy. The investors who bought in were essentially signing off on the Mission Statement, Vision, & Core Values of Better Choice Company Inc. (BTTR). under its new structure.

The influence also extended to the company's original core business, Halo, Purely for Pets. As part of the transaction, stockholders of record as of April 23, 2025, received a 1:1 share distribution in the Halo Spin-Out SPV Inc., which holds 17% of Halo, Purely for Pets, Inc. This move provided existing shareholders with a separate security tied to the pet brand while they retained their stake in the new, diversified SRx Health Solutions Inc. (formerly BTTR).

The table below summarizes the key institutional trading activity in the recent quarters:

You can defintely see the immediate impact of the strategic announcement in these numbers; the market was clearly repricing the stock based on who was in and who was out of the new structure.

Market Impact and Investor Sentiment

You're looking at Better Choice Company Inc. (BTTR) right now, and the investor profile is a fascinating mix of cautious institutional selling and aggressive strategic buying, all centered on a major corporate pivot. The direct takeaway is that major shareholders are signaling a net positive sentiment toward the strategic direction, but the recent capital structure changes have created a short-term liquidity puzzle.

The sentiment among large institutional investors is best described as strategically mixed, but leaning toward optimism about the post-merger entity. While some hedge funds have been net sellers over the past two years-institutional investors sold a total of 100,743 shares for approximately $186.68K-the key action is the strategic accumulation following the announcement of the SRx Health Solutions acquisition. You see this in the Q4 2024 and Q1 2025 filings, where key players like GEODE CAPITAL MANAGEMENT, LLC added 10,398 shares to their portfolio.

This isn't a simple buy-and-hold story; it's a bet on the new vision. The net buying volume is smaller than the selling volume, but the timing of the purchases around the merger is the signal. Honestly, the institutional money is looking past the pet food segment's 2024 net revenue of $35 million (a 9% decrease) and focusing on the combined health and wellness platform.

• Institutional selling volume was 100,743 shares over 24 months.
• Key institutional buyers added shares in Q3/Q4 2024.
• Insider trading shows a mix: one insider purchase of 5,000 shares versus one sale of 635 shares in the six months leading up to the merger.

Recent Market Reactions to Ownership Changes

The stock market's response to the ownership changes and the merger with SRx Health Solutions was a classic reaction to a transformational event: a mix of excitement over growth potential and fear of dilution. The most significant move was the shareholder approval on March 21, 2025, to authorize the issuance of up to 30 million shares to complete the acquisition. Here's the quick math: issuing that many shares is a clear dilution risk for existing shareholders, which can pressure the stock price.

Still, the market's technical sentiment as of November 2025 is surprisingly bullish, with a forecast trading channel for the year between $2.08 and $2.12 per share. This bullishness is a direct nod to the strategic re-alignment, which included the company changing its legal name to SRx Health Solutions Inc. and its ticker to 'SRXH' on April 30, 2025. The market is pricing in the future, not the past. The initial volatility from the name and ticker change is a known risk, but the long-term play is the diversification. If you want a deeper dive into the company's evolution, you can find more context on the corporate history and strategy here: Better Choice Company Inc. (BTTR): History, Ownership, Mission, How It Works & Makes Money.

The focus has shifted from a pet food company with a net loss that improved dramatically to just $(0.2) million in 2024, to a global health and wellness company. That's a huge shift in the investment narrative, and the stock price movements reflect a battle between short-term dilution concerns and long-term strategic value. The key is watching the integration process. If onboarding takes 14+ days, churn risk rises.

Analyst Perspectives on Key Investors and Future Impact

Analysts are overwhelmingly positive on the impact of the acquisition and the new investor base it attracts, seeing it as a necessary and bold move to scale. The consensus is that the new entity is positioned for substantial growth, moving beyond the highly competitive, low-margin pet food space. Their projections are clear: the combined entity is anticipated to generate a 2025 revenue of over $270 million and an Adjusted EBITDA of over $10 million.

This massive revenue jump is what the new institutional investors are buying into. The key investors, by supporting the merger, are essentially validating the strategy to become a comprehensive health and wellness provider, including the expansion into veterinary medicine with the Better Pet Rx initiative in 2025. This diversification is the core of the analyst thesis. The pet care industry is growing, and this move into animal pharmaceuticals is seen as a way to capture a higher-margin slice of that market, which is expected to reach $269 billion by 2025.

The new investor profile, which includes those who voted to approve the merger (representing 71.71% of shares outstanding), is now tied to the success of this integration. Their influence is now less about trading and more about oversight of the strategic shift. The message from the analysts is simple: the key investors are betting on the combined financials, which look like a completely different company than the one that reported a $(1.9) million Adjusted EBITDA loss in 2024.

Next Step: Finance: draft a sensitivity analysis on the $270+ million revenue projection, modeling a 10% miss to understand the impact on the $10+ million EBITDA target by the end of the month.