Mad River Investors’s Grayscale Bitcoin Trust GBTC Stock Holding History

Mad River Investors’s Portfolio GBTC Stock Details GBTC Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$19M	Sell	360,139 -315	-0.1%	-$18.8K	6.84%	4
2025 Q4	$24.6M	Sell	360,454 -500	-0.1%	-$39.2K	11.22%	2
2025 Q3	$32.4M	Sell	360,954 -11,427	-3%	-$1.03M	13.86%	2
2025 Q2	$31.6M	Sell	372,381 -100	-0%	-$7.78K	14.15%	2
2025 Q1	$24.3M	Sell	372,481 -13,325	-3%	-$982K	10.28%	2
2024 Q4	$28.6M	Sell	385,806 -3,939	-1%	-$260K	13.27%	2
2024 Q3	$19.7M	Buy	389,745 +49,278	+14%	+$2.4M	10.92%	2
2024 Q2	$16.4M	Sell	340,467 -102,029	-23%	-$5.37M	10.97%	2
2024 Q1	$25.3M	Buy	+442,496	New	+$19.5M	17.53%	2

Other funds holding GBTC

HKAM

Horizon Kinetics Asset Management New York $9.23B AUM 27.52% 1-Year Est. Return

LPL Financial San Diego, California $377B AUM 19.32% 1-Year Est. Return

HighTower Advisors Chicago, Illinois $94.2B AUM 21.24% 1-Year Est. Return

GWM

Greenwich Wealth Management Greenwich, Connecticut $2.45B AUM 39.53% 1-Year Est. Return

MSRH LLC New York $113M AUM

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

ECM

EagleClaw Capital Management Boston, Massachusetts $714M AUM 24.24% 1-Year Est. Return

Wealthfront Advisers Palo Alto, California $45.6B AUM 18.83% 1-Year Est. Return

Moors & Cabot Boston, Massachusetts $2.34B AUM 30.42% 1-Year Est. Return

Vident Advisory Alpharetta, Georgia $11.7B AUM 37.32% 1-Year Est. Return

Mad River Investors's GBTC Position: Q1 2026 in Review

Mad River Investors reduced its Grayscale Bitcoin Trust (GBTC) stake by 0.09% in Q1 2026, selling an estimated $18.8K and leaving 360,139 shares worth $19M. The position accounts for 6.84% of the portfolio, ranked #4.

Mad River Investors first reported a position in GBTC in Q1 2024 and has held it in 9 quarters since. The position peaked at $32.4M in Q3 2025. 650 funds tracked by Wall St. Rank hold GBTC as of Q1 2026.

Mad River Investors held 360,139 shares of Grayscale Bitcoin Trust worth $19M as of Q1 2026.
Mad River Investors sold 315 Grayscale Bitcoin Trust shares in Q1 2026, an estimated $18.8K.
Grayscale Bitcoin Trust made up 6.84% of Mad River Investors's portfolio in Q1 2026, its #4 holding.
Mad River Investors first reported a position in Grayscale Bitcoin Trust in Q1 2024 and has held it in 9 quarters since.
Mad River Investors's Grayscale Bitcoin Trust position peaked at $32.4M in Q3 2025.
650 funds tracked by Wall St. Rank held Grayscale Bitcoin Trust as of Q1 2026.

Based on Mad River Investors's 13F filing for Q1 2026, filed 23 Apr 2026.