Murray Stahl’s Grayscale Bitcoin Trust GBTC Stock Holding History

Murray Stahl’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 Q2	$553M	Sell	12,139,990 -1,864,892	-13%	-$104M	6.27%	2
2026 Q1	$739M	Sell	14,004,882 -108,711	-0.8%	-$6.47M	8%	2
2025 Q4	$965M	Sell	14,113,593 -67,607	-0.5%	-$5.3M	13.05%	2
2025 Q3	$1.27B	Sell	14,181,200 -369,991	-3%	-$33.3M	15.52%	2
2025 Q2	$1.23B	Sell	14,551,191 -145,322	-1%	-$11.3M	14.64%	2
2025 Q1	$958M	Sell	14,696,513 -471,650	-3%	-$34.8M	10.87%	2
2024 Q4	$1.12B	Sell	15,168,163 -39,897	-0.3%	-$2.63M	13.98%	2
2024 Q3	$768M	Sell	15,208,060 -1,305,555	-8%	-$63.5M	11.49%	2
2024 Q2	$794M	Sell	16,513,615 -62,810	-0.4%	-$3.31M	13.88%	2
2024 Q1	$946M	Buy	+16,576,425	New	+$729M	17.89%	2

Other funds holding GBTC

LPL Financial San Diego, California $445B AUM 25.58% 1-Year Est. Return

HighTower Advisors Chicago, Illinois $103B AUM 28.65% 1-Year Est. Return

Virtu Financial New York $3.18B AUM 65.92% 1-Year Est. Return

MRI

Mad River Investors Boston, Massachusetts $268M AUM 31.54% 1-Year Est. Return

ECM

EagleClaw Capital Management Boston, Massachusetts $745M AUM 23.99% 1-Year Est. Return

Jane Street New York $1.21T AUM 78.12% 1-Year Est. Return

Citadel Advisors Miami, Florida $875B AUM 40.91% 1-Year Est. Return

Moors & Cabot Boston, Massachusetts $2.57B AUM 37.84% 1-Year Est. Return

Mariner Overland Park, Kansas $95.2B AUM 32.92% 1-Year Est. Return

KWA

Kingswood Wealth Advisors San Diego, California $2.48B AUM 36.19% 1-Year Est. Return

Murray Stahl's GBTC Position: Q2 2026 in Review

Murray Stahl reduced its Grayscale Bitcoin Trust (GBTC) stake by 13% in Q2 2026, selling an estimated $104M and leaving 12,139,990 shares worth $553M. The position accounts for 6.27% of the portfolio, ranked #2.

Murray Stahl first reported a position in GBTC in Q1 2024 and has held it in 10 quarters since. The position peaked at $1.27B in Q3 2025. 595 funds tracked by Wall St. Rank hold GBTC as of Q2 2026.

Murray Stahl held 12,139,990 shares of Grayscale Bitcoin Trust worth $553M as of Q2 2026.
Murray Stahl sold 1,864,892 Grayscale Bitcoin Trust shares in Q2 2026, an estimated $104M.
Grayscale Bitcoin Trust made up 6.27% of Murray Stahl's portfolio in Q2 2026, its #2 holding.
Murray Stahl first reported a position in Grayscale Bitcoin Trust in Q1 2024 and has held it in 10 quarters since.
Murray Stahl's Grayscale Bitcoin Trust position peaked at $1.27B in Q3 2025.
595 funds tracked by Wall St. Rank held Grayscale Bitcoin Trust as of Q2 2026.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2026, filed 11 Aug 2026.