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BDCIU

BTC Development Corp Unit
BDCIU

20 hedge funds and large institutions have $21.7M invested in BTC Development Corp Unit in 2025 Q4 according to their latest regulatory filings, with 4 funds opening new positions, 2 increasing their positions, 8 reducing their positions, and 48 closing their positions.

New
Increased
Maintained
Reduced
Closed

9.38% more ownership

Funds ownership: 0% → 9.38% (+9.4%)

69% less funds holding

Funds holding: 65 → 20 (-45)

75% less repeat investments, than reductions

Existing positions increased: 2 | Existing positions reduced: 8

91% less capital invested

Capital invested by funds: $242M → $21.7M (-$220M)

92% less first-time investments, than exits

New positions opened: 4 | Existing positions closed: 48

100% less funds holding in top 10

Funds holding in top 10: 2 → 0 (-2)

Holders
20
Holders Change
-45
Holders Change %
-69.23%
% of All Funds
0.24%
Holding in Top 10
–
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-100%
% of All Funds
–
New
4
Increased
2
Reduced
8
Closed
48
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Stifel Financial
Stifel Financial
Missouri
+$763K
2
Toronto Dominion Bank
Toronto Dominion Bank
Ontario, Canada
+$637K
3
Citadel Advisors
Citadel Advisors
Florida
+$103K
4
HF
HRT Financial
New York
+$6.29K
5
UBS Group
UBS Group
Switzerland
+$257

Top Sellers

Rank Fund Capital Flow
1
MC
Meteora Capital
Florida
-$21.3M
2
GCL
Glazer Capital LLC
New York
-$15.4M
3
LA
Linden Advisors
New York
-$11.4M
4
LP
LMR Partners
United Kingdom
-$11.4M
5
TCM
Tenor Capital Management
New York
-$11.4M
Name Holding Trade Value Shares
Change 		Change in
Stake
Adage Capital Partners
26
Adage Capital Partners
Massachusetts
– -$10.1M -1,000,000 Closed
Verition Fund Management
27
Verition Fund Management
Connecticut
– -$10.1M -1,000,000 Closed
FTCM
28
First Trust Capital Management
Illinois
– -$7.58M -750,000 Closed
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
29
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
– -$7.58M -750,000 Closed
MF
30
Magnetar Financial
Illinois
– -$7.58M -750,000 Closed
HCI
31
Harraden Circle Investments
New York
– -$7.32M -725,000 Closed
CL
32
CSS LLC
Illinois
– -$7.15M -707,880 Closed
PAMP
33
Polar Asset Management Partners
Ontario, Canada
– -$5.3M -525,000 Closed
SCM
34
Saba Capital Management
New York
– -$5.3M -525,000 Closed
PC
35
Periscope Capital
Ontario, Canada
– -$5.14M -508,500 Closed
DAM
36
Decagon Asset Management
United Kingdom
– -$5.05M -500,000 Closed
SCM
37
Shaolin Capital Management
Florida
– -$4.54M -449,480 Closed
AC
38
Aristeia Capital
Connecticut
– -$4.04M -400,000 Closed
HCM
39
Highbridge Capital Management
New York
– -$4.04M -400,000 Closed
Hudson Bay Capital Management
40
Hudson Bay Capital Management
Connecticut
– -$4.04M -400,000 Closed
MCM
41
Moore Capital Management
New York
– -$4.04M -400,000 Closed
CCM
42
Context Capital Management
California
– -$3.54M -350,000 Closed
WC
43
Wealthspring Capital
New York
– -$3.51M -347,120 Closed
KPF
44
K2 Principal Fund
Ontario, Canada
– -$3.03M -300,000 Closed
FLC
45
Fifth Lane Capital
Texas
– -$2.52M -250,000 Closed
SC
46
Sculptor Capital
New York
– -$2.52M -250,000 Closed
GL
47
Governors Lane
New York
– -$2.02M -200,000 Closed
MTCM
48
Mint Tower Capital Management
Netherlands
– -$2.02M -200,000 Closed
RCM
49
Radcliffe Capital Management
Pennsylvania
– -$1.54M -152,500 Closed
ECP
50
Empyrean Capital Partners
California
– -$1.51M -150,000 Closed
1
2
3

BDCIU Hedge Fund Activity: Q4 2025 in Review

20 of the 8,239 institutional investors tracked by Wall St. Rank reported a position in BTC Development Corp Unit (BDCIU) for Q4 2025, worth a combined $21.7M — down 91% from $242M a quarter earlier.

Sellers outnumbered buyers: 48 funds closed out of BDCIU and 4 opened new positions — a net loss of 44 holders — while 8 trimmed existing stakes and 2 added.

The largest buyer was Stifel Financial, opening a new position worth an estimated $763K. The largest seller was Meteora Capital, cutting an estimated $21.3M.

  • 20 institutional investors held BTC Development Corp Unit (BDCIU) as of Q4 2025, down from 65 in Q3 2025.
  • Funds reported $21.7M of BTC Development Corp Unit stock for Q4 2025, down 91% quarter-over-quarter.
  • 4 funds opened new BTC Development Corp Unit positions in Q4 2025 and 48 closed out, a net change of -44 holders.
  • The largest BTC Development Corp Unit buyer in Q4 2025 was Stifel Financial, an estimated $763K added.
  • The largest BTC Development Corp Unit seller in Q4 2025 was Meteora Capital, an estimated $21.3M sold.

Based on aggregated 13F filings for Q4 2025.