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ProShares Bitcoin Strategy ETF
BITO

201 hedge funds and large institutions have $303M invested in ProShares Bitcoin Strategy ETF in 2025 Q3 according to their latest regulatory filings, with 40 funds opening new positions, 83 increasing their positions, 42 reducing their positions, and 27 closing their positions.

New
Increased
Maintained
Reduced
Closed

98% more repeat investments, than reductions

Existing positions increased: 83 | Existing positions reduced: 42

48% more first-time investments, than exits

New positions opened: 40 | Existing positions closed: 27

6% more funds holding

Funds holding: 190 → 201 (+11)

3.82% less ownership

Funds ownership: 14.67% → 10.85% (-3.8%)

18% less capital invested

Capital invested by funds: $369M → $303M (-$65.9M)

40% less funds holding in top 10

Funds holding in top 10: 5 → 3 (-2)

64% less call options, than puts

Call options by funds: $54M | Put options by funds: $148M

Holders
201
Holders Change
+11
Holders Change %
+5.79%
% of All Funds
2.64%
Holding in Top 10
3
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-40%
% of All Funds
0.04%
New
40
Increased
83
Reduced
42
Closed
27
Calls
$54M
Puts
$148M
Net Calls
-$94.1M
Net Calls Change
+$3.62M

Top Buyers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
+$30.5M
2
AA
Acorns Advisers
California
+$13.5M
3
TI
Tidal Investments
Wisconsin
+$11.1M
4
QC
Quadrature Capital
United Kingdom
+$4.87M
5
Cambridge Investment Research Advisors
Cambridge Investment Research Advisors
Iowa
+$1.62M

Top Sellers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
-$35.7M
2
RCMF
RK Capital Management (Florida)
Florida
-$16.3M
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$14.6M
4
Citadel Advisors
Citadel Advisors
Florida
-$12.6M
5
LWMI
Legacy Wealth Management (Idaho)
Idaho
-$4.47M
Name Holding Trade Value Shares
Change 		Change in
Stake
GIA
201
GHP Investment Advisors
Colorado
$20 +$21 +1 New
SWIM
202
Smallwood Wealth Investment Management
New Jersey
$19 – – –
GA
203
Guerra Advisors
Florida
$15 +$21 +1 New
CVM
204
Cheviot Value Management
California
$6 – – –
SP
205
SIH Partners
Delaware
– -$1.97M -91,582 Closed
SNT
206
SIG North Trading
Pennsylvania
– -$1.61M -74,687 Closed
BRWA
207
B. Riley Wealth Advisors
Florida
– -$991K -46,060 Closed
EWA
208
Evolution Wealth Advisors
Florida
– -$426K -19,800 Closed
AWE
209
Avidian Wealth Enterprises
Texas
– -$418K -19,433 Closed
Financial Engines Advisors
210
Financial Engines Advisors
California
– -$352K -16,355 Closed
DFA
211
Davies Financial Advisors
California
– -$314K -14,615 Closed
CBA
212
Coastal Bridge Advisors
Connecticut
– -$214K -9,961 Closed
QCM
213
Quantinno Capital Management
New York
– -$211K -9,800 Closed
AC
214
Avestar Capital
New York
– -$204K -9,500 Closed
KFS
215
Kaizen Financial Strategies
California
– -$200K -9,310 Closed
AAP
216
Arax Advisory Partners
Colorado
– -$177K -8,234 Closed
HT
217
Headlands Technologies
Illinois
– -$164K -7,608 Closed
OWP
218
ORG Wealth Partners
Texas
– -$72.5K -3,579 Closed
Raymond James Financial
219
Raymond James Financial
Florida
– -$66.8K -3,107 Closed
Parallax Volatility Advisers
220
Parallax Volatility Advisers
California
– -$31.3K -1,454 Closed
BCMLT
221
Beacon Capital Management LLC (Tennessee)
Tennessee
– -$28.5K -1,325 Closed
KWM
222
Kiker Wealth Management
Georgia
– -$27K -1,255 Closed
MFT
223
Moisand Fitzgerald Tamayo
Florida
– -$22.3K -1,038 Closed
LC
224
Lavaca Capital
Texas
– -$21.2K -985 Closed
TIM
225
Total Investment Management
Arizona
– -$11.1K -517 Closed
6 7 8
9
10

BITO Hedge Fund Activity: Q3 2025 in Review

201 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in ProShares Bitcoin Strategy ETF (BITO) for Q3 2025, worth a combined $303M — down 18% from $369M a quarter earlier.

Buyers outnumbered sellers: 40 funds opened new BITO positions and 27 closed out — a net gain of 13 holders — while 83 added to existing stakes and 42 trimmed.

The largest buyer was Goldman Sachs, adding an estimated $30.5M. The largest seller was Jane Street, cutting an estimated $35.7M.

  • 201 institutional investors held ProShares Bitcoin Strategy ETF (BITO) as of Q3 2025, up from 190 in Q2 2025.
  • Funds reported $303M of ProShares Bitcoin Strategy ETF stock for Q3 2025, down 18% quarter-over-quarter.
  • 40 funds opened new ProShares Bitcoin Strategy ETF positions in Q3 2025 and 27 closed out, a net change of +13 holders.
  • The largest ProShares Bitcoin Strategy ETF buyer in Q3 2025 was Goldman Sachs, an estimated $30.5M added.
  • The largest ProShares Bitcoin Strategy ETF seller in Q3 2025 was Jane Street, an estimated $35.7M sold.

Based on aggregated 13F filings for Q3 2025.