ProShares Bitcoin Strategy ETF
BITO
190 hedge funds and large institutions have $260M invested in ProShares Bitcoin Strategy ETF in 2025 Q4 according to their latest regulatory filings, with 33 funds opening new positions, 77 increasing their positions, 43 reducing their positions, and 41 closing their positions.
79% more repeat investments, than reductions
Existing positions increased: 77 | Existing positions reduced: 43
1.22% more ownership
Funds ownership: 10.85% → 12.07% (+1.2%)
5% less funds holding
Funds holding: 201 → 190 (-11)
14% less capital invested
Capital invested by funds: $303M → $260M (-$42.7M)
20% less first-time investments, than exits
New positions opened: 33 | Existing positions closed: 41
37% less call options, than puts
Call options by funds: $38M | Put options by funds: $60.5M
67% less funds holding in top 10
Funds holding in top 10: 3 → 1 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
+$58M |
| 2 |
AA
Acorns Advisers
Irvine,
California
|
+$26.6M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$14.6M |
| 4 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
+$11.4M |
| 5 |
Group One Trading
Chicago,
Illinois
|
+$6.33M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$9.86M |
| 2 |
FA
Faithward Advisors
Lancaster,
Pennsylvania
|
-$6.18M |
| 3 |
QC
Quadrature Capital
London,
United Kingdom
|
-$4.6M |
| 4 |
QOP
Quinn Opportunity Partners
Charlottesville,
Virginia
|
-$3.25M |
| 5 |
DAS
Dynamic Advisor Solutions
Phoenix,
Arizona
|
-$3.07M |
BITO Hedge Fund Activity: Q4 2025 in Review
190 institutional investors reported a position in ProShares Bitcoin Strategy ETF (BITO) for Q4 2025, worth a combined $260M — down 14% from $303M a quarter earlier.
Sellers outnumbered buyers: 41 funds closed out of BITO and 33 opened new positions — a net loss of 8 holders — while 43 trimmed existing stakes and 77 added.
The largest buyer was Goldman Sachs, adding an estimated $58M. The largest seller was Jane Street, cutting an estimated $9.86M.
- 190 institutional investors held ProShares Bitcoin Strategy ETF (BITO) as of Q4 2025, down from 201 in Q3 2025.
- Funds reported $260M of ProShares Bitcoin Strategy ETF stock for Q4 2025, down 14% quarter-over-quarter.
- 33 funds opened new ProShares Bitcoin Strategy ETF positions in Q4 2025 and 41 closed out, a net change of -8 holders.
- The largest ProShares Bitcoin Strategy ETF buyer in Q4 2025 was Goldman Sachs, an estimated $58M added.
- The largest ProShares Bitcoin Strategy ETF seller in Q4 2025 was Jane Street, an estimated $9.86M sold.
Based on aggregated 13F filings for Q4 2025.