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BTC

Grayscale Bitcoin Mini Trust ETF
BTC

403 hedge funds and large institutions have $478M invested in Grayscale Bitcoin Mini Trust ETF in 2025 Q1 according to their latest regulatory filings, with 81 funds opening new positions, 111 increasing their positions, 69 reducing their positions, and 45 closing their positions.

New
Increased
Maintained
Reduced
Closed

104% more call options, than puts

Call options by funds: $15M | Put options by funds: $7.37M

80% more first-time investments, than exits

New positions opened: 81 | Existing positions closed: 45

61% more repeat investments, than reductions

Existing positions increased: 111 | Existing positions reduced: 69

7% more funds holding

Funds holding: 377 → 403 (+26)

0% more funds holding in top 10

Funds holding in top 10: 8 → 8 (0)

1.73% less ownership

Funds ownership: 16% → 14.27% (-1.7%)

17% less capital invested

Capital invested by funds: $579M → $478M (-$101M)

Holders
403
Holders Change
+26
Holders Change %
+6.9%
% of All Funds
5.4%
Holding in Top 10
8
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.11%
New
81
Increased
111
Reduced
69
Closed
45
Calls
$15M
Puts
$7.37M
Net Calls
+$7.64M
Net Calls Change
+$3.65M

Top Buyers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
+$42.3M
2
TI
Tidal Investments
Wisconsin
+$11.9M
3
HWM
HFG Wealth Management
Texas
+$7.4M
4
KC
Kaleidoscope Capital
Massachusetts
+$6.28M
5
RWP
Reliant Wealth Planning
Kentucky
+$6.27M

Top Sellers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
-$111M
2
IMC Chicago
IMC Chicago
Illinois
-$17.2M
3
HHGC
Hunting Hill Global Capital
New York
-$5.41M
4
JAM
JW Asset Management
Florida
-$4.48M
5
SAM
Simplify Asset Management
Nevada
-$4.16M
Name Holding Trade Value Shares
Change 		Change in
Stake
HI
326
Hoey Investments
Pennsylvania
$3.5K -$825 -20 -17%
CAWM
327
Capital A Wealth Management
Pennsylvania
$3.47K – – –
TFA
328
Toth Financial Advisory
Virginia
$3.21K – – –
DMIC
329
Dixon Mitchell Investment Counsel
British Columbia, Canada
$3.1K – – –
BCWM
330
Bartlett & Co Wealth Management
Ohio
$3.03K – – –
WPA
331
West Paces Advisors
Georgia
$2.99K – – –
AA
332
Addison Advisors
Vermont
$2.92K – – –
HIW
333
Holos Integrated Wealth
Pennsylvania
$2.92K – – –
SIM
334
Synergy Investment Management
Florida
$2.92K – – –
FP
335
Financial Perspectives
Minnesota
$2.77K -$825 -20 -21%
DAM
336
Delta Asset Management
Tennessee
$2.77K – – –
GWSA
337
Global Wealth Strategies & Associates
Colorado
$2.59K – – –
PCFFS
338
Pacific Center for Financial Services
California
$2.59K – – –
GWSG
339
GPS Wealth Strategies Group
Colorado
$2.52K -$41 -1 -1%
HNW
340
High Note Wealth
Minnesota
$2.37K – – –
VWA
341
VSM Wealth Advisory
Maryland
$2.37K – – –
WTFG
342
Wood Tarver Financial Group
Idaho
$2.3K – – –
OC
343
Oakworth Capital
Alabama
$2.15K +$330 +8 +16%
FS
344
Financially Speaking
Colorado
$2.01K – – –
FPB
345
First PREMIER Bank
South Dakota
$2K +$2.06K +50 New
TCM
346
Tradewinds Capital Management
Washington
$1.93K – – –
AWM
347
Activest Wealth Management
Florida
$1.9K – – –
RF
348
Rossby Financial
Florida
$1.73K +$1.69K +41 New
CWA
349
Carolina Wealth Advisors
South Carolina
$1.72K – – –
SRCM
350
Signature Resources Capital Management
California
$1.72K – – –
12 13
14
15 16

BTC Hedge Fund Activity: Q1 2025 in Review

403 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Mini Trust ETF (BTC) for Q1 2025, worth a combined $478M — down 17% from $579M a quarter earlier.

Buyers outnumbered sellers: 81 funds opened new BTC positions and 45 closed out — a net gain of 36 holders — while 111 added to existing stakes and 69 trimmed.

The largest buyer was Millennium Management, adding an estimated $42.3M. The largest seller was Jane Street, cutting an estimated $111M.

  • 403 institutional investors held Grayscale Bitcoin Mini Trust ETF (BTC) as of Q1 2025, up from 377 in Q4 2024.
  • Funds reported $478M of Grayscale Bitcoin Mini Trust ETF stock for Q1 2025, down 17% quarter-over-quarter.
  • 81 funds opened new Grayscale Bitcoin Mini Trust ETF positions in Q1 2025 and 45 closed out, a net change of +36 holders.
  • The largest Grayscale Bitcoin Mini Trust ETF buyer in Q1 2025 was Millennium Management, an estimated $42.3M added.
  • The largest Grayscale Bitcoin Mini Trust ETF seller in Q1 2025 was Jane Street, an estimated $111M sold.

Based on aggregated 13F filings for Q1 2025.