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BTC

Grayscale Bitcoin Mini Trust ETF
BTC

457 hedge funds and large institutions have $776M invested in Grayscale Bitcoin Mini Trust ETF in 2025 Q2 according to their latest regulatory filings, with 88 funds opening new positions, 131 increasing their positions, 71 reducing their positions, and 29 closing their positions.

New
Increased
Maintained
Reduced
Closed

233% more call options, than puts

Call options by funds: $29.9M | Put options by funds: $8.97M

203% more first-time investments, than exits

New positions opened: 88 | Existing positions closed: 29

85% more repeat investments, than reductions

Existing positions increased: 131 | Existing positions reduced: 71

62% more capital invested

Capital invested by funds: $478M → $776M (+$297M)

38% more funds holding in top 10

Funds holding in top 10: 8 → 11 (+3)

13% more funds holding

Funds holding: 403 → 457 (+54)

2.23% more ownership

Funds ownership: 14.27% → 16.5% (+2.2%)

Holders
457
Holders Change
+54
Holders Change %
+13.4%
% of All Funds
6.02%
Holding in Top 10
11
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+37.5%
% of All Funds
0.14%
New
88
Increased
131
Reduced
71
Closed
29
Calls
$29.9M
Puts
$8.97M
Net Calls
+$20.9M
Net Calls Change
+$13.3M

Top Buyers

Rank Fund Capital Flow
1
OCM
Ovata Capital Management
Hong Kong
+$24.8M
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$12.3M
3
BHWA
Beacon Harbor Wealth Advisors
Virginia
+$10.4M
4
KC
Kaleidoscope Capital
Massachusetts
+$9.93M
5
HI
HBK Investments
Texas
+$9.9M

Top Sellers

Rank Fund Capital Flow
1
DS
DRW Securities
Illinois
-$4.62M
2
GEM
Global Endowment Management
North Carolina
-$1.44M
3
Jane Street
Jane Street
New York
-$914K
4
VF
Virtu Financial
New York
-$646K
5
G
Gainplan
Michigan
-$593K
Name Holding Trade Value Shares
Change 		Change in
Stake
AWM
401
Activest Wealth Management
Florida
$2.48K – – –
KG
402
Kilter Group
New York
$2.39K +$2.18K +50 New
CWA
403
Carolina Wealth Advisors
South Carolina
$2.24K – – –
SRCM
404
Signature Resources Capital Management
California
$2.24K – – –
NL
405
NVWM LLC
Pennsylvania
$2.15K – – –
FPB
406
First PREMIER Bank
South Dakota
$2K – – –
GIA
407
GHP Investment Advisors
Colorado
$1.96K – – –
RF
408
Rossby Financial
Florida
$1.96K – – –
AT
409
Arlington Trust
Alabama
$1.91K – – –
RAM
410
Riggs Asset Management
Pennsylvania
$1.91K – – –
EWA
411
EverSource Wealth Advisors
Alabama
$1.81K – – –
KA
412
Kozak & Associates
Colorado
$1.78K – – –
ACA
413
Atlas Capital Advisors
Wyoming
$1.77K – – –
BWAM
414
Boyd Watterson Asset Management
Ohio
$1.72K – – –
AIC
415
Archer Investment Corporation
Indiana
$1.53K – – –
AEPWM
416
Atlantic Edge Private Wealth Management
Florida
$1.53K – – –
TRCT
417
Tower Research Capital (TRC)
New York
$1.53K +$1.4K +32 New
VCM
418
Versant Capital Management
Arizona
$1.43K – – –
PFG
419
Premier Financial Group
California
$1.43K +$1.18K +27 New
MWA
420
Medallion Wealth Advisors
Connecticut
$1.4K – – –
OWP
421
ORG Wealth Partners
Texas
$1.26K – – –
CFP
422
Comprehensive Financial Planning
Pennsylvania
$1.19K – – –
VFM
423
Vision Financial Markets
Connecticut
$1.19K – – –
LWMI
424
Legacy Wealth Management (Idaho)
Idaho
$1.19K +$874 +20 +400%
LIS
425
Legacy Investment Solutions
Idaho
$1.19K +$1.09K +25 New
15 16
17
18 19

BTC Hedge Fund Activity: Q2 2025 in Review

457 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Mini Trust ETF (BTC) for Q2 2025, worth a combined $776M — up 62% from $478M a quarter earlier.

Buyers outnumbered sellers: 88 funds opened new BTC positions and 29 closed out — a net gain of 59 holders — while 131 added to existing stakes and 71 trimmed.

The largest buyer was Ovata Capital Management, opening a new position worth an estimated $24.8M. The largest seller was DRW Securities, exiting entirely with an estimated $4.62M sold.

  • 457 institutional investors held Grayscale Bitcoin Mini Trust ETF (BTC) as of Q2 2025, up from 403 in Q1 2025.
  • Funds reported $776M of Grayscale Bitcoin Mini Trust ETF stock for Q2 2025, up 62% quarter-over-quarter.
  • 88 funds opened new Grayscale Bitcoin Mini Trust ETF positions in Q2 2025 and 29 closed out, a net change of +59 holders.
  • The largest Grayscale Bitcoin Mini Trust ETF buyer in Q2 2025 was Ovata Capital Management, an estimated $24.8M added.
  • The largest Grayscale Bitcoin Mini Trust ETF seller in Q2 2025 was DRW Securities, an estimated $4.62M sold.

Based on aggregated 13F filings for Q2 2025.