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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
TIM
426
Tortoise Investment Management
New York
$1.15K +$611 +14 +140%
VWM
427
Valley Wealth Managers
New Jersey
$1.05K – – –
CAL
428
Capital Analysts LLC
Pennsylvania
$1K – – –
HCM
429
Hollencrest Capital Management
California
$955 -$4.37K -100 -83%
AAG
430
Armstrong Advisory Group
Massachusetts
$955 – – –
BC
431
Barrett & Company
Rhode Island
$955 – – –
CHC
432
City Holding Co
West Virginia
$955 – – –
GK
433
Graney & King
New York
$955 – – –
MTIC
434
Missouri Trust & Investment Company
Missouri
$955 – – –
CFO
435
CVA Family Office
Colorado
$907 – – –
BCMLT
436
Beacon Capital Management LLC (Tennessee)
Tennessee
$860 – – –
CVM
437
Cheviot Value Management
California
$825 – – –
WCM
438
WealthTrak Capital Management
Virginia
$764 – – –
AssetMark Inc
439
AssetMark Inc
California
$669 – – –
TPWA
440
Twin Peaks Wealth Advisors
California
$636 +$524 +12 New
GPFA
441
Game Plan Financial Advisors
Ohio
$573 – – –
TIM
442
Thompson Investment Management
Wisconsin
$573 – – –
FRA
443
Front Row Advisors
California
$478 – – –
GWP
444
Gen-Wealth Partners
Michigan
$478 – – –
WOSD
445
WFA of San Diego
California
$478 +$437 +10 New
DB
446
Danske Bank
Denmark
$287 – – –
STB
447
S&T Bank
Pennsylvania
$287 – – –
CWM
448
CarsonAllaria Wealth Management
Illinois
$239 – – –
HIMS
449
Hager Investment Management Services
New Hampshire
$239 – – –
DPW
450
DiNuzzo Private Wealth
Pennsylvania
$191 – – –
16 17
18
19 20

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.