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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
Susquehanna International Group
26
Susquehanna International Group
Pennsylvania
$2.86M +$2.24M +54,263 +226%
PPW
27
Pasadena Private Wealth
California
$2.85M +$927K +22,472 +40%
Focus Partners Wealth
28
Focus Partners Wealth
Massachusetts
$2.83M +$97.1K +2,352 +3%
JP Morgan Chase
29
JP Morgan Chase
New York
$2.8M +$3.16M +76,494 +62,700%
Commonwealth Equity Services
30
Commonwealth Equity Services
Massachusetts
$2.62M +$388K +9,412 +15%
Wealthfront Advisers
31
Wealthfront Advisers
California
$2.57M -$90.9K -2,204 -3%
Wealth Enhancement Advisory Services
32
Wealth Enhancement Advisory Services
Minnesota
$2.56M +$830K +20,116 +40%
SWR
33
Spahn Wealth & Retirement
Arizona
$2.26M +$2.56M +62,071 New
KWA
34
Kingswood Wealth Advisors
California
$2.24M +$24K +581 +1%
RA
35
Riversedge Advisors
Delaware
$2.07M +$2.34M +56,632 New
MFG
36
Merit Financial Group
Georgia
$1.89M +$670K +16,229 +46%
FCG
37
Fielder Capital Group
Tennessee
$1.82M +$263K +6,369 +15%
AA
38
Apriem Advisors
California
$1.8M +$1.29M +31,282 +173%
PFA
39
Pettinga Financial Advisors
Indiana
$1.79M +$96.4K +2,335 +5%
QWM
40
Quadcap Wealth Management
Texas
$1.75M +$1.98M +47,980 New
CA
41
Claro Advisors
Massachusetts
$1.64M +$99.7K +2,417 +6%
BWP
42
Balboa Wealth Partners
Arizona
$1.56M +$1.17M +28,353 +196%
GEM
43
Global Endowment Management
North Carolina
$1.44M – – –
VHAM
44
Van Hulzen Asset Management
California
$1.41M +$50.4K +1,222 +3%
WC
45
Weil Company
California
$1.31M +$1.48M +35,858 New
CPRC
46
Consolidated Portfolio Review Corp
New York
$1.28M -$5.2K -126 -0.4%
G
47
Gainplan
Michigan
$1.27M +$1.43M +34,684 New
AC
48
Aristides Capital
Kentucky
$1.2M – – –
Simplex Trading
49
Simplex Trading
Illinois
$1.17M +$931K +22,557 +236%
AWM
50
Aries Wealth Management
Maine
$1.16M +$717K +17,376 +120%
1
2
3 4 5

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.