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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
Mariner
26
Mariner
Kansas
$5.47M +$544K +12,459 +12%
KAS
27
Kestra Advisory Services
Texas
$5.16M +$1.24M +28,487 +36%
MC
28
Metavasi Capital
New York
$4.86M +$4.44M +101,756 New
RWA
29
Redhawk Wealth Advisors
Minnesota
$4.78M +$22K +503 +0.5%
Cambridge Investment Research Advisors
30
Cambridge Investment Research Advisors
Iowa
$4.29M +$262K +6,002 +7%
RA
31
Riversedge Advisors
Delaware
$4.25M +$1.41M +32,302 +57%
Simplex Trading
32
Simplex Trading
Illinois
$3.95M +$2.21M +50,567 +157%
Focus Partners Wealth
33
Focus Partners Wealth
Massachusetts
$3.78M +$66.8K +1,529 +2%
MRI
34
Mad River Investors
Massachusetts
$3.74M – – –
SWP
35
ShoreHaven Wealth Partners
New Jersey
$3.64M -$141K -3,233 -4%
Commonwealth Equity Services
36
Commonwealth Equity Services
Massachusetts
$3.61M +$160K +3,667 +5%
JP Morgan Chase
37
JP Morgan Chase
New York
$3.58M -$72.8K -1,667 -2%
MFG
38
Merit Financial Group
Georgia
$3.52M +$954K +21,844 +42%
Wealthfront Advisers
39
Wealthfront Advisers
California
$3.24M -$115K -2,624 -4%
QWM
40
Quadcap Wealth Management
Texas
$3.19M +$823K +18,845 +39%
SWR
41
Spahn Wealth & Retirement
Arizona
$3.06M +$86K +1,970 +3%
Wealth Enhancement Advisory Services
42
Wealth Enhancement Advisory Services
Minnesota
$3.03M -$328K -7,514 -11%
KWA
43
Kingswood Wealth Advisors
California
$3M +$66.2K +1,515 +2%
BRWA
44
B. Riley Wealth Advisors
Florida
$2.84M +$2.6M +59,464 New
FCG
45
Fielder Capital Group
Tennessee
$2.6M +$194K +4,448 +9%
FSA
46
Financial Security Advisor
Virginia
$2.51M +$992K +22,714 +76%
AA
47
Apriem Advisors
California
$2.37M +$14.4K +330 +0.7%
CA
48
Claro Advisors
Massachusetts
$2.37M +$204K +4,680 +10%
Renaissance Technologies
49
Renaissance Technologies
New York
$2.36M +$878K +20,100 +69%
PFA
50
Pettinga Financial Advisors
Indiana
$2.28M -$55.8K -1,277 -3%
1
2
3 4 5

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.