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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
MIH
51
Meitav Investment House
Israel
$2.21M +$806K +18,454 +66%
RL
52
RPO LLC
Connecticut
$2.19M +$2M +45,900 New
AWM
53
Axxcess Wealth Management
California
$2.16M +$1.05M +24,087 +114%
BWP
54
Balboa Wealth Partners
Arizona
$2.08M +$35.9K +823 +2%
Envestnet Asset Management
55
Envestnet Asset Management
Illinois
$1.92M +$375K +8,589 +27%
WC
56
Weil Company
California
$1.9M +$176K +4,019 +11%
VHAM
57
Van Hulzen Asset Management
California
$1.74M -$93.7K -2,146 -6%
Creative Planning
58
Creative Planning
Kansas
$1.73M +$244K +5,586 +18%
SIC
59
SJS Investment Consulting
Ohio
$1.73M +$447K +10,240 +39%
CPRC
60
Consolidated Portfolio Review Corp
New York
$1.68M – – –
AWM
61
Aries Wealth Management
Maine
$1.66M +$123K +2,819 +9%
TF
62
Theory Financial
Colorado
$1.65M +$1.39M +31,916 New
FIA
63
Foundations Investment Advisors
Arizona
$1.65M +$514K +11,779 +52%
SH
64
SLT Holdings
Arizona
$1.59M +$513K +11,755 +54%
AC
65
Aristides Capital
Kentucky
$1.57M – – –
SPIA
66
Steward Partners Investment Advisory
New York
$1.55M +$1.41M +32,190 +16,176%
BCM
67
Beck Capital Management
Texas
$1.53M +$151K +3,453 +12%
BCM
68
Brookstone Capital Management
Illinois
$1.5M -$5.94K -136 -0.4%
EWA
69
EQ Wealth Advisors
Texas
$1.5M +$392K +8,986 +40%
BHIA
70
Birch Hill Investment Advisors
Massachusetts
$1.47M – – –
RC
71
RBF Capital
California
$1.43M – – –
AIM
72
Archer Investment Management
Texas
$1.39M +$667K +15,279 +110%
TIA
73
Traphagen Investment Advisors
New Jersey
$1.38M +$37.3K +853 +3%
SWM
74
Spire Wealth Management
Virginia
$1.33M +$269K +6,156 +28%
BFG
75
Bleakley Financial Group
New Jersey
$1.24M +$104K +2,372 +10%
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.