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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
CAPTRUST Financial Advisors
76
CAPTRUST Financial Advisors
North Carolina
$1.23M +$84.2K +1,928 +8%
PCP
77
Proficio Capital Partners
Massachusetts
$1.23M – – –
AC
78
Addison Capital
Pennsylvania
$1.21M -$131 -3 -0%
KCM
79
Kids Capital Management
California
$1.19M +$1.09M +25,000 New
LCM
80
Lakewood Capital Management
New York
$1.18M – – –
US Bancorp
81
US Bancorp
Minnesota
$1.15M +$108K +2,465 +11%
DWM
82
Drive Wealth Management
Utah
$1.14M +$38.5K +882 +4%
JPLA
83
Joseph P. Lucia & Associates
New York
$1.12M +$86.7K +1,986 +9%
BFG
84
Berger Financial Group
Minnesota
$1.12M +$452K +10,354 +79%
Lido Advisors
85
Lido Advisors
California
$1.12M +$2.23K +51 +0.2%
FFA
86
Farther Finance Advisors
California
$1.09M +$467K +10,697 +87%
IC
87
IEQ Capital
California
$1.09M +$996K +22,793 New
BPA
88
Beacon Pointe Advisors
California
$1.05M +$398K +9,108 +70%
IWC
89
Integrated Wealth Concepts
Massachusetts
$1.05M +$81.6K +1,868 +9%
OCM
90
Once Capital Management
New York
$1.03M – – –
G
91
Gainplan
Michigan
$1.01M -$593K -13,581 -39%
RDWM
92
Red Door Wealth Management
Tennessee
$957K -$1.35K -31 -0.2%
ULWM
93
Upper Left Wealth Management
Florida
$932K +$41.5K +951 +5%
CC
94
Citrine Capital
California
$922K -$3.63K -83 -0.4%
MCWS
95
McKinley Carter Wealth Services
West Virginia
$916K +$514K +11,757 +158%
BA
96
Bristlecone Advisors
Washington
$901K +$824K +18,872 New
BSAM
97
Blue Square Asset Management
New York
$894K -$22.5K -516 -3%
JWWM
98
Johnson & White Wealth Management
Pennsylvania
$888K +$401K +9,174 +97%
LFG
99
Larson Financial Group
Missouri
$871K -$24K -549 -3%
ASN
100
Advisory Services Network
Georgia
$867K +$280K +6,402 +62%
2 3
4
5 6

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.