Grayscale Bitcoin Mini Trust ETF
405 hedge funds and large institutions have $480M invested in Grayscale Bitcoin Mini Trust ETF in 2025 Q1 according to their latest regulatory filings, with 81 funds opening new positions, 112 increasing their positions, 69 reducing their positions, and 45 closing their positions.
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
62% more repeat investments, than reductions
Existing positions increased: 112 | Existing positions reduced: 69
7% more funds holding
Funds holding: 378 → 405 (+27)
0% more funds holding in top 10
Funds holding in top 10: 8 → 8 (0)
1.67% less ownership
Funds ownership: 16% → 14.33% (-1.7%)
17% less capital invested
Capital invested by funds: $579M → $480M (-$98.8M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
+$42.3M |
| 2 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
+$11.9M |
| 3 |
HWM
HFG Wealth Management
The Woodlands,
Texas
|
+$7.4M |
| 4 |
KC
Kaleidoscope Capital
Boston,
Massachusetts
|
+$6.28M |
| 5 |
RWP
Reliant Wealth Planning
Louisville,
Kentucky
|
+$6.27M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$111M |
| 2 |
IMC Chicago
Chicago,
Illinois
|
-$17.2M |
| 3 |
HHGC
Hunting Hill Global Capital
New York
|
-$5.41M |
| 4 |
JAM
JW Asset Management
Miami Beach,
Florida
|
-$4.48M |
| 5 |
SAM
Simplify Asset Management
Las Vegas,
Nevada
|
-$4.16M |
BTC Hedge Fund Activity: Q1 2025 in Review
405 of the 7,472 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Mini Trust ETF (BTC) for Q1 2025, worth a combined $480M — 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 112 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.
- 405 institutional investors held Grayscale Bitcoin Mini Trust ETF (BTC) as of Q1 2025, up from 378 in Q4 2024.
- Funds reported $480M 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.