Grayscale Bitcoin Mini Trust ETF
461 hedge funds and large institutions have $777M invested in Grayscale Bitcoin Mini Trust ETF in 2025 Q2 according to their latest regulatory filings, with 87 funds opening new positions, 132 increasing their positions, 72 reducing their positions, and 29 closing their positions.
1,002% more capital inflows, than outflows
Capital inflows: $154M | Capital outflows: $14M
233% more call options, than puts
Call options by funds: $29.9M | Put options by funds: $8.97M
200% more first-time investments, than exits
New positions opened: 87 | Existing positions closed: 29
83% more repeat investments, than reductions
Existing positions increased: 132 | Existing positions reduced: 72
38% more funds holding in top 10
Funds holding in top 10: 8 → 11 (+3)
13% more funds holding
Funds holding: 408 → 461 (+53)
1.36% more ownership
Funds ownership: 14.35% → 15.7% (+1.4%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Ovata Capital Management
Hong Kong
|
+$24.8M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$12.3M |
| 3 |
Beacon Harbor Wealth Advisors
Virginia Beach,
Virginia
|
+$10.4M |
| 4 |
Kaleidoscope Capital
Boston,
Massachusetts
|
+$9.9M |
| 5 |
HBK Investments
Dallas,
Texas
|
+$9.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DRW Securities
Chicago,
Illinois
|
-$4.62M |
| 2 |
Global Endowment Management
Charlotte,
North Carolina
|
-$1.44M |
| 3 |
Jane Street
New York
|
-$914K |
| 4 |
Virtu Financial
New York
|
-$646K |
| 5 |
Gainplan
Bloomfield Hills,
Michigan
|
-$593K |
BTC Hedge Fund Activity: Q2 2025 in Review
461 of the 7,624 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Mini Trust ETF (BTC) for Q2 2025, worth a combined $777M — up 61% from $481M a quarter earlier.
Buyers outnumbered sellers: 87 funds opened new BTC positions and 29 closed out — a net gain of 58 holders — while 132 added to existing stakes and 72 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.
- 461 institutional investors held Grayscale Bitcoin Mini Trust ETF (BTC) as of Q2 2025, up from 408 in Q1 2025.
- Funds reported $777M of Grayscale Bitcoin Mini Trust ETF stock for Q2 2025, up 61% quarter-over-quarter.
- 87 funds opened new Grayscale Bitcoin Mini Trust ETF positions in Q2 2025 and 29 closed out, a net change of +58 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.