Grayscale Bitcoin Mini Trust ETF
500 hedge funds and large institutions have $1.03B invested in Grayscale Bitcoin Mini Trust ETF in 2025 Q3 according to their latest regulatory filings, with 86 funds opening new positions, 166 increasing their positions, 85 reducing their positions, and 37 closing their positions.
267% more capital inflows, than outflows
Capital inflows: $282M | Capital outflows: $76.7M
132% more first-time investments, than exits
New positions opened: 86 | Existing positions closed: 37
103% more call options, than puts
Call options by funds: $27M | Put options by funds: $13.4M
95% more repeat investments, than reductions
Existing positions increased: 166 | Existing positions reduced: 85
9% more funds holding
Funds holding: 460 → 500 (+40)
2.89% more ownership
Funds ownership: 15.7% → 18.59% (+2.9%)
18% less funds holding in top 10
Funds holding in top 10: 11 → 9 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SPIA
Steward Partners Investment Advisory
New York
|
+$53M |
| 2 |
SW
SteelPeak Wealth
Woodland Hills,
California
|
+$30.5M |
| 3 |
Wells Fargo
San Francisco,
California
|
+$29M |
| 4 |
Millennium Management
New York
|
+$25.4M |
| 5 |
EU
Emory University
Atlanta,
Georgia
|
+$24.7M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
OCM
Ovata Capital Management
Hong Kong
|
-$27.1M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$15.7M |
| 3 |
Jane Street
New York
|
-$8.87M |
| 4 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
-$5.31M |
| 5 |
MC
Metavasi Capital
Larchmont,
New York
|
-$4.86M |
BTC Hedge Fund Activity: Q3 2025 in Review
500 of the 7,647 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Mini Trust ETF (BTC) for Q3 2025, worth a combined $1.03B — up 32% from $777M a quarter earlier.
Buyers outnumbered sellers: 86 funds opened new BTC positions and 37 closed out — a net gain of 49 holders — while 166 added to existing stakes and 85 trimmed.
The largest buyer was Steward Partners Investment Advisory, adding an estimated $53M. The largest seller was Ovata Capital Management, exiting entirely with an estimated $27.1M sold.
- 500 institutional investors held Grayscale Bitcoin Mini Trust ETF (BTC) as of Q3 2025, up from 460 in Q2 2025.
- Funds reported $1.03B of Grayscale Bitcoin Mini Trust ETF stock for Q3 2025, up 32% quarter-over-quarter.
- 86 funds opened new Grayscale Bitcoin Mini Trust ETF positions in Q3 2025 and 37 closed out, a net change of +49 holders.
- The largest Grayscale Bitcoin Mini Trust ETF buyer in Q3 2025 was Steward Partners Investment Advisory, an estimated $53M added.
- The largest Grayscale Bitcoin Mini Trust ETF seller in Q3 2025 was Ovata Capital Management, an estimated $27.1M sold.
Based on aggregated 13F filings for Q3 2025.