Grayscale Bitcoin Mini Trust ETF
515 hedge funds and large institutions have $1.13B invested in Grayscale Bitcoin Mini Trust ETF in 2025 Q4 according to their latest regulatory filings, with 87 funds opening new positions, 166 increasing their positions, 114 reducing their positions, and 61 closing their positions.
119% more call options, than puts
Call options by funds: $27.1M | Put options by funds: $12.4M
46% more repeat investments, than reductions
Existing positions increased: 166 | Existing positions reduced: 114
44% more funds holding in top 10
Funds holding in top 10: 9 → 13 (+4)
43% more first-time investments, than exits
New positions opened: 87 | Existing positions closed: 61
10% more capital invested
Capital invested by funds: $1.02B → $1.13B (+$107M)
3% more funds holding
Funds holding: 498 → 515 (+17)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$60.5M |
| 2 |
Wells Fargo
San Francisco,
California
|
+$39.9M |
| 3 |
PA
Paragon Advisors
College Station,
Texas
|
+$29.6M |
| 4 |
Millennium Management
New York
|
+$29.6M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$16.4M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
EC
Elequin Capital
New York
|
-$18.3M |
| 2 |
BHWA
Beacon Harbor Wealth Advisors
Virginia Beach,
Virginia
|
-$12.1M |
| 3 |
HI
HBK Investments
Dallas,
Texas
|
-$11.5M |
| 4 |
OMC
Old Mission Capital
Chicago,
Illinois
|
-$10.2M |
| 5 |
CAM
Cresset Asset Management
Chicago,
Illinois
|
-$8.45M |
BTC Hedge Fund Activity: Q4 2025 in Review
515 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Mini Trust ETF (BTC) for Q4 2025, worth a combined $1.13B — up 10% from $1.02B a quarter earlier.
Buyers outnumbered sellers: 87 funds opened new BTC positions and 61 closed out — a net gain of 26 holders — while 166 added to existing stakes and 114 trimmed.
The largest buyer was Jane Street, adding an estimated $60.5M. The largest seller was Elequin Capital, exiting entirely with an estimated $18.3M sold.
- 515 institutional investors held Grayscale Bitcoin Mini Trust ETF (BTC) as of Q4 2025, up from 498 in Q3 2025.
- Funds reported $1.13B of Grayscale Bitcoin Mini Trust ETF stock for Q4 2025, up 10% quarter-over-quarter.
- 87 funds opened new Grayscale Bitcoin Mini Trust ETF positions in Q4 2025 and 61 closed out, a net change of +26 holders.
- The largest Grayscale Bitcoin Mini Trust ETF buyer in Q4 2025 was Jane Street, an estimated $60.5M added.
- The largest Grayscale Bitcoin Mini Trust ETF seller in Q4 2025 was Elequin Capital, an estimated $18.3M sold.
Based on aggregated 13F filings for Q4 2025.