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Grayscale Bitcoin Trust
GBTC

Overview Fund Activity

749 hedge funds and large institutions have $2.96B invested in Grayscale Bitcoin Trust in 2025 Q2 according to their latest regulatory filings, with 107 funds opening new positions, 139 increasing their positions, 253 reducing their positions, and 47 closing their positions.

New
Increased
Maintained
Reduced
Closed
Holders
749
Holders Change
+48
Holders Change %
+6.85%
% of All Funds
10.04%
Holding in Top 10
22
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.29%
New
107
Increased
139
Reduced
253
Closed
47
Calls
$166M
Puts
$48.7M
Net Calls
+$117M
Net Calls Change
+$68.2M

Top Buyers

1
Jane Street
Jane Street
New York
+$59.4M
2
IMC Chicago
IMC Chicago
Illinois
+$21.7M
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$13.3M
4
IC
IEQ Capital
California
+$7.69M
5
Renaissance Technologies
Renaissance Technologies
New York
+$6.79M

Top Sellers

1
DS
DRW Securities
Illinois
-$29.3M
2
HKAM
Horizon Kinetics Asset Management
New York
-$12.3M
3
JSSH
J. Safra Sarasin Holding
-$4.76M
4
TAA
TB Alternative Assets
Cayman Islands
-$4.71M
5
AAS
Avantax Advisory Services
Texas
-$4.56M
Name Holding Trade Value Shares
Change 		Shares
Change %
AGC
226
Aspen Grove Capital
Colorado
$1.07M – – –
RCA
227
Runnymede Capital Advisors
Ohio
$1.06M +$31.6K +373 +3%
QPWM
228
Quadrant Private Wealth Management
Pennsylvania
$1.06M -$45.4K -535 -4%
S
229
SignatureFD
Georgia
$1.04M -$848 -10 -0.1%
PI
230
PFG Investments
New York
$1.04M -$187K -2,203 -15%
PL
231
Plancorp LLC
Missouri
$1.03M -$4.07K -48 -0.4%
DA
232
Doliver Advisors
Texas
$1.03M -$4.84K -57 -0.5%
SWM
233
Stark Wealth Management
Pennsylvania
$1.02M +$1.02M +14,850 New
EFA
234
Edge Financial Advisors
Illinois
$1.02M +$236K +2,835 +30%
EFS
235
Essex Financial Services
Connecticut
$1.02M +$4.24K +50 +0.4%
DWM
236
Dakota Wealth Management
Florida
$1.01M – – –
PGFC
237
Peapack-Gladstone Financial Corp
New Jersey
$1.01M +$848 +10 +0.1%
MWM
238
Modern Wealth Management
Kansas
$986K -$58.5K -690 -6%
SC
239
Savant Capital
Illinois
$986K -$1.19K -14 -0.1%
HCM
240
Howland Capital Management
Massachusetts
$984K – – –
EFG
241
Embree Financial Group
Illinois
$984K +$13.3K +157 +1%
MPCG
242
Matrix Private Capital Group
New York
$980K -$19.5K -230 -2%
AL
243
ACAS LLC
California
$967K -$1.45K -15 -0.1%
HSA
244
HBK Sorce Advisory
Pennsylvania
$955K -$14.6K -172 -2%
FCM
245
Fortis Capital Management
Washington
$954K +$23.5K +277 +3%
CWM
246
Congress Wealth Management
Massachusetts
$952K +$35.6K +420 +4%
SDWMA
247
Schneider Downs Wealth Management Advisors
Pennsylvania
$949K – – –
CA
248
Clearstead Advisors
Ohio
$948K -$405K -4,778 -30%
BWA
249
Beam Wealth Advisors
Louisiana
$947K -$5.01K -59 -0.5%
IAS
250
Insigneo Advisory Services
Florida
$947K +$260K +3,067 +38%
8 9
10
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