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Grayscale Bitcoin Trust
GBTC

Overview Fund Activity

701 hedge funds and large institutions have $2.23B invested in Grayscale Bitcoin Trust in 2025 Q1 according to their latest regulatory filings, with 51 funds opening new positions, 171 increasing their positions, 240 reducing their positions, and 80 closing their positions.

New
Increased
Maintained
Reduced
Closed
Holders
701
Holders Change
-47
Holders Change %
-6.28%
% of All Funds
9.52%
Holding in Top 10
22
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-4.35%
% of All Funds
0.3%
New
51
Increased
171
Reduced
240
Closed
80
Calls
$77.1M
Puts
$27.8M
Net Calls
+$49.3M
Net Calls Change
-$16.6M

Top Buyers

1
DS
DRW Securities
Illinois
+$21.6M
2
TAA
TB Alternative Assets
Cayman Islands
+$17.1M
3
Jane Street
Jane Street
New York
+$7.65M
4
IMC Chicago
IMC Chicago
Illinois
+$6.96M
5
SCM
SCS Capital Management
Massachusetts
+$4.95M

Top Sellers

1
HKAM
Horizon Kinetics Asset Management
New York
-$30.7M
2
Cetera Investment Advisers
Cetera Investment Advisers
Illinois
-$16.4M
3
FTUS
Flow Traders U.S.
New York
-$11.1M
4
DCM
Discovery Capital Management
Connecticut
-$7.95M
5
OMC
Old Mission Capital
Illinois
-$5.56M
Name Holding Trade Value Shares
Change 		Shares
Change %
CWM
251
Congress Wealth Management
Massachusetts
$724K +$724K +10,805 New
RWP
252
RWA Wealth Partners
Massachusetts
$723K -$525K -8,061 -42%
FCM
253
Fortis Capital Management
Washington
$715K -$21.3K -327 -3%
SMC
254
Smith, Moore & Co
Missouri
$714K +$9.58K +147 +1%
CPA
255
Capital Performance Advisors
California
$713K – – –
Bank of Montreal
256
Bank of Montreal
Ontario, Canada
$709K +$1.89K +29 +0.3%
WWM
257
Western Wealth Management
Colorado
$695K -$181K -2,780 -21%
IAM
258
Iridian Asset Management
Connecticut
$688K -$83.2K -1,277 -11%
SJGA
259
Stephen J. Garry & Associates
New York
$688K +$5.21K +80 +0.8%
ARC
260
Advisor Resource Council
Texas
$685K +$685K +11,570 New
CF
261
Centaurus Financial
California
$678K -$10.6K -162 -2%
Chevy Chase Trust
262
Chevy Chase Trust
Maryland
$664K – – –
KGP
263
Keystone Global Partners
Colorado
$661K +$661K +10,147 New
BIG
264
Brookwood Investment Group
Arizona
$656K +$656K +10,060 New
NRC
265
New Republic Capital
North Carolina
$654K – – –
OA
266
Oxbow Advisors
Texas
$652K – – –
CCA
267
Clearwater Capital Advisors
Illinois
$640K -$9.58K -147 -1%
VFA
268
Valeo Financial Advisors
Indiana
$637K -$2.09K -32 -0.3%
WJWM
269
Williams Jones Wealth Management
New York
$636K +$97.8K +1,500 +18%
MHWM
270
Montz Harcus Wealth Management
Louisiana
$635K – – –
UAG
271
United Advisor Group
Ohio
$620K +$620K +9,516 New
IA
272
Insight Advisors
Pennsylvania
$615K +$5.21K +80 +0.9%
BFIC
273
Bedell Frazier Investment Counselling
California
$614K -$10.1K -155 -2%
EFA
274
Edge Financial Advisors
Illinois
$614K +$614K +9,421 New
GSEP
275
Golden State Equity Partners
California
$605K +$43.5K +667 +8%
9 10
11
12 13