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Grayscale Bitcoin Trust

782 hedge funds and large institutions have $3.01B invested in Grayscale Bitcoin Trust in 2025 Q3 according to their latest regulatory filings, with 81 funds opening new positions, 168 increasing their positions, 233 reducing their positions, and 44 closing their positions.

New
Increased
Maintained
Reduced
Closed

263% more call options, than puts

Call options by funds: $209M | Put options by funds: $57.7M

84% more first-time investments, than exits

New positions opened: 81 | Existing positions closed: 44

3% more funds holding

Funds holding: 762782 (+20)

1% more capital invested

Capital invested by funds: $2.98B → $3.01B (+$33.4M)

0.3% less ownership

Funds ownership: 6.87%6.57% (-0.3%)

9% less funds holding in top 10

Funds holding in top 10: 2220 (-2)

28% less repeat investments, than reductions

Existing positions increased: 168 | Existing positions reduced: 233

Holders
782
Holders Change
+20
Holders Change %
+2.62%
% of All Funds
10.26%
Holding in Top 10
20
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-9.09%
% of All Funds
0.26%
New
81
Increased
168
Reduced
233
Closed
44
Calls
$209M
Puts
$57.7M
Net Calls
+$152M
Net Calls Change
+$34.3M
Name Holding Trade Value Shares
Change
Change in
Stake
CAS
251
Coppell Advisory Solutions
Texas
$1.06M +$447K +4,969 +73%
PL
252
Plancorp LLC
Missouri
$1.05M -$36K -400 -3%
EFG
253
Embree Financial Group
Illinois
$1.04M +$3.6K +40 +0.3%
HCM
254
Howland Capital Management
Massachusetts
$1.04M
MPCG
255
Matrix Private Capital Group
New York
$1.04M +$1.8K +20 +0.2%
PGFC
256
Peapack-Gladstone Financial Corp
New Jersey
$1.03M -$35.7K -397 -3%
FCM
257
Fortis Capital Management
Washington
$1.03M +$17.7K +197 +2%
EFS
258
Essex Financial Services
Connecticut
$1.02M -$63.9K -710 -6%
SF
259
Summit Financial
New Jersey
$1.01M +$87.1K +968 +9%
SAM
260
Synergy Asset Management
Washington
$1.01M +$695K +7,728 +196%
SDWMA
261
Schneider Downs Wealth Management Advisors
Pennsylvania
$1M
CA
262
Clearstead Advisors
Ohio
$1M
TCA
263
Transcend Capital Advisors
New Jersey
$992K +$4.5K +50 +0.5%
CPA
264
Capital Performance Advisors
California
$985K +$1.8K +20 +0.2%
Bank of Montreal
265
Bank of Montreal
Ontario, Canada
$983K +$27.1K +301 +3%
HSA
266
HBK Sorce Advisory
Pennsylvania
$974K -$8.91K -99 -0.9%
BWA
267
Beam Wealth Advisors
Louisiana
$970K -$32K -356 -3%
RWM
268
Ritholtz Wealth Management
New York
$966K -$183K -2,036 -16%
WWM
269
Western Wealth Management
Colorado
$958K
IAM
270
Iridian Asset Management
Connecticut
$948K
SPAS
271
Spectrum Planning & Advisory Services
California
$924K -$495K -5,500 -35%
JWCA
272
J.W. Cole Advisors
Florida
$916K -$40.7K -452 -4%
Chevy Chase Trust
273
Chevy Chase Trust
Maryland
$914K
FFG
274
Fiduciary Financial Group
California
$913K -$3.42K -38 -0.4%
KGP
275
Keystone Global Partners
Colorado
$911K

GBTC Hedge Fund Activity: Q3 2025 in Review

782 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q3 2025, worth a combined $3.01B — up 1.1% from $2.98B a quarter earlier.

Buyers outnumbered sellers: 81 funds opened new GBTC positions and 44 closed out — a net gain of 37 holders — while 168 added to existing stakes and 233 trimmed.

The largest buyer was Old Mission Capital, adding an estimated $21.6M. The largest seller was Jane Street, cutting an estimated $69.8M.

  • 782 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q3 2025, up from 762 in Q2 2025.
  • Funds reported $3.01B of Grayscale Bitcoin Trust stock for Q3 2025, up 1.1% quarter-over-quarter.
  • 81 funds opened new Grayscale Bitcoin Trust positions in Q3 2025 and 44 closed out, a net change of +37 holders.
  • The largest Grayscale Bitcoin Trust buyer in Q3 2025 was Old Mission Capital, an estimated $21.6M added.
  • The largest Grayscale Bitcoin Trust seller in Q3 2025 was Jane Street, an estimated $69.8M sold.

Based on aggregated 13F filings for Q3 2025.