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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 %
MFIM
276
Mesirow Financial Investment Management
Illinois
$592K -$577K -8,850 -49%
CLOS
277
Compagnie Lombard Odier SCmA
Switzerland
$590K -$326K -5,000 -36%
BWM
278
BCS Wealth Management
Tennessee
$589K – – –
AIA
279
AssuredPartners Investment Advisors
Florida
$579K – – –
MWM
280
Mission Wealth Management
California
$575K -$72.7K -1,115 -11%
EWA
281
EP Wealth Advisors
California
$575K -$41.1K -630 -7%
PFS
282
Prospera Financial Services
Texas
$574K +$18.1K +277 +3%
SVCP
283
Silicon Valley Capital Partners
California
$563K -$152K -2,300 -21%
HCM
284
Horrell Capital Management
Arkansas
$560K -$4.24K -65 -0.8%
MS
285
Madden Securities
Texas
$559K -$32.6K -500 -6%
CCG
286
Catalina Capital Group
California
$554K -$1.63K -25 -0.3%
EH
287
Equitable Holdings
New York
$553K +$82.5K +1,266 +18%
MA
288
Mutual Advisors
Nebraska
$552K – – –
ACP
289
Aveo Capital Partners
Colorado
$552K -$24.6K -324 -4%
MCA
290
Magnolia Capital Advisors
Mississippi
$548K +$13K +200 +2%
WLPWM
291
Walled Lake Planning & Wealth Management
Illinois
$548K – – –
BCI
292
Brinker Capital Investments
Pennsylvania
$537K +$10.1K +155 +2%
OPS
293
Orion Portfolio Solutions
Nebraska
$537K +$10.1K +155 +2%
ECM
294
Evergreen Capital Management
Washington
$536K – – –
VCA
295
Verdence Capital Advisors
Maryland
$536K -$111K -1,703 -17%
KCM
296
Kathmere Capital Management
Pennsylvania
$531K – – –
WP
297
Westmount Partners
California
$528K – – –
IAS
298
Insigneo Advisory Services
Florida
$528K +$104K +1,595 +25%
PAS
299
Park Avenue Securities
New York
$525K -$21.1K -323 -4%
CAG
300
Csenge Advisory Group
Florida
$523K +$129K +1,922 +33%
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