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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 %
TSS
326
Two Sigma Securities
New York
$449K +$449K +6,895 New
VAM
327
Verity Asset Management
North Carolina
$443K +$65.2K +1,000 +17%
SAM
328
Silvercrest Asset Management
New York
$440K – – –
CW
329
CreativeOne Wealth
Kansas
$438K -$123K -1,886 -22%
FWMM
330
Foundation Wealth Management (Missouri)
Missouri
$433K – – –
LBC
331
Leigh Baldwin & Co
New York
$431K +$22.8K +350 +6%
SC
332
SouthState Corp
Florida
$421K – – –
AFAS
333
Acorn Financial Advisory Services
Virginia
$419K -$135K -2,076 -24%
EFN
334
Equita Financial Network
Pennsylvania
$418K -$130 -2 -0%
SC
335
Stephenson & Company
California
$417K – – –
RCA
336
Riverview Capital Advisers
Massachusetts
$415K – – –
SSA
337
Schonfeld Strategic Advisors
New York
$414K +$414K +6,348 New
CGH
338
CMG Global Holdings
Texas
$413K – – –
KWM
339
Kingsview Wealth Management
Oregon
$412K -$255K -3,911 -38%
HFO
340
Heritage Family Offices
Arizona
$412K – – –
ET
341
Equitable Trust
Tennessee
$412K +$228K +3,500 +124%
MIM
342
Meixler Investment Management
Arizona
$411K -$16.6K -255 -4%
EWM
343
Evercore Wealth Management
New York
$407K – – –
IIA
344
IPG Investment Advisors
California
$405K +$85.5K +1,312 +27%
ACA
345
American Capital Advisory
Idaho
$403K – – –
TWM
346
Trevian Wealth Management
Massachusetts
$399K -$192K -2,950 -33%
TF
347
Theory Financial
Colorado
$398K +$398K +6,106 New
CW
348
Channel Wealth
California
$398K -$3.26K -50 -0.8%
WFMPM
349
Woodley Farra Manion Portfolio Management
Indiana
$396K -$40.7K -625 -9%
CS
350
Cannell & Spears
New York
$395K – – –
12 13
14
15 16