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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 %
AP
351
Americana Partners
Texas
$394K +$912 +14 +0.2%
LWL
352
Leo Wealth LLC
Texas
$393K -$246K -3,782 -39%
Koshinski Asset Management
353
Koshinski Asset Management
Illinois
$391K -$2.28K -35 -0.6%
DWP
354
Destiny Wealth Partners
Florida
$390K – – –
MSFS
355
Main Street Financial Solutions
Pennsylvania
$389K -$69K -1,059 -15%
GC
356
Garde Capital
Washington
$387K -$4.95K -76 -1%
CAM
357
Carret Asset Management
New York
$387K -$45.6K -700 -11%
HFS
358
Hantz Financial Services
Michigan
$383K – – –
AF
359
Allworth Financial
California
$383K +$19.8K +268 +5%
SFP
360
Sandbox Financial Partners
Maryland
$382K -$16.3K -250 -4%
FMWA
361
Forvis Mazars Wealth Advisors
Missouri
$382K +$6.52K +100 +2%
SAM
362
Secure Asset Management
Michigan
$382K -$48.3K -741 -11%
GVAG
363
Great Valley Advisor Group
Delaware
$379K -$33K -507 -8%
CPA
364
Cardiff Park Advisors
California
$378K +$19.6K +300 +5%
PA
365
Parallel Advisors
California
$372K +$34.4K +528 +10%
HAS
366
HBW Advisory Services
California
$370K +$32.1K +492 +9%
FA
367
Flagstar Advisors
New York
$367K -$122K -1,873 -25%
SW
368
SteelPeak Wealth
California
$365K +$34.3K +527 +10%
PWH
369
Priebe Wealth Holdings
Minnesota
$364K – – –
RMP
370
Richards, Merrill & Peterson
Washington
$364K +$156K +2,395 +75%
PCM
371
Princeton Capital Management
New Jersey
$361K – – –
ATC
372
Argent Trust Co
Tennessee
$360K – – –
SW
373
SlateStone Wealth
Florida
$359K – – –
JWWM
374
Johnson & White Wealth Management
Pennsylvania
$358K -$34.9K -536 -9%
DAS
375
Dynamic Advisor Solutions
Arizona
$357K -$20.5K -314 -5%
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15
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