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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 %
AWA
376
Arete Wealth Advisors
Illinois
$357K -$53.9K -827 -13%
SCA
377
Snowden Capital Advisors
New York
$356K +$33.5K +514 +10%
PS
378
Portfolio Strategies
New York
$355K – – –
Comerica Bank
379
Comerica Bank
Texas
$355K -$4.89K -75 -1%
SOS
380
Silver Oak Securities
Tennessee
$354K -$25.5K -386 -7%
TF
381
Trek Financial
Arizona
$354K -$3.52K -54 -1%
MFG
382
Magnus Financial Group
New York
$353K -$1.3K -20 -0.4%
RC
383
Rahlfs Capital
Texas
$353K +$58.8K +974 +20%
CIAS
384
Capital Investment Advisory Services
North Carolina
$353K +$119K +1,825 +51%
TWC
385
TD Waterhouse Canada
Ontario, Canada
$352K +$170K +2,530 +93%
SWA
386
SFMG Wealth Advisors
Texas
$351K -$44.4K -681 -11%
FPAS
387
Focus Partners Advisor Solutions
Missouri
$348K +$76.3K +1,171 +28%
FHA
388
Flagship Harbor Advisors
Massachusetts
$346K -$3.06K -47 -0.9%
AF
389
Abound Financial
California
$346K – – –
CIA
390
Concurrent Investment Advisors
Florida
$343K +$94.8K +1,455 +38%
CTC
391
Central Trust Company
Missouri
$342K +$249K +3,824 +267%
ACA
392
Affinity Capital Advisors
California
$342K +$1.52K +23 +0.4%
AWA
393
Arkadios Wealth Advisors
Georgia
$341K +$125K +1,918 +58%
FA
394
Fermata Advisors
California
$340K +$124K +1,900 +57%
LA
395
Lifeworks Advisors
Michigan
$340K -$36.6K -561 -10%
LIM
396
Leavell Investment Management
Alabama
$336K +$114K +1,750 +51%
SFG
397
SNS Financial Group
Minnesota
$333K – – –
IAIM
398
International Assets Investment Management
Florida
$329K -$1.96K -30 -0.6%
NFP
399
Narus Financial Partners
Utah
$329K +$71.7K +1,100 +28%
RPCONE
400
Retirement Planning Company of New England
Rhode Island
$328K -$5.31K -87 -2%
14 15
16
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