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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 %
MP
401
McDonald Partners
Ohio
$326K -$6.52K -100 -2%
GWM
402
Graybill Wealth Management
Illinois
$326K +$326K +5,000 New
SS
403
Sunbelt Securities
Texas
$321K +$21.5K +330 +7%
JAG
404
Journey Advisory Group
Kentucky
$318K -$2.41K -37 -0.8%
HR
405
Howe & Rusling
New York
$318K -$261 -4 -0.1%
RF
406
Rossby Financial
Florida
$317K – – –
FPCP
407
Fort Point Capital Partners
California
$315K -$96.9K -1,487 -24%
Carson Wealth (CWM LLC)
408
Carson Wealth (CWM LLC)
Nebraska
$314K +$39.1K +599 +14%
UB
409
UMB Bank
Missouri
$311K – – –
MCC
410
Money Concepts Capital
Florida
$309K – – –
ACM
411
Arlington Capital Management
Illinois
$308K -$132K -2,021 -30%
OBWG
412
Onyx Bridge Wealth Group
New York
$308K – – –
IC
413
Inscription Capital
Texas
$307K +$307K +4,866 New
IA
414
Inspire Advisors
Idaho
$305K +$305K +4,675 New
HWM
415
HRC Wealth Management
Idaho
$304K -$847 -13 -0.3%
SIC
416
Sterling Investment Counsel
New York
$304K +$304K +4,665 New
PAG
417
Private Advisory Group
Washington
$301K – – –
JIC
418
Joel Isaacson & Co
New York
$300K – – –
CCWM
419
Correct Capital Wealth Management
Missouri
$300K – – –
IPW
420
Impact Partnership Wealth
Georgia
$299K +$2.61K +40 +0.9%
CWM
421
Cornerstone Wealth Management
Missouri
$297K +$15.3K +235 +5%
EA
422
Ellsworth Advisors
Ohio
$297K – – –
AAP
423
Arax Advisory Partners
Colorado
$296K – – –
DFG
424
Delta Financial Group
New Jersey
$296K -$8.72K -125 -3%
EWM
425
Edge Wealth Management
New York
$296K -$3.26K -50 -1%
15 16
17
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