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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 %
GC
426
GFG Capital
Florida
$293K – – –
SIS
427
Sound Income Strategies
Florida
$291K – – –
MCIA
428
Mountain Capital Investment Advisors
Colorado
$290K -$74 -1 -0%
MCCA
429
Mill Creek Capital Advisors
Pennsylvania
$290K +$652 +10 +0.2%
BCP
430
Blackhawk Capital Partners
Wisconsin
$288K – – –
MMA
431
Miracle Mile Advisors
California
$284K – – –
SG
432
StoneX Group
New York
$281K +$6.58K +101 +2%
SCM
433
Schnieders Capital Management
California
$279K -$11.7K -179 -4%
HNWA
434
Henrickson Nauta Wealth Advisors
Michigan
$278K -$11.4K -181 -4%
DC
435
DeDora Capital
California
$277K -$7.95K -122 -3%
APWA
436
Atlas Private Wealth Advisors
New Jersey
$277K – – –
RSWM
437
Robertson Stephens Wealth Management
California
$277K – – –
SWA
438
Stratos Wealth Advisors
Ohio
$275K +$27.2K +418 +11%
Invesco
439
Invesco
Georgia
$275K -$50K -767 -15%
SMH
440
Sanders Morris Harris
Texas
$274K – – –
VCM
441
Vivaldi Capital Management
Illinois
$272K – – –
TIAM2
442
Tru Independence Asset Management 2
Oregon
$272K – – –
PP
443
Patten & Patten
Tennessee
$270K +$29.5K +452 +12%
ACM
444
Adalta Capital Management
New York
$269K +$46.6K +715 +21%
CWM
445
Centric Wealth Management
Illinois
$268K +$21.6K +331 +9%
UAS
446
United Asset Strategies
New York
$268K -$32.6K -500 -11%
SAM
447
Synergy Asset Management
Washington
$267K -$268K -4,115 -50%
JWM
448
Jeppson Wealth Management
California
$266K -$4.3K -66 -2%
EGA
449
E&G Advisors
Texas
$264K – – –
IWA
450
Icon Wealth Advisors
Texas
$264K +$52.1K +800 +25%
16 17
18
19 20