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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 %
LFA
451
Level Financial Advisors
New York
$263K – – –
MS
452
Marshall & Sullivan
Washington
$263K – – –
IAG
453
Investmark Advisory Group
Connecticut
$263K – – –
PIA
454
Panoramic Investment Advisors
Colorado
$262K – – –
CB
455
Commerce Bank
Missouri
$262K – – –
TC
456
Trilogy Capital
California
$261K – – –
RC
457
Roundview Capital
New Jersey
$261K +$261K +4,000 New
PA
458
Procyon Advisors
Connecticut
$258K +$2.61K +40 +1%
VA
459
VestGen Advisors
Illinois
$258K +$258K +3,956 New
CHAM
460
Clear Harbor Asset Management
Connecticut
$257K +$66.1K +1,015 +35%
NG
461
Novem Group
New York
$253K -$21.6K -331 -8%
CWG
462
Cornerstone Wealth Group
North Carolina
$253K +$2.93K +45 +1%
SF
463
Summit Financial
New Jersey
$252K +$16.8K +258 +7%
MCM
464
Mainstream Capital Management
California
$251K -$1.24K -19 -0.5%
MSAM
465
Moloney Securities Asset Management
Missouri
$251K -$123K -1,881 -33%
BWA
466
Bordeaux Wealth Advisors
California
$251K +$251K +3,856 New
AllianceBernstein
467
AllianceBernstein
Tennessee
$251K – – –
CMI
468
Clare Market Investments
Texas
$251K +$251K +3,844 New
MPW
469
MA Private Wealth
California
$250K – – –
ZF
470
Zhang Financial
Michigan
$249K – – –
LMKC
471
L.M. Kohn & Company
Ohio
$246K +$246K +3,775 New
GLA
472
Good Life Advisors
Pennsylvania
$246K +$3.91K +60 +2%
TSWM
473
Tyler-Stone Wealth Management
Ohio
$246K +$58.7K +900 +31%
GCA
474
Genesee Capital Advisors
New York
$245K -$15.6K -240 -6%
CAWM
475
Capital Advisors Wealth Management
Washington
$244K +$5.21K +80 +2%
17 18
19
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