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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 %
FIA
26
Foundations Investment Advisors
Arizona
$9.41M +$40.5K +621 +0.4%
SH
27
SLT Holdings
Arizona
$8.98M – – –
Lido Advisors
28
Lido Advisors
California
$8.9M +$155K +2,385 +2%
SDH
29
Sloy Dahl & Holst
Washington
$8.83M -$55.1K -846 -0.6%
PPW
30
Pasadena Private Wealth
California
$8.64M -$157K -2,403 -2%
BCM
31
Brookstone Capital Management
Illinois
$8.22M -$132K -2,032 -2%
FCG
32
Fielder Capital Group
Tennessee
$8.18M -$16.5K -253 -0.2%
SFA
33
Sequoia Financial Advisors
Ohio
$8.16M +$602K +9,230 +8%
LCM
34
Lakewood Capital Management
New York
$8.05M – – –
VF
35
Virtu Financial
New York
$7.35M +$1.85M +28,350 +34%
FA
36
Fiduciary Alliance
South Carolina
$7.25M +$491K +7,532 +7%
BHIA
37
Birch Hill Investment Advisors
Massachusetts
$7.23M – – –
William Blair & Company
38
William Blair & Company
Illinois
$7.04M -$87.8K -1,347 -1%
OCM
39
Once Capital Management
New York
$7.02M – – –
IMC Chicago
40
IMC Chicago
Illinois
$6.96M +$6.96M +106,821 New
CA
41
Claro Advisors
Massachusetts
$6.82M -$142K -2,173 -2%
CC
42
Citrine Capital
California
$6.76M -$42.4K -651 -0.6%
LFG
43
Larson Financial Group
Missouri
$6.69M -$212K -3,255 -3%
Millennium Management
44
Millennium Management
New York
$6.52M -$4.31M -66,177 -40%
Envestnet Asset Management
45
Envestnet Asset Management
Illinois
$6.48M -$142K -2,173 -2%
VPW
46
Variant Private Wealth
Virginia
$6.44M +$180K +2,769 +3%
RDWM
47
Red Door Wealth Management
Tennessee
$6.38M – – –
TIA
48
Traphagen Investment Advisors
New Jersey
$6.06M -$150K -2,304 -2%
BSAM
49
Blue Square Asset Management
New York
$6.05M -$335K -5,134 -5%
Creative Planning
50
Creative Planning
Kansas
$5.76M +$622K +9,545 +12%
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