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Grayscale Bitcoin Trust
GBTC

Overview Fund Activity

749 hedge funds and large institutions have $2.96B invested in Grayscale Bitcoin Trust in 2025 Q2 according to their latest regulatory filings, with 107 funds opening new positions, 139 increasing their positions, 253 reducing their positions, and 47 closing their positions.

New
Increased
Maintained
Reduced
Closed
Holders
749
Holders Change
+48
Holders Change %
+6.85%
% of All Funds
10.04%
Holding in Top 10
22
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.29%
New
107
Increased
139
Reduced
253
Closed
47
Calls
$166M
Puts
$48.7M
Net Calls
+$117M
Net Calls Change
+$68.2M

Top Buyers

1
Jane Street
Jane Street
New York
+$59.4M
2
IMC Chicago
IMC Chicago
Illinois
+$21.7M
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$13.3M
4
IC
IEQ Capital
California
+$7.69M
5
Renaissance Technologies
Renaissance Technologies
New York
+$6.79M

Top Sellers

1
DS
DRW Securities
Illinois
-$29.3M
2
HKAM
Horizon Kinetics Asset Management
New York
-$12.3M
3
JSSH
J. Safra Sarasin Holding
-$4.76M
4
TAA
TB Alternative Assets
Cayman Islands
-$4.71M
5
AAS
Avantax Advisory Services
Texas
-$4.56M
Name Holding Trade Value Shares
Change 		Shares
Change %
AWP
26
Atlas Wealth Partners
Pennsylvania
$12.5M -$419K -4,945 -3%
SDH
27
Sloy Dahl & Holst
Washington
$11.5M -$1.44K -17 -0%
Lido Advisors
28
Lido Advisors
California
$11.4M -$182K -2,151 -2%
FA
29
Fiduciary Alliance
South Carolina
$10.9M +$1.48M +17,504 +16%
FCG
30
Fielder Capital Group
Tennessee
$10.6M -$15.9K -188 -0.1%
PPW
31
Pasadena Private Wealth
California
$10.6M -$630K -7,424 -6%
FIA
32
Foundations Investment Advisors
Arizona
$10.6M -$1.64M -19,314 -13%
KAS
33
Kestra Advisory Services
Texas
$10.6M -$2.11M -24,904 -17%
BCM
34
Brookstone Capital Management
Illinois
$10.5M -$168K -1,985 -2%
LCM
35
Lakewood Capital Management
New York
$10.5M – – –
SFA
36
Sequoia Financial Advisors
Ohio
$10.3M -$317K -3,739 -3%
SH
37
SLT Holdings
Arizona
$10.1M -$1.64M -19,346 -14%
IC
38
IEQ Capital
California
$9.61M +$7.69M +90,675 +401%
BHIA
39
Birch Hill Investment Advisors
Massachusetts
$9.26M -$154K -1,820 -2%
OCM
40
Once Capital Management
New York
$9.14M – – –
William Blair & Company
41
William Blair & Company
Illinois
$9.13M -$39.5K -466 -0.4%
CC
42
Citrine Capital
California
$8.78M -$13K -153 -0.1%
LFG
43
Larson Financial Group
Missouri
$8.71M -$4.16K -49 -0%
IC
44
Iconiq Capital
California
$8.62M +$2.01M +23,643 +30%
Millennium Management
45
Millennium Management
New York
$8.48M – – –
VPW
46
Variant Private Wealth
Virginia
$8.38M -$5.18K -61 -0.1%
RDWM
47
Red Door Wealth Management
Tennessee
$8.29M -$13.2K -156 -0.2%
Creative Planning
48
Creative Planning
Kansas
$8.16M +$665K +7,844 +9%
Envestnet Asset Management
49
Envestnet Asset Management
Illinois
$7.86M -$579K -6,827 -7%
TIA
50
Traphagen Investment Advisors
New Jersey
$7.85M -$41.1K -485 -0.5%
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