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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 %
SL
476
Sentry LLC
Tennessee
$310K +$10.7K +126 +4%
DCM
477
Dudley Capital Management
Virginia
$309K – – –
SAM
478
SP Asset Management
California
$309K – – –
FFM
479
Forum Financial Management
Illinois
$305K -$1.27K -15 -0.4%
MCM
480
Mainstream Capital Management
California
$304K -$23.2K -273 -7%
CCFM
481
Clear Creek Financial Management
Washington
$302K -$11K -130 -4%
PFBT
482
Parkside Financial Bank & Trust
Missouri
$300K – – –
OC
483
Oarsman Capital
Wisconsin
$299K – – –
MAG
484
Mayfair Advisory Group
Alabama
$299K – – –
SFG
485
Sovereign Financial Group
Connecticut
$296K – – –
BF
486
Bonfire Financial
Colorado
$294K -$594 -7 -0.2%
MA
487
Modus Advisors
Minnesota
$293K – – –
CIA
488
Capital Investment Advisors
Georgia
$291K +$291K +3,428 New
AO
489
Advisor OS
Illinois
$290K +$8.91K +105 +3%
Invesco
490
Invesco
Georgia
$289K -$69.2K -816 -19%
OCM
491
Objective Capital Management
Ohio
$288K – – –
MWP
492
Madison Wealth Partners
Wisconsin
$288K – – –
SIC
493
Samalin Investment Counsel
New York
$285K – – –
LWM
494
Laidlaw Wealth Management
New York
$283K +$283K +3,335 New
MA
495
MJP Associates
Connecticut
$281K – – –
GCA
496
Genesee Capital Advisors
New York
$280K -$38.2K -450 -12%
AC
497
AlphaCore Capital
California
$280K +$280K +3,300 New
TWM
498
Thrive Wealth Management
Pennsylvania
$280K – – –
OWA
499
Opal Wealth Advisors
New York
$279K – – –
OIA
500
OneDigital Investment Advisors
Kansas
$276K -$18.3K -216 -6%
18 19
20
21 22