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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 %
W
476
WorthPointe
California
$243K – – –
VCM
477
Virtue Capital Management
Tennessee
$242K +$242K +3,711 New
AFP
478
Ausdal Financial Partners
Iowa
$241K +$241K +3,701 New
EBT
479
Enterprise Bank & Trust
Massachusetts
$241K – – –
RFM
480
Royal Fund Management
Florida
$241K +$61.9K +950 +35%
CCFM
481
Clear Creek Financial Management
Washington
$241K -$36.3K -557 -13%
RA
482
RFG Advisory
Alabama
$240K +$9.78K +150 +4%
IA
483
IAM Advisory
Pennsylvania
$240K -$8.54K -131 -3%
DCM
484
Dudley Capital Management
Virginia
$238K – – –
SAM
485
SP Asset Management
California
$237K – – –
FFM
486
Forum Financial Management
Illinois
$235K -$25.1K -385 -10%
SAG
487
SageView Advisory Group
California
$235K – – –
BWM
488
Bosman Wealth Management
California
$235K -$72.9K -1,119 -24%
SFC
489
Strategic Financial Concepts
Texas
$234K -$12.3K -188 -5%
PFBT
490
Parkside Financial Bank & Trust
Missouri
$230K – – –
SL
491
Sentry LLC
Tennessee
$230K +$230K +3,531 New
OC
492
Oarsman Capital
Wisconsin
$230K – – –
SFG
493
Sovereign Financial Group
Connecticut
$228K – – –
AWM
494
Alterna Wealth Management
Texas
$227K +$2.93K +45 +1%
BF
495
Bonfire Financial
Colorado
$226K +$25.9K +397 +13%
OIA
496
OneDigital Investment Advisors
Kansas
$226K -$82.2K -1,262 -27%
MA
497
Modus Advisors
Minnesota
$225K +$391 +6 +0.2%
IA
498
IFP Advisors
Florida
$225K +$4.95K +76 +2%
OCM
499
Objective Capital Management
Ohio
$222K – – –
NSIM
500
North Star Investment Management
Illinois
$221K – – –
18 19
20
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