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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 %
IA
501
Integrity Alliance
Iowa
$274K -$7.89K -93 -3%
APP
502
Avantax Planning Partners
Iowa
$273K – – –
SXL
503
Summit X LLC
Missouri
$273K -$2.12K -25 -0.8%
LNWWM
504
Laird Norton Wetherby Wealth Management
California
$272K +$272K +3,210 New
TA
505
TrueWealth Advisors
Alabama
$270K – – –
FZCM
506
Flynn Zito Capital Management
New York
$270K – – –
NFG
507
Nadler Financial Group
Illinois
$269K – – –
ACM
508
Advance Capital Management
Michigan
$268K – – –
NSIM
509
North Star Investment Management
Illinois
$267K -$20.8K -245 -7%
HWA
510
HHM Wealth Advisors
Tennessee
$267K +$80.1K +944 +43%
BFC
511
Blue Fin Capital
Rhode Island
$264K +$264K +3,107 New
BW
512
BostonPremier Wealth
Massachusetts
$263K -$5.01K -59 -2%
CCG
513
Cypress Capital Group
Florida
$260K +$260K +3,067 New
PDL
514
Portfolio Design Labs
California
$257K +$257K +3,033 New
AG
515
Ascent Group
Virginia
$257K +$257K +3,033 New
SIM
516
Seaview Investment Managers
Florida
$255K +$255K +3,004 New
MFS
517
Miller Financial Services
Michigan
$253K +$253K +2,980 New
BWL
518
Bogart Wealth LLC
Virginia
$252K +$18.7K +221 +8%
NWWA
519
New Wave Wealth Advisors
Arkansas
$252K +$252K +2,969 New
PCA
520
Purkiss Capital Advisors
Connecticut
$251K +$251K +2,958 New
CAG
521
Crestwood Advisors Group
Massachusetts
$250K +$250K +2,950 New
KFP
522
KMG Fiduciary Partners
Ohio
$250K +$250K +2,949 New
OLVIG
523
Oliver Lagore Vanvalin Investment Group
Michigan
$248K +$248K +3,811 New
HWM
524
Horizon Wealth Management
Illinois
$248K +$248K +2,921 New
FA
525
Fermata Advisors
California
$247K -$196K -2,314 -44%
19 20
21
22 23