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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 %
MWP
501
Madison Wealth Partners
Wisconsin
$221K – – –
SIC
502
Samalin Investment Counsel
New York
$219K -$199K -3,050 -48%
ATPW
503
Ashton Thomas Private Wealth
Arizona
$218K +$218K +3,351 New
IA
504
Integrity Alliance
Iowa
$216K +$216K +3,320 New
MA
505
MJP Associates
Connecticut
$216K – – –
AO
506
Advisor OS
Illinois
$216K – – –
CCB
507
Cutter & Co Brokerage
Missouri
$215K -$39.1K -600 -15%
RA
508
Ransom Advisory
Rhode Island
$215K +$215K +3,300 New
TWM
509
Thrive Wealth Management
Pennsylvania
$215K – – –
BRWM
510
Blue Rock Wealth Management
North Carolina
$214K -$13.6K -208 -6%
OWA
511
Opal Wealth Advisors
New York
$214K -$43K -660 -17%
MAG
512
Mayfair Advisory Group
Alabama
$212K +$2.28K +35 +1%
FCH
513
Freestone Capital Holdings
Washington
$212K -$4.56K -70 -2%
SXL
514
Summit X LLC
Missouri
$211K +$1.3K +20 +0.6%
APP
515
Avantax Planning Partners
Iowa
$210K – – –
TA
516
TrueWealth Advisors
Alabama
$208K – – –
FZCM
517
Flynn Zito Capital Management
New York
$207K – – –
BAM
518
Brave Asset Management
New Jersey
$207K – – –
NFG
519
Nadler Financial Group
Illinois
$206K -$6.52K -100 -3%
BW
520
BostonPremier Wealth
Massachusetts
$206K – – –
ACM
521
Advance Capital Management
Michigan
$206K +$6.52K +100 +3%
ZIM
522
Zacks Investment Management
Illinois
$205K – – –
TCM
523
Traynor Capital Management
Pennsylvania
$205K -$547K -8,401 -73%
Fidelity Investments
524
Fidelity Investments
Massachusetts
$195K -$55.1K -845 -22%
GJIA
525
Glass Jacobson Investment Advisors
Maryland
$192K – – –
19 20
21
22 23