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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 %
BWL
526
Bogart Wealth LLC
Virginia
$179K +$18K +276 +11%
SWA
527
SOA Wealth Advisors
New York
$177K – – –
CW
528
Cooksen Wealth
Texas
$176K +$176K +2,785 New
FDCDDQ
529
Federation des caisses Desjardins du Quebec
Quebec, Canada
$171K +$146K +2,235 +585%
HWP
530
Highline Wealth Partners
California
$166K – – –
WPWM
531
Western Pacific Wealth Management
Illinois
$163K +$32.6K +500 +25%
Morgan Stanley
532
Morgan Stanley
New York
$160K -$18.8K -288 -11%
PW
533
Pandora Wealth
Illinois
$160K +$160K +2,450 New
BBHC
534
Brown Brothers Harriman & Co
New York
$158K +$22.8K +350 +17%
Bank of America
535
Bank of America
North Carolina
$147K +$6.52K +100 +5%
JFA
536
JNBA Financial Advisors
Minnesota
$147K – – –
Wells Fargo
537
Wells Fargo
California
$146K +$65 +1 +0%
LC
538
Lindbrook Capital
California
$145K +$13K +200 +10%
HWA
539
HHM Wealth Advisors
Tennessee
$143K +$111K +1,700 +340%
RCM
540
Richardson Capital Management
Wisconsin
$142K – – –
WT
541
Whittier Trust
California
$142K – – –
FC
542
Fairscale Capital
New Hampshire
$132K – – –
MG
543
Mather Group
Illinois
$130K – – –
T
544
Tidemark
California
$124K +$196 +3 +0.2%
LFASL
545
Lugano Financial Advisors SA (LFA)
Switzerland
$120K – – –
LWMI
546
Legacy Wealth Management (Idaho)
Idaho
$118K -$9.19K -141 -7%
SIC
547
Salem Investment Counselors
North Carolina
$116K – – –
CTA
548
Colonial Trust Advisors
South Carolina
$115K +$22.8K +350 +25%
KWM
549
Kiker Wealth Management
Georgia
$110K +$110K +1,682 New
HNB
550
Huntington National Bank
Ohio
$104K – – –
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