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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 %
T
551
Transce3nd
Texas
$102K +$3.98K +61 +4%
OIA
552
Optimum Investment Advisors
Illinois
$97.8K – – –
GEA
553
Glen Eagle Advisors
New Jersey
$96.3K +$35.8K +550 +59%
PMFA
554
Plante Moran Financial Advisors
Michigan
$95.9K -$3.26K -50 -3%
NWM
555
Nova Wealth Management
Florida
$94.5K – – –
VNA
556
Valley National Advisers
Pennsylvania
$94K – – –
SWIM
557
Smallwood Wealth Investment Management
New Jersey
$93.2K +$93.2K +1,430 New
JGIA
558
Jackson Grant Investment Advisers
Connecticut
$90.4K – – –
JPMorgan Chase & Co
559
JPMorgan Chase & Co
New York
$89.5K +$57.5K +882 +179%
Northwestern Mutual Wealth Management
560
Northwestern Mutual Wealth Management
Wisconsin
$85.9K +$22.2K +341 +35%
EDRH
561
Edmond de Rothschild Holding
Switzerland
$84.7K – – –
OWP
562
ORG Wealth Partners
Texas
$83.4K +$17.3K +257 +26%
ME
563
McIlrath & Eck
Washington
$81.3K +$4.24K +65 +5%
QC
564
Quent Capital
New York
$80K -$395K -6,060 -83%
JFG
565
JDM Financial Group
Texas
$77.1K – – –
GSWM
566
Golden State Wealth Management
California
$76.9K -$3.91K -60 -5%
SPIA
567
Steward Partners Investment Advisory
New York
$76.6K +$36.2K +556 +90%
TF
568
Tompkins Financial
New York
$74.4K – – –
CAM
569
Creekmur Asset Management
Illinois
$74.2K – – –
HT
570
Headlands Technologies
Illinois
$73.5K +$51K +783 +227%
SHF
571
Safe Harbor Fiduciary
Florida
$72.6K – – –
GWM
572
Guardian Wealth Management
Illinois
$66K – – –
DF
573
Dunhill Financial
United Kingdom
$65.6K – – –
CPG
574
Cornerstone Planning Group
New Jersey
$64.6K +$55.4K +750 +600%
AP
575
Atwood & Palmer
Missouri
$64.3K – – –
21 22
23
24 25