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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 %
MCM
576
Manchester Capital Management
Vermont
$63.9K -$4.89K -75 -7%
AF
577
Advisornet Financial
Minnesota
$61.9K -$35.8K -550 -37%
SSB
578
Sandy Spring Bank
Maryland
$61K +$3.72K +57 +6%
BL
579
BFSG LLC
California
$59.3K – – –
CWM
580
Crowley Wealth Management
Delaware
$54.7K – – –
DJSG
581
D.J. St. Germain
Massachusetts
$54.3K – – –
PP
582
PFS Partners
New Jersey
$51.4K – – –
RBC
583
Roble Belko & Company
Pennsylvania
$48K -$18.9K -288 -28%
HCM
584
Hollencrest Capital Management
California
$47.2K -$9.45K -145 -17%
WWM
585
Wolff Wiese Magana
California
$47.1K – – –
RPA
586
Redwood Park Advisors
California
$46.3K – – –
AWM
587
Atticus Wealth Management
Florida
$45.5K -$66.8K -1,025 -59%
TC
588
Trust Company
Kansas
$44.9K – – –
BF
589
BOK Financial
Oklahoma
$44K – – –
CFD
590
Creative Financial Designs
Indiana
$43.1K – – –
GWSA
591
Global Wealth Strategies & Associates
Colorado
$42.9K – – –
BMC
592
Bear Mountain Capital
Washington
$39.5K – – –
FAM
593
Flaharty Asset Management
Florida
$39K +$39K +599 New
HIA
594
Harbor Investment Advisory
Maryland
$38.5K +$978 +15 +3%
OP
595
ORG Partners
Indiana
$34.3K -$8.33K -124 -20%
HC
596
Hurley Capital
New York
$33.7K +$33.7K +517 New
UIA
597
Ulland Investment Advisors
Minnesota
$33K – – –
AWM
598
Activest Wealth Management
Florida
$32.8K +$6.52K +100 +25%
DFA
599
DHJJ Financial Advisors
Illinois
$32K – – –
CAWM
600
Capital A Wealth Management
Pennsylvania
$31K – – –
22 23
24
25 26