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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 %
AAG
601
Armstrong Advisory Group
Massachusetts
$30.3K – – –
TFA
602
Toth Financial Advisory
Virginia
$28.7K – – –
DMIC
603
Dixon Mitchell Investment Counsel
British Columbia, Canada
$27.7K – – –
PCFFS
604
Pacific Center for Financial Services
California
$27.4K – – –
FHA
605
First Horizon Advisors
Tennessee
$27.4K +$13K +200 +91%
BCWM
606
Bartlett & Co Wealth Management
Ohio
$27K – – –
SC
607
Swan Capital
Florida
$26.8K – – –
SIM
608
Synergy Investment Management
Florida
$26.1K – – –
HIW
609
Holos Integrated Wealth
Pennsylvania
$26.1K – – –
AA
610
Addison Advisors
Vermont
$26.1K – – –
FP
611
Financial Perspectives
Minnesota
$25.1K -$6.52K -100 -21%
DAM
612
Delta Asset Management
Tennessee
$24.8K – – –
GWSG
613
GPS Wealth Strategies Group
Colorado
$23.5K +$456 +7 +2%
JWA
614
JFS Wealth Advisors
Pennsylvania
$23.4K +$4.89K +75 +26%
HI
615
Harbour Investments
Wisconsin
$23.2K +$15K +230 +183%
VWA
616
VSM Wealth Advisory
Maryland
$21.3K – – –
HNW
617
High Note Wealth
Minnesota
$21.3K – – –
BWAM
618
Boyd Watterson Asset Management
Ohio
$21.2K – – –
WTFG
619
Wood Tarver Financial Group
Idaho
$20.9K – – –
OC
620
Oakworth Capital
Alabama
$19.6K +$2.67K +41 +16%
FS
621
Financially Speaking
Colorado
$17.9K – – –
BLC
622
Brown, Lisle/Cummings
Rhode Island
$17.6K – – –
TCM
623
Tradewinds Capital Management
Washington
$17.5K – – –
HI
624
Hoey Investments
Pennsylvania
$16.3K – – –
DCM
625
Davidson Capital Management
Texas
$16.1K +$9.32K +143 +138%
23 24
25
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