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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 %
FPB
626
First PREMIER Bank
South Dakota
$16K – – –
SRCM
627
Signature Resources Capital Management
California
$15.4K – – –
CWA
628
Carolina Wealth Advisors
South Carolina
$15.3K – – –
EWM
629
Evermay Wealth Management
Virginia
$15K – – –
Jones Financial Companies
630
Jones Financial Companies
Missouri
$14.9K +$14.9K +225 New
NL
631
NVWM LLC
Pennsylvania
$14.9K – – –
MPWT
632
MassMutual Private Wealth & Trust
Connecticut
$14.8K – – –
GIA
633
GHP Investment Advisors
Colorado
$13.7K – – –
SIS
634
Strategic Investment Solutions
Illinois
$13.6K – – –
IRAG
635
Investment Research & Advisory Group
Georgia
$13.4K – – –
WIM
636
Westside Investment Management
California
$13.4K +$8.47K +130 +173%
AT
637
Arlington Trust
Alabama
$13K +$13K +200 New
BlackRock
638
BlackRock
New York
$13K +$13K +200 New
National Bank of Canada
639
National Bank of Canada
Quebec, Canada
$13K – – –
CAL
640
Capital Analysts LLC
Pennsylvania
$13K +$4.2K +62 +48%
EWA
641
EverSource Wealth Advisors
Alabama
$12.4K -$108K -1,650 -90%
AIP
642
Ameritas Investment Partners
Nebraska
$12.4K – – –
KA
643
Kozak & Associates
Colorado
$12.2K – – –
ACA
644
Atlas Capital Advisors
Wyoming
$12.1K – – –
WAM
645
WFA Asset Management
Wisconsin
$11.5K – – –
AEPWM
646
Atlantic Edge Private Wealth Management
Florida
$10.4K – – –
VCM
647
Versant Capital Management
Arizona
$9.84K – – –
FIM
648
FWL Investment Management
Texas
$9.78K – – –
IBOK
649
Independence Bank of Kentucky
Kentucky
$9.78K – – –
BAM
650
Bellevue Asset Management
Washington
$9.45K +$7.56K +116 +400%
24 25
26
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