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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 %
ANBT
651
American National Bank & Trust
Texas
$9.12K -$29K -445 -76%
FGAM
652
Financial Gravity Asset Management
Texas
$9.12K +$9.12K +140 New
CFP
653
Comprehensive Financial Planning
Pennsylvania
$8.41K – – –
GFPC
654
Global Financial Private Client
Florida
$7.23K – – –
KSWA
655
Kathleen S. Wright Associates
Pennsylvania
$7.17K -$138K -2,117 -95%
WCM
656
WealthTrak Capital Management
Virginia
$7.17K – – –
DCM
657
Davis Capital Management
Florida
$6.84K – – –
CHC
658
City Holding Co
West Virginia
$6.52K – – –
CSC
659
Caldwell Sutter Capital
California
$6.52K – – –
MTIC
660
Missouri Trust & Investment Company
Missouri
$6.52K – – –
BC
661
Barrett & Company
Rhode Island
$6.52K – – –
RI
662
Ridgewood Investments
New Jersey
$6.52K – – –
CWP
663
Concord Wealth Partners
Virginia
$6.52K – – –
GK
664
Graney & King
New York
$6.52K – – –
CIA
665
Cape Investment Advisory
Georgia
$6.19K +$326 +5 +6%
CVM
666
Cheviot Value Management
California
$6.18K +$6.18K +83 New
CFO
667
CVA Family Office
Colorado
$6K -$261 -4 -4%
CTWM
668
Cherry Tree Wealth Management
Minnesota
$5.93K +$5.93K +91 New
PAI
669
Pittenger & Anderson Inc
Nebraska
$5.8K +$4.24K +65 +271%
AssetMark Inc
670
AssetMark Inc
California
$4.3K – – –
LWANC
671
Laurel Wealth Advisors (North Carolina)
North Carolina
$4.24K -$587 -9 -12%
TIM
672
Thompson Investment Management
Wisconsin
$3.91K – – –
GPFA
673
Game Plan Financial Advisors
Ohio
$3.91K – – –
FWM
674
FSA Wealth Management
Massachusetts
$3.39K – – –
GWP
675
Gen-Wealth Partners
Michigan
$3.26K – – –
25 26
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