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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 %
TIM
676
Tortoise Investment Management
New York
$3.26K – – –
GWP
677
Gen-Wealth Partners
Michigan
$3.26K – – –
DPW
678
DiNuzzo Private Wealth
Pennsylvania
$3.26K +$652 +10 +25%
RAM
679
Riggs Asset Management
Pennsylvania
$3.26K +$3.26K +50 New
BFP
680
Briaud Financial Planning
Texas
$3K – – –
FF
681
Friedenthal Financial
New Jersey
$2.15K – – –
STB
682
S&T Bank
Pennsylvania
$1.96K – – –
CWM
683
CarsonAllaria Wealth Management
Illinois
$1.89K – – –
HIMS
684
Hager Investment Management Services
New Hampshire
$1.76K – – –
PIS
685
POM Investment Strategies
North Carolina
$1.76K – – –
PWMG
686
Prestige Wealth Management Group
New Jersey
$1.3K – – –
CT
687
Coastline Trust
Rhode Island
$1.3K – – –
AIM
688
ARK Investment Management
Florida
$1.3K +$1.3K +20 New
CCM
689
Coldstream Capital Management
Washington
$1.17K +$1.17K +18 New
PP
690
PrairieView Partners
Minnesota
$1K – – –
KTC
691
Kentucky Trust Company
Kentucky
$717 – – –
EWA
692
EQ Wealth Advisors
Texas
$717 +$717 +11 New
CWM
693
Cranbrook Wealth Management
Michigan
$652 – – –
CT
694
Colonial Trust
South Carolina
$652 – – –
AFG
695
Albion Financial Group
Utah
$652 +$652 +10 New
WOC
696
West Oak Capital
California
$232 – – –
NRG
697
Nemes Rush Group
Michigan
$130 – – –
AIA
698
Arcadia Investment Advisors
Idaho
$66 – – –
AF
699
Atala Financial
California
$65 – – –
Cetera Investment Advisers
700
Cetera Investment Advisers
Illinois
– -$16.4M -221,267 Closed
26 27
28
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