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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 %
FTUS
701
Flow Traders U.S.
New York
– -$11.1M -149,745 Closed
DCM
702
Discovery Capital Management
Connecticut
– -$7.95M -107,400 Closed
OMC
703
Old Mission Capital
Illinois
– -$5.56M -75,118 Closed
Goldman Sachs
704
Goldman Sachs
New York
– -$3.64M -49,183 Closed
SW
705
SVB Wealth
Massachusetts
– -$1.65M -22,238 Closed
WWA
706
WCG Wealth Advisors
Nevada
– -$1.29M -17,434 Closed
Renaissance Technologies
707
Renaissance Technologies
New York
– -$1.11M -15,000 Closed
LWM
708
Laidlaw Wealth Management
New York
– -$886K -11,963 Closed
SCM
709
Stevens Capital Management
Pennsylvania
– -$799K -10,800 Closed
SIG
710
Senator Investment Group
New York
– -$666K -9,000 Closed
Fisher Asset Management
711
Fisher Asset Management
Washington
– -$633K -8,557 Closed
JF
712
Jump Financial
Illinois
– -$563K -7,607 Closed
GC
713
Giverny Capital
Quebec, Canada
– -$551K -7,442 Closed
FPL
714
Fortress Private Ledger
North Carolina
– -$454K -6,138 Closed
MFA
715
Morling Financial Advisors
California
– -$444K -6,001 Closed
AWAG
716
ARS Wealth Advisors Group
Florida
– -$421K -5,682 Closed
CAM
717
Concorde Asset Management
Michigan
– -$361K -4,872 Closed
WF
718
WoodTrust Financial
Wisconsin
– -$348K -4,703 Closed
KLCM
719
KG&L Capital Management
Louisiana
– -$327K -4,420 Closed
WW
720
Windle Wealth
Oklahoma
– -$313K -4,225 Closed
Thrivent Financial for Lutherans
721
Thrivent Financial for Lutherans
Minnesota
– -$311K -4,198 Closed
BWP
722
Balboa Wealth Partners
Arizona
– -$295K -3,990 Closed
VCP
723
Verus Capital Partners
Arizona
– -$292K -3,950 Closed
FHC
724
First Heartland Consultants
Missouri
– -$281K -3,798 Closed
SMG
725
Smart Money Group
Texas
– -$278K -3,749 Closed
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