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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 %
VHAM
51
Van Hulzen Asset Management
California
$5.49M -$70.2K -1,077 -1%
IC
52
Iconiq Capital
California
$5.08M – – –
FT
53
Fiduciary Trust
Massachusetts
$5.03M +$2.28K +35 +0%
IP
54
Intellectus Partners
California
$5.01M -$114K -1,750 -2%
SCM
55
SCS Capital Management
Massachusetts
$4.95M +$4.95M +75,957 New
HP
56
Haven Private
Florida
$4.95M +$163K +2,496 +3%
JSSH
57
J. Safra Sarasin Holding
$4.76M +$785K +12,050 +20%
ASN
58
Advisory Services Network
Georgia
$4.72M +$1.02M +15,613 +27%
MA
59
MONECO Advisors
Connecticut
$4.67M -$416K -6,389 -8%
ACA
60
Ascension Capital Advisors
Texas
$4.66M -$45.2K -694 -1%
AAS
61
Avantax Advisory Services
Texas
$4.63M +$3.46M +53,128 +297%
NW
62
NewEdge Wealth
Pennsylvania
$4.44M -$833K -12,786 -16%
LWAM
63
Legacy Wealth Asset Management
Minnesota
$4.41M -$264K -4,056 -6%
GIM
64
Guild Investment Management
California
$4.4M -$6.84K -105 -0.2%
SC
65
Seldon Capital
California
$4.31M – – –
CPRC
66
Consolidated Portfolio Review Corp
New York
$4.27M -$577K -8,849 -12%
KFGK
67
Keystone Financial Group (Kentucky)
Kentucky
$4.17M -$75.9K -978 -2%
MFG
68
Merit Financial Group
Georgia
$4.16M -$121K -1,855 -3%
Cerity Partners
69
Cerity Partners
New York
$4.06M +$1.08M +16,620 +36%
BFG
70
Bleakley Financial Group
New Jersey
$3.98M -$107K -1,648 -3%
BCM
71
Beck Capital Management
Texas
$3.98M -$1.5M -23,045 -27%
Raymond James Financial
72
Raymond James Financial
Florida
$3.87M +$166K +2,552 +4%
ST
73
Smithfield Trust
Pennsylvania
$3.66M – – –
HWM
74
HFG Wealth Management
Texas
$3.66M -$261K -3,531 -7%
KPWS
75
Kestra Private Wealth Services
Texas
$3.65M -$34.9K -536 -0.9%
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