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Grayscale Bitcoin Trust
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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 %
CBA
726
Coastal Bridge Advisors
Connecticut
– -$276K -3,735 Closed
FSA
727
Financial Security Advisor
Virginia
– -$273K -3,686 Closed
MFS
728
Miller Financial Services
Michigan
– -$256K -3,464 Closed
LP
729
LGL Partners
Pennsylvania
– -$254K -3,437 Closed
RWM
730
Revisor Wealth Management
Ohio
– -$248K -3,357 Closed
OWA
731
Octavia Wealth Advisors
Ohio
– -$238K -3,216 Closed
AIS
732
Accredited Investor Services
Minnesota
– -$234K -3,165 Closed
NWA
733
New World Advisors
Massachusetts
– -$234K -3,161 Closed
MCM
734
M1 Capital Management
Michigan
– -$225K -3,044 Closed
AG
735
Ascent Group
Virginia
– -$225K -3,033 Closed
PDL
736
Portfolio Design Labs
California
– -$225K -3,033 Closed
CG
737
CFO4Life Group
Texas
– -$221K -2,990 Closed
NWWA
738
New Wave Wealth Advisors
Arkansas
– -$220K -2,969 Closed
PCA
739
Purkiss Capital Advisors
Connecticut
– -$219K -2,958 Closed
2L
740
25 LLC
Missouri
– -$218K -2,950 Closed
KFP
741
KMG Fiduciary Partners
Ohio
– -$218K -2,949 Closed
SCP
742
Sandhill Capital Partners
New York
– -$217K -2,935 Closed
HWM
743
Horizon Wealth Management
Illinois
– -$216K -2,921 Closed
WQ
744
Wealth Quarterback
New Jersey
– -$215K -2,911 Closed
WCFA
745
Walkner Condon Financial Advisors
Wisconsin
– -$215K -2,908 Closed
EWM
746
Elevatus Welath Management
New York
– -$215K -2,900 Closed
BJL
747
Brighton Jones LLC
Washington
– -$215K -2,900 Closed
SA
748
Strategic Advocates
Utah
– -$214K -2,895 Closed
SF
749
SWP Financial
California
– -$214K -2,895 Closed
FLPIM
750
F.L. Putnam Investment Management
Massachusetts
– -$207K -2,796 Closed
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