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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 %
VPWA
751
Vestia Personal Wealth Advisors
Indiana
– -$206K -2,777 Closed
HKIMG
752
Hutchens & Kramer Investment Management Group
Indiana
– -$205K -2,771 Closed
MAM
753
MWA Asset Management
Massachusetts
– -$204K -2,752 Closed
OPWM
754
Oxinas Partners Wealth Management
Indiana
– -$203K -2,748 Closed
SAM
755
Summit Asset Management
Tennessee
– -$202K -2,725 Closed
VVP
756
Venture Visionary Partners
Ohio
– -$202K -2,724 Closed
SIM
757
Seaview Investment Managers
Florida
– -$202K -2,723 Closed
HCM
758
Hengehold Capital Management
Ohio
– -$201K -2,714 Closed
CA
759
Cornerstone Advisory
Maryland
– -$204K -2,643 Closed
KC
760
Knuff & Co
California
– -$130K -1,750 Closed
AWM
761
Avior Wealth Management
Nebraska
– -$120K -1,621 Closed
PFA
762
Pathway Financial Advisers
Indiana
– -$120K -1,618 Closed
RWPA
763
Richard W. Paul & Associates
Michigan
– -$75.1K -1,015 Closed
MM
764
Main Management
California
– -$74K -1,000 Closed
FLP
765
Financial Life Planners
Arizona
– -$61K -824 Closed
AWM
766
Avondale Wealth Management
Texas
– -$46.3K -625 Closed
CP
767
Castleview Partners
Texas
– -$42.3K -548 Closed
CFB
768
Cullen/Frost Bankers
Texas
– -$36.3K -490 Closed
MRP
769
Measured Risk Portfolios
California
– -$31.8K -430 Closed
KBFS
770
Kohmann Bosshard Financial Services
Ohio
– -$22.4K -302 Closed
RA
771
Rise Advisors
New York
– -$22.1K -298 Closed
LFA
772
Legend Financial Advisors
Pennsylvania
– -$11.5K -156 Closed
BFPW
773
BOK Financial Private Wealth
Colorado
– -$7.4K -100 Closed
SMAM
774
Sugar Maple Asset Management
Wisconsin
– -$7.03K -95 Closed
Group One Trading
775
Group One Trading
Illinois
– -$5.63K -76 Closed
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