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Grayscale Bitcoin Trust
GBTC

Overview Fund Activity

750 hedge funds and large institutions have $2.96B invested in Grayscale Bitcoin Trust in 2025 Q2 according to their latest regulatory filings, with 107 funds opening new positions, 139 increasing their positions, 253 reducing their positions, and 47 closing their positions.

New
Increased
Maintained
Reduced
Closed
Holders
750
Holders Change
+49
Holders Change %
+6.99%
% of All Funds
10.05%
Holding in Top 10
22
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.29%
New
107
Increased
139
Reduced
253
Closed
47
Calls
$166M
Puts
$48.7M
Net Calls
+$117M
Net Calls Change
+$68.2M

Top Buyers

1
Jane Street
Jane Street
New York
+$59.4M
2
IMC Chicago
IMC Chicago
Illinois
+$21.7M
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$13.3M
4
IC
IEQ Capital
California
+$7.69M
5
Renaissance Technologies
Renaissance Technologies
New York
+$6.79M

Top Sellers

1
DS
DRW Securities
Illinois
-$29.3M
2
HKAM
Horizon Kinetics Asset Management
New York
-$12.3M
3
JSSH
J. Safra Sarasin Holding
-$4.76M
4
TAA
TB Alternative Assets
Cayman Islands
-$4.71M
5
AAS
Avantax Advisory Services
Texas
-$4.56M
Name Holding Trade Value Shares
Change 		Shares
Change %
VCM
776
Virtue Capital Management
Tennessee
– -$242K -3,711 Closed
BWM
777
Bosman Wealth Management
California
– -$235K -3,605 Closed
SFC
778
Strategic Financial Concepts
Texas
– -$234K -3,597 Closed
AWM
779
Alterna Wealth Management
Texas
– -$227K -3,490 Closed
RA
780
Ransom Advisory
Rhode Island
– -$215K -3,300 Closed
CCB
781
Cutter & Co Brokerage
Missouri
– -$215K -3,300 Closed
FCH
782
Freestone Capital Holdings
Washington
– -$212K -3,254 Closed
ZIM
783
Zacks Investment Management
Illinois
– -$205K -3,152 Closed
TCM
784
Traynor Capital Management
Pennsylvania
– -$205K -3,151 Closed
WPWM
785
Western Pacific Wealth Management
Illinois
– -$163K -2,500 Closed
MG
786
Mather Group
Illinois
– -$130K -2,000 Closed
QC
787
Quent Capital
New York
– -$80K -1,228 Closed
HT
788
Headlands Technologies
Illinois
– -$73.5K -1,128 Closed
GWM
789
Guardian Wealth Management
Illinois
– -$66K -1,013 Closed
FAM
790
Flaharty Asset Management
Florida
– -$39K -599 Closed
SIM
791
Synergy Investment Management
Florida
– -$26.1K -400 Closed
GFPC
792
Global Financial Private Client
Florida
– -$7.23K -111 Closed
AIM
793
ARK Investment Management
Florida
– -$1.3K -20 Closed
CCM
794
Coldstream Capital Management
Washington
– -$1.17K -18 Closed
EWA
795
EQ Wealth Advisors
Texas
– -$717 -11 Closed
AF
796
Atala Financial
California
– -$65 -1 Closed
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