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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 %
CF
76
Convergence Financial
Missouri
$3.62M -$141K -2,157 -4%
VCM
77
Verde Capital Management
Michigan
$3.57M -$182K -2,788 -5%
PHS
78
Pekin Hardy Strauss
Illinois
$3.55M -$65.2K -1,000 -2%
NAM
79
NTV Asset Management
West Virginia
$3.49M -$261K -4,000 -7%
EFG
80
Ethos Financial Group
Pennsylvania
$3.47M +$3.47M +53,212 New
Brown Advisory
81
Brown Advisory
Maryland
$3.37M – – –
US Bancorp
82
US Bancorp
Minnesota
$3.31M +$176K +2,699 +6%
NA
83
NewEdge Advisors
Louisiana
$3.24M +$95.9K +1,472 +3%
Citadel Advisors
84
Citadel Advisors
Florida
$3.17M +$2.59M +39,749 +449%
Mercer Global Advisors
85
Mercer Global Advisors
Colorado
$3.08M -$1.15M -17,648 -27%
PNC Financial Services Group
86
PNC Financial Services Group
Pennsylvania
$2.99M -$42.6K -654 -1%
PCP
87
Proficio Capital Partners
Massachusetts
$2.93M -$111K -1,685 -4%
MCM
88
McRae Capital Management
New Jersey
$2.91M +$2.91M +44,590 New
FA
89
Fagan Associates
New York
$2.88M -$17.7K -272 -0.6%
EP
90
EPIQ Partners
Minnesota
$2.88M -$244K -3,745 -8%
CFG
91
Certior Financial Group
Pennsylvania
$2.85M -$4.69K -72 -0.2%
WANY
92
Wealthspire Advisors (New York)
New York
$2.84M -$445K -6,822 -14%
PFG
93
Prosperity Financial Group
California
$2.83M -$1.83K -28 -0.1%
CAPTRUST Financial Advisors
94
CAPTRUST Financial Advisors
North Carolina
$2.71M -$398K -6,111 -13%
CWP
95
Cyndeo Wealth Partners
Florida
$2.69M -$98.9K -1,517 -4%
SFS
96
Sowell Financial Services
Arkansas
$2.62M +$19.4K +298 +0.7%
WGC
97
Watts Gwilliam & Co
Arizona
$2.61M -$115K -1,767 -4%
WA
98
Waverly Advisors
Alabama
$2.57M +$104K +1,595 +4%
GCM
99
Gallacher Capital Management
Colorado
$2.57M -$70.4K -1,080 -3%
PAG
100
Private Advisor Group
New Jersey
$2.56M -$32.3K -495 -1%
2 3
4
5 6