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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 %
VWA
101
Visionary Wealth Advisors
Illinois
$2.53M -$104K -1,597 -4%
SI
102
Sprott Inc
Ontario, Canada
$2.5M +$193K +2,964 +8%
Pathstone Holdings
103
Pathstone Holdings
New Jersey
$2.49M -$626K -9,611 -20%
ICP
104
Interchange Capital Partners
Pennsylvania
$2.44M -$57.4K -881 -2%
BPA
105
Beacon Pointe Advisors
California
$2.42M +$57K +874 +2%
GWM
106
Geneos Wealth Management
Colorado
$2.39M +$1.24M +19,099 +109%
TM
107
TigerOak Management
New Mexico
$2.38M -$9.65K -148 -0.4%
NS
108
NBC Securities
Alabama
$2.38M +$2.37M +36,408 +98,400%
MOS
109
MGO One Seven
Ohio
$2.35M -$21.2K -325 -0.9%
PWC
110
PYA Waltman Capital
Tennessee
$2.34M -$113K -1,741 -5%
IWC
111
Integrated Wealth Concepts
Massachusetts
$2.27M -$775K -11,895 -25%
Susquehanna International Group
112
Susquehanna International Group
Pennsylvania
$2.25M -$150K -2,302 -6%
CIA
113
Compass Ion Advisors
Pennsylvania
$2.22M -$43.8K -672 -2%
MCWS
114
McKinley Carter Wealth Services
West Virginia
$2.18M – – –
WIM
115
WealthPlan Investment Management
Nebraska
$2.12M +$22.5K +345 +1%
IAN
116
Integrated Advisors Network
Texas
$2.06M -$37K -567 -2%
CIC
117
Carnegie Investment Counsel
Ohio
$2M -$71.3K -1,157 -3%
RMC
118
Ribbit Management Company
California
$1.91M – – –
FWM
119
Finer Wealth Management
Massachusetts
$1.89M -$101K -1,554 -5%
IIM
120
Illumine Investment Management
Washington
$1.86M -$116K -1,773 -6%
DI
121
Diligent Investors
California
$1.85M +$130 +2 +0%
GC
122
Grimes & Company
Massachusetts
$1.85M +$31.5K +483 +2%
Stifel Financial
123
Stifel Financial
Missouri
$1.84M – – –
CIBC Private Wealth Group
124
CIBC Private Wealth Group
Georgia
$1.83M -$69.8K -1,151 -4%
AWS
125
Atria Wealth Solutions
New York
$1.82M -$476K -7,309 -21%
3 4
5
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