Grayscale Bitcoin Trust
GBTC
708 hedge funds and large institutions have $2.24B invested in Grayscale Bitcoin Trust in 2025 Q1 according to their latest regulatory filings, with 50 funds opening new positions, 173 increasing their positions, 243 reducing their positions, and 80 closing their positions.
177% more call options, than puts
Call options by funds: $77.1M | Put options by funds: $27.8M
0.98% more ownership
Funds ownership: 13.47% → 14.46% (+0.98%)
6% less funds holding
Funds holding: 753 → 708 (-45)
8% less funds holding in top 10
Funds holding in top 10: 24 → 22 (-2)
26% less capital invested
Capital invested by funds: $3.04B → $2.24B (-$799M)
29% less repeat investments, than reductions
Existing positions increased: 173 | Existing positions reduced: 243
38% less first-time investments, than exits
New positions opened: 50 | Existing positions closed: 80
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PWM
Palacios Wealth Management
Ormond Beach,
Florida
|
+$73.7M |
| 2 |
DS
DRW Securities
Chicago,
Illinois
|
+$24.4M |
| 3 |
TAA
TB Alternative Assets
Grand Cayman,
Cayman Islands
|
+$19.3M |
| 4 |
Jane Street
New York
|
+$8.65M |
| 5 |
IMC Chicago
Chicago,
Illinois
|
+$7.87M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HKAM
Horizon Kinetics Asset Management
New York
|
-$34.8M |
| 2 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
-$16.4M |
| 3 |
FTUS
Flow Traders U.S.
New York
|
-$11.1M |
| 4 |
DCM
Discovery Capital Management
South Norwalk,
Connecticut
|
-$7.95M |
| 5 |
OMC
Old Mission Capital
Chicago,
Illinois
|
-$5.56M |
GBTC Hedge Fund Activity: Q1 2025 in Review
708 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q1 2025, worth a combined $2.24B — down 26% from $3.04B a quarter earlier.
Sellers outnumbered buyers: 80 funds closed out of GBTC and 50 opened new positions — a net loss of 30 holders — while 243 trimmed existing stakes and 173 added.
The largest buyer was Palacios Wealth Management, opening a new position worth an estimated $73.7M. The largest seller was Horizon Kinetics Asset Management, cutting an estimated $34.8M.
- 708 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q1 2025, down from 753 in Q4 2024.
- Funds reported $2.24B of Grayscale Bitcoin Trust stock for Q1 2025, down 26% quarter-over-quarter.
- 50 funds opened new Grayscale Bitcoin Trust positions in Q1 2025 and 80 closed out, a net change of -30 holders.
- The largest Grayscale Bitcoin Trust buyer in Q1 2025 was Palacios Wealth Management, an estimated $73.7M added.
- The largest Grayscale Bitcoin Trust seller in Q1 2025 was Horizon Kinetics Asset Management, an estimated $34.8M sold.
Based on aggregated 13F filings for Q1 2025.