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Grayscale Bitcoin Trust
GBTC
GBTC
734 hedge funds and large institutions have $2.24B invested in Grayscale Bitcoin Trust in 2025 Q4 according to their latest regulatory filings, with 89 funds opening new positions, 162 increasing their positions, 234 reducing their positions, and 118 closing their positions.
New
Increased
Maintained
Reduced
Closed
444% more call options, than puts
Call options by funds: $231M | Put options by funds: $42.5M
0.14% less ownership
Funds ownership: 6.57% → 6.42% (-0.14%)
6% less funds holding
Funds holding: 781 → 734 (-47)
25% less first-time investments, than exits
New positions opened: 89 | Existing positions closed: 118
25% less funds holding in top 10
Funds holding in top 10: 20 → 15 (-5)
25% less capital invested
Capital invested by funds: $3.01B → $2.24B (-$764M)
31% less repeat investments, than reductions
Existing positions increased: 162 | Existing positions reduced: 234
Holders
734
Holders Change
-47
Holders Change %
-6.02%
% of All Funds
8.93%
Holding in Top 10
15
Holding in Top 10 Change
-5
Holding in Top 10 Change %
-25%
% of All Funds
0.18%
New
89
Increased
162
Reduced
234
Closed
118
Calls
$231M
Puts
$42.5M
Net Calls
+$189M
Net Calls Change
+$37M
Top Buyers
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$28.6M |
| 2 |
DS
DRW Securities
Chicago,
Illinois
|
+$16.8M |
| 3 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$10.4M |
| 4 |
Renaissance Technologies
New York
|
+$6.89M |
| 5 |
Citadel Advisors
Miami,
Florida
|
+$6.57M |
Top Sellers
| 1 |
MCM
Multicoin Capital Management
Austin,
Texas
|
-$79.9M |
| 2 |
Jane Street
New York
|
-$17.4M |
| 3 |
IMC Chicago
Chicago,
Illinois
|
-$16.3M |
| 4 |
JF
Jump Financial
Chicago,
Illinois
|
-$11.6M |
| 5 |
TAA
TB Alternative Assets
Grand Cayman,
Cayman Islands
|
-$7.69M |
