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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 %
Truist Financial
126
Truist Financial
North Carolina
$1.81M -$52.8K -810 -3%
SIC
127
SJS Investment Consulting
Ohio
$1.8M -$1.96M -30,000 -52%
CWA
128
Cura Wealth Advisors
Illinois
$1.79M – – –
CH
129
Canton Hathaway
Rhode Island
$1.77M – – –
IAP
130
Indie Asset Partners
Indiana
$1.75M -$349K -5,360 -17%
CL
131
Choreo LLC
Illinois
$1.71M -$66.5K -1,021 -4%
CRC
132
Curi RMB Capital
Illinois
$1.7M -$177K -2,712 -9%
SWM
133
Spire Wealth Management
Virginia
$1.67M -$210K -3,229 -11%
FFG
134
Fortem Financial Group
California
$1.65M +$456 +7 +0%
CFS
135
CRA Financial Services
New Jersey
$1.63M -$151K -2,320 -8%
SWP
136
Stratos Wealth Partners
Ohio
$1.63M +$352K +5,405 +28%
Osaic Holdings
137
Osaic Holdings
Arizona
$1.63M -$1.06M -16,196 -39%
TFGT
138
TS Financial Group (TSFG)
Illinois
$1.6M -$71K -1,090 -4%
SC
139
Sapient Capital
Indiana
$1.6M -$16.3K -250 -1%
MCM
140
Mainstay Capital Management
Michigan
$1.57M – – –
JIP
141
Jaffetilchin Investment Partners
Florida
$1.55M -$9.58K -147 -0.6%
WKSWA
142
White Knight Strategic Wealth Advisors
New Jersey
$1.55M -$1.55M -23,744 -50%
APG
143
Abacus Planning Group
South Carolina
$1.55M +$7.63K +117 +0.5%
MCM
144
MAI Capital Management
Ohio
$1.55M -$55.9K -858 -3%
BIP
145
Blue Investment Partners
California
$1.54M -$375K -5,753 -20%
FMP
146
Financial Management Professionals
Texas
$1.53M -$3.13K -48 -0.2%
PWM
147
Perigon Wealth Management
California
$1.52M -$253K -3,884 -14%
SFG
148
SevenBridge Financial Group
Pennsylvania
$1.51M +$3.29K +41 +0.2%
JPLA
149
Joseph P. Lucia & Associates
New York
$1.51M -$209K -3,212 -12%
QWM
150
Quadcap Wealth Management
Texas
$1.5M – – –
4 5
6
7 8