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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 %
AIP
151
Almanack Investment Partners
Pennsylvania
$1.5M -$192K -2,949 -11%
MWM
152
Meridian Wealth Management
Kentucky
$1.49M -$14K -215 -0.9%
IC
153
IEQ Capital
California
$1.48M -$652 -10 -0%
WSFS
154
Wilmington Savings Fund Society
Delaware
$1.47M – – –
APW
155
Aurora Private Wealth
New Jersey
$1.47M -$1.3K -20 -0.1%
AV
156
Alamea Verwaltungs
New Jersey
$1.46M +$1.46M +22,446 New
TPWA
157
TRUE Private Wealth Advisors
Oregon
$1.46M -$20.3K -311 -1%
PWA
158
Prairie Wealth Advisors
Nebraska
$1.45M -$21.5K -330 -1%
MGIA
159
Moneta Group Investment Advisors
Missouri
$1.44M +$7.95K +122 +0.6%
NL
160
NWAM LLC
Washington
$1.44M -$117K -1,797 -8%
SG
161
Sharper & Granite
California
$1.43M – – –
WS
162
Wedbush Securities
California
$1.42M -$54.4K -834 -4%
PTC
163
Philadelphia Trust Company
Pennsylvania
$1.41M – – –
AAS
164
Ameritas Advisory Services
Nebraska
$1.41M – – –
NFSG
165
Newbridge Financial Services Group
Florida
$1.4M -$200K -3,065 -13%
M
166
MATAURO
New York
$1.39M -$25K -383 -2%
PCA
167
Pallas Capital Advisors
Massachusetts
$1.34M – – –
SAM
168
Stansberry Asset Management
Texas
$1.34M -$193K -2,955 -13%
GAA
169
Global Assets Advisory
Florida
$1.33M +$890K +13,852 +203%
ULWM
170
Upper Left Wealth Management
Florida
$1.31M +$10.6K +162 +0.8%
JIC
171
Johnson Investment Counsel
Ohio
$1.31M – – –
SF
172
Synovus Financial
Georgia
$1.31M -$105K -1,607 -7%
SIA
173
Soltis Investment Advisors
Utah
$1.3M -$29.7K -456 -2%
CG
174
Cynosure Group
Utah
$1.28M +$248K +3,803 +24%
BFG
175
Berger Financial Group
Minnesota
$1.28M -$68.8K -1,055 -5%
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