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Grayscale Bitcoin Trust
GBTC

Overview Fund Activity

745 hedge funds and large institutions have $2.94B invested in Grayscale Bitcoin Trust in 2025 Q2 according to their latest regulatory filings, with 107 funds opening new positions, 137 increasing their positions, 252 reducing their positions, and 47 closing their positions.

Holders
745
Holders Change
+43
Holders Change %
+6.13%
% of All Funds
10%
Holding in Top 10
22
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.3%
New
107
Increased
137
Reduced
252
Closed
47
Calls
$124M
Puts
$29.2M
Net Calls
+$94.9M
Net Calls Change
+$45.7M

Top Buyers

1
Jane Street
1
Jane Street
New York
$86.6M
2
IMC Chicago
2
IMC Chicago
Illinois
$30.8M
3
IC
3
IEQ Capital
California
$9.61M
4
Renaissance Technologies
4
Renaissance Technologies
New York
$6.79M
5
WMG
5
WESCAP Management Group
California
$6.19M

Top Sellers

1
DS
1
DRW Securities
Illinois
$2.06M
2
HKAM
2
Horizon Kinetics Asset Management
New York
$1.23B
3
JSSH
3
J. Safra Sarasin Holding
$0
4
TAA
4
TB Alternative Assets
Cayman Islands
$19.9M
5
AAS
5
Avantax Advisory Services
Texas
$1.46M
Name Market Value Shares Shares
Change 		Shares
Change %
SC
176
Scotia Capital
Ontario, Canada
$1.6M 18,907 -628 -3%
ACA
177
Aptus Capital Advisors
Alabama
$1.6M 18,873 +46 +0.2%
AWM
178
Angeles Wealth Management
California
$1.58M 18,648 +18,648 New
MAMG
179
Milestone Asset Management Group
Connecticut
$1.57M 18,535 -971 -5%
CIBC World Market
180
CIBC World Market
Ontario, Canada
$1.53M 17,980 -990 -5%
BA
181
Bellwether Advisors
Nebraska
$1.49M 17,609 -473 -3%
IAA
182
Independent Advisor Alliance
North Carolina
$1.48M 17,462 -200 -1%
HWA
183
HCR Wealth Advisors
California
$1.47M 17,312 -538 -3%
PFS
184
Prospera Financial Services
Texas
$1.47M 17,290 +8,478 +96%
AAS
185
Avantax Advisory Services
Texas
$1.46M 17,222 -53,787 -76%
Royal Bank of Canada
186
Royal Bank of Canada
Ontario, Canada
$1.45M 17,082 -1,306 -7%
BTI
187
Blue Trust Inc
Georgia
$1.43M 16,889 -1,621 -9%
BFG
188
Berger Financial Group
Minnesota
$1.38M 16,307 -3,276 -17%
HIP
189
HUB Investment Partners
Texas
$1.37M 16,186 -400 -2%
AWM
190
AE Wealth Management
Kansas
$1.36M 16,048 +604 +4%
SPAS
191
Spectrum Planning & Advisory Services
California
$1.34M 15,789 – –
CSP
192
Cary Street Partners
Virginia
$1.34M 15,782 +1,418 +10%
CWM
193
Copia Wealth Management
Oregon
$1.33M 15,689 -159 -1%
CCA
194
Childress Capital Advisors
Texas
$1.32M 15,614 – –
CFP
195
Curran Financial Partners
South Carolina
$1.29M 15,158 – –
Empower Advisory Group
196
Empower Advisory Group
Colorado
$1.28M 15,141 – –
MT
197
Midwest Trust
Kansas
$1.25M 14,754 +14,754 New
FA
198
Fountainhead AM
New Jersey
$1.24M 14,663 – –
FH
199
FWG Holdings
Florida
$1.24M 13,785 -578 -4%
AWM
200
Aries Wealth Management
Maine
$1.23M 14,545 -350 -2%
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