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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 %
CFP
201
Curran Financial Partners
South Carolina
$988K – – –
Empower Advisory Group
202
Empower Advisory Group
Colorado
$987K -$173K -2,656 -15%
MA
203
Montag & Associates
Georgia
$976K +$32.7K +501 +3%
AWM
204
Aries Wealth Management
Maine
$971K -$27.4K -421 -3%
WAP
205
Wealthcare Advisory Partners
Pennsylvania
$967K -$27.2K -418 -3%
FCI
206
Financial Counselors Inc
Kansas
$962K – – –
FA
207
Fountainhead AM
New Jersey
$956K -$7.95K -122 -0.8%
PA
208
Pinnacle Associates
New York
$955K -$21.1K -324 -2%
RIL
209
Rothschild Investment LLC
Illinois
$944K – – –
PI
210
PFG Investments
New York
$942K -$26.1K -400 -3%
RFC
211
Regions Financial Corp
Alabama
$940K – – –
CSP
212
Cary Street Partners
Virginia
$936K +$15.4K +236 +2%
MWA
213
Mills Wealth Advisors
Texas
$933K -$924K -14,246 -50%
FAM
214
Formidable Asset Management
Ohio
$916K -$3.26K -50 -0.4%
PWM
215
Prosperity Wealth Management
California
$907K +$700K +10,743 +339%
P
216
&Partners
Tennessee
$897K – – –
MCC
217
Malaga Cove Capital
California
$890K – – –
CWM
218
Cherrydale Wealth Management
New Jersey
$882K – – –
DAM
219
Deltec Asset Management
New York
$870K -$19.6K -300 -2%
BAM
220
Belpointe Asset Management
Nevada
$866K -$364K -5,579 -30%
CWM
221
Circle Wealth Management
New Jersey
$864K – – –
OFS
222
OneAscent Financial Services
Alabama
$854K -$507K -7,546 -37%
QPWM
223
Quadrant Private Wealth Management
Pennsylvania
$847K – – –
GCM
224
Gables Capital Management
Florida
$847K +$26.1K +400 +3%
VF
225
Vista Finance
Missouri
$846K +$77.8K +1,194 +10%
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