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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 %
HKAM
1
Horizon Kinetics Asset Management
New York
$958M -$30.7M -471,650 -3%
MCM
2
Multicoin Capital Management
Texas
$86.1M – – –
LPL Financial
3
LPL Financial
California
$69.2M -$3.84M -58,851 -5%
HighTower Advisors
4
HighTower Advisors
Illinois
$43.4M -$170K -2,613 -0.4%
GWM
5
Greenwich Wealth Management
Connecticut
$38.7M -$164K -2,715 -0.4%
Wealthfront Advisers
6
Wealthfront Advisers
California
$27.5M -$1.29M -19,727 -4%
ECM
7
EagleClaw Capital Management
Massachusetts
$26M -$278K -4,268 -1%
MRI
8
Mad River Investors
Massachusetts
$24.3M -$868K -13,325 -3%
DS
9
DRW Securities
Illinois
$24.2M +$21.6M +331,538 +849%
MC
10
Moors & Cabot
Massachusetts
$21.4M -$2.25M -34,570 -10%
Jane Street
11
Jane Street
New York
$20.9M +$7.65M +117,321 +58%
CAM
12
Cresset Asset Management
Illinois
$19.5M +$4.15M +63,749 +27%
BFA
13
Beaumont Financial Advisors
Massachusetts
$19.4M -$2.47M -37,890 -11%
OCPWS
14
One Charles Private Wealth Services
Massachusetts
$19.1M -$119K -1,832 -0.6%
TAA
15
TB Alternative Assets
Cayman Islands
$18.9M +$17.1M +262,362 +942%
KWA
16
Kingswood Wealth Advisors
California
$18.7M +$85.2K +1,307 +0.5%
Cambridge Investment Research Advisors
17
Cambridge Investment Research Advisors
Iowa
$17.8M -$472K -7,249 -3%
Commonwealth Equity Services
18
Commonwealth Equity Services
Massachusetts
$16.7M +$505K +7,752 +3%
Focus Partners Wealth
19
Focus Partners Wealth
Massachusetts
$15.2M -$598K -9,178 -4%
Wealth Enhancement Advisory Services
20
Wealth Enhancement Advisory Services
Minnesota
$13.3M -$1.07M -16,388 -7%
Mariner
21
Mariner
Kansas
$10.8M +$643K +9,861 +6%
AC
22
Aristides Capital
Kentucky
$10.7M – – –
AWP
23
Atlas Wealth Partners
Pennsylvania
$9.96M +$20.6K +316 +0.2%
RC
24
RBF Capital
California
$9.78M – – –
KAS
25
Kestra Advisory Services
Texas
$9.75M -$1.01M -15,455 -9%
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