Grayscale Bitcoin Trust
GBTC
763 hedge funds and large institutions have $2.98B invested in Grayscale Bitcoin Trust in 2025 Q2 according to their latest regulatory filings, with 107 funds opening new positions, 140 increasing their positions, 257 reducing their positions, and 48 closing their positions.
241% more call options, than puts
Call options by funds: $166M | Put options by funds: $48.7M
123% more first-time investments, than exits
New positions opened: 107 | Existing positions closed: 48
33% more capital invested
Capital invested by funds: $2.24B → $2.98B (+$733M)
7% more funds holding
Funds holding: 711 → 763 (+52)
0% more funds holding in top 10
Funds holding in top 10: 22 → 22 (0)
7.59% less ownership
Funds ownership: 14.47% → 6.87% (-7.6%)
46% less repeat investments, than reductions
Existing positions increased: 140 | Existing positions reduced: 257
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$54.4M |
| 2 |
IMC Chicago
Chicago,
Illinois
|
+$19.9M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$12.1M |
| 4 |
IC
IEQ Capital
Foster City,
California
|
+$7.05M |
| 5 |
Renaissance Technologies
New York
|
+$6.23M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DS
DRW Securities
Chicago,
Illinois
|
-$26.9M |
| 2 |
HKAM
Horizon Kinetics Asset Management
New York
|
-$11.3M |
| 3 |
JSSH
J. Safra Sarasin Holding
|
-$4.76M |
| 4 |
TAA
TB Alternative Assets
Grand Cayman,
Cayman Islands
|
-$4.32M |
| 5 |
AAS
Avantax Advisory Services
Dallas,
Texas
|
-$4.18M |
GBTC Hedge Fund Activity: Q2 2025 in Review
763 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q2 2025, worth a combined $2.98B — up 33% from $2.24B a quarter earlier.
Buyers outnumbered sellers: 107 funds opened new GBTC positions and 48 closed out — a net gain of 59 holders — while 140 added to existing stakes and 257 trimmed.
The largest buyer was Jane Street, adding an estimated $54.4M. The largest seller was DRW Securities, cutting an estimated $26.9M.
- 763 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q2 2025, up from 711 in Q1 2025.
- Funds reported $2.98B of Grayscale Bitcoin Trust stock for Q2 2025, up 33% quarter-over-quarter.
- 107 funds opened new Grayscale Bitcoin Trust positions in Q2 2025 and 48 closed out, a net change of +59 holders.
- The largest Grayscale Bitcoin Trust buyer in Q2 2025 was Jane Street, an estimated $54.4M added.
- The largest Grayscale Bitcoin Trust seller in Q2 2025 was DRW Securities, an estimated $26.9M sold.
Based on aggregated 13F filings for Q2 2025.