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Grayscale Bitcoin Trust

782 hedge funds and large institutions have $3.01B invested in Grayscale Bitcoin Trust in 2025 Q3 according to their latest regulatory filings, with 81 funds opening new positions, 168 increasing their positions, 233 reducing their positions, and 44 closing their positions.

New
Increased
Maintained
Reduced
Closed

263% more call options, than puts

Call options by funds: $209M | Put options by funds: $57.7M

84% more first-time investments, than exits

New positions opened: 81 | Existing positions closed: 44

3% more funds holding

Funds holding: 762782 (+20)

1% more capital invested

Capital invested by funds: $2.98B → $3.01B (+$33.4M)

0.3% less ownership

Funds ownership: 6.87%6.57% (-0.3%)

9% less funds holding in top 10

Funds holding in top 10: 2220 (-2)

28% less repeat investments, than reductions

Existing positions increased: 168 | Existing positions reduced: 233

Holders
782
Holders Change
+20
Holders Change %
+2.62%
% of All Funds
10.27%
Holding in Top 10
20
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-9.09%
% of All Funds
0.26%
New
81
Increased
168
Reduced
233
Closed
44
Calls
$209M
Puts
$57.7M
Net Calls
+$152M
Net Calls Change
+$34.3M
Name Holding Trade Value Shares
Change
Change in
Stake
HKAM
1
Horizon Kinetics Asset Management
New York
$1.27B -$33.3M -369,991 -3%
MCM
2
Multicoin Capital Management
Texas
$119M
LPL Financial
3
LPL Financial
California
$91.6M -$1.97M -21,913 -2%
HighTower Advisors
4
HighTower Advisors
Illinois
$56.2M -$2.1M -23,373 -4%
GWM
5
Greenwich Wealth Management
Connecticut
$53M -$21.6K -240 -0%
Wealthfront Advisers
6
Wealthfront Advisers
California
$33.5M -$2.11M -23,477 -6%
MRI
7
Mad River Investors
Massachusetts
$32.4M -$1.03M -11,427 -3%
ECM
8
EagleClaw Capital Management
Massachusetts
$30M -$4.9M -54,495 -14%
MC
9
Moors & Cabot
Massachusetts
$28.4M -$554K -6,160 -2%
OMC
10
Old Mission Capital
Illinois
$27.3M +$21.6M +240,027 +373%
OCPWS
11
One Charles Private Wealth Services
Massachusetts
$26M -$214K -2,374 -0.8%
KWA
12
Kingswood Wealth Advisors
California
$25.6M +$242K +2,693 +1%
BFA
13
Beaumont Financial Advisors
Massachusetts
$24.6M -$1.04M -11,593 -4%
Cambridge Investment Research Advisors
14
Cambridge Investment Research Advisors
Iowa
$24.1M -$212K -2,353 -0.9%
CAM
15
Cresset Asset Management
Illinois
$23.3M -$163K -1,807 -0.7%
Jane Street
16
Jane Street
New York
$22M -$69.8M -775,388 -76%
Commonwealth Equity Services
17
Commonwealth Equity Services
Massachusetts
$20.5M -$1.7M -18,942 -8%
IMC Chicago
18
IMC Chicago
Illinois
$18.7M -$13.9M -154,600 -43%
Wealth Enhancement Advisory Services
19
Wealth Enhancement Advisory Services
Minnesota
$18.2M -$21.6K -240 -0.1%
Focus Partners Wealth
20
Focus Partners Wealth
Massachusetts
$18M -$1.63M -18,163 -8%
Mariner
21
Mariner
Kansas
$15.4M +$166K +1,843 +1%
Susquehanna International Group
22
Susquehanna International Group
Pennsylvania
$14M -$3.13M -34,736 -18%
RC
23
RBF Capital
California
$13.5M
AWP
24
Atlas Wealth Partners
Pennsylvania
$13.1M -$141K -1,565 -1%
Lido Advisors
25
Lido Advisors
California
$13M +$972K +10,798 +8%