Grayscale Bitcoin Trust
GBTC
784 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, 234 reducing their positions, and 43 closing their positions.
263% more call options, than puts
Call options by funds: $209M | Put options by funds: $57.7M
88% more first-time investments, than exits
New positions opened: 81 | Existing positions closed: 43
3% more funds holding
Funds holding: 763 → 784 (+21)
1% more capital invested
Capital invested by funds: $2.98B → $3.01B (+$33.9M)
0.3% less ownership
Funds ownership: 6.87% → 6.57% (-0.3%)
9% less funds holding in top 10
Funds holding in top 10: 22 → 20 (-2)
28% less repeat investments, than reductions
Existing positions increased: 168 | Existing positions reduced: 234
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
OMC
Old Mission Capital
Chicago,
Illinois
|
+$21.6M |
| 2 |
JF
Jump Financial
Chicago,
Illinois
|
+$11.6M |
| 3 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$4.75M |
| 4 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$4.46M |
| 5 |
Creative Planning
Overland Park,
Kansas
|
+$3.51M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$69.8M |
| 2 |
HKAM
Horizon Kinetics Asset Management
New York
|
-$33.3M |
| 3 |
AC
Aristides Capital
Louisville,
Kentucky
|
-$14M |
| 4 |
IMC Chicago
Chicago,
Illinois
|
-$13.9M |
| 5 |
TAA
TB Alternative Assets
Grand Cayman,
Cayman Islands
|
-$13.4M |
GBTC Hedge Fund Activity: Q3 2025 in Review
784 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q3 2025, worth a combined $3.01B — up 1.1% from $2.98B a quarter earlier.
Buyers outnumbered sellers: 81 funds opened new GBTC positions and 43 closed out — a net gain of 38 holders — while 168 added to existing stakes and 234 trimmed.
The largest buyer was Old Mission Capital, adding an estimated $21.6M. The largest seller was Jane Street, cutting an estimated $69.8M.
- 784 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q3 2025, up from 763 in Q2 2025.
- Funds reported $3.01B of Grayscale Bitcoin Trust stock for Q3 2025, up 1.1% quarter-over-quarter.
- 81 funds opened new Grayscale Bitcoin Trust positions in Q3 2025 and 43 closed out, a net change of +38 holders.
- The largest Grayscale Bitcoin Trust buyer in Q3 2025 was Old Mission Capital, an estimated $21.6M added.
- The largest Grayscale Bitcoin Trust seller in Q3 2025 was Jane Street, an estimated $69.8M sold.
Based on aggregated 13F filings for Q3 2025.