Grayscale Bitcoin Trust
GBTC
735 hedge funds and large institutions have $2.24B invested in Grayscale Bitcoin Trust in 2025 Q4 according to their latest regulatory filings, with 90 funds opening new positions, 161 increasing their positions, 234 reducing their positions, and 121 closing their positions.
444% more call options, than puts
Call options by funds: $231M | Put options by funds: $42.5M
0.16% less ownership
Funds ownership: 6.57% → 6.41% (-0.16%)
6% less funds holding
Funds holding: 784 → 735 (-49)
25% less funds holding in top 10
Funds holding in top 10: 20 → 15 (-5)
26% less capital invested
Capital invested by funds: $3.01B → $2.24B (-$768M)
26% less first-time investments, than exits
New positions opened: 90 | Existing positions closed: 121
31% less repeat investments, than reductions
Existing positions increased: 161 | Existing positions reduced: 234
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$28.6M |
| 2 |
DS
DRW Securities
Chicago,
Illinois
|
+$16.8M |
| 3 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$10.4M |
| 4 |
Renaissance Technologies
New York
|
+$6.89M |
| 5 |
Citadel Advisors
Miami,
Florida
|
+$6.57M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MCM
Multicoin Capital Management
Austin,
Texas
|
-$79.9M |
| 2 |
Jane Street
New York
|
-$17.4M |
| 3 |
IMC Chicago
Chicago,
Illinois
|
-$16.3M |
| 4 |
JF
Jump Financial
Chicago,
Illinois
|
-$11.6M |
| 5 |
TAA
TB Alternative Assets
Grand Cayman,
Cayman Islands
|
-$7.69M |
GBTC Hedge Fund Activity: Q4 2025 in Review
735 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q4 2025, worth a combined $2.24B — down 26% from $3.01B a quarter earlier.
Sellers outnumbered buyers: 121 funds closed out of GBTC and 90 opened new positions — a net loss of 31 holders — while 234 trimmed existing stakes and 161 added.
The largest buyer was Susquehanna International Group, adding an estimated $28.6M. The largest seller was Multicoin Capital Management, cutting an estimated $79.9M.
- 735 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q4 2025, down from 784 in Q3 2025.
- Funds reported $2.24B of Grayscale Bitcoin Trust stock for Q4 2025, down 26% quarter-over-quarter.
- 90 funds opened new Grayscale Bitcoin Trust positions in Q4 2025 and 121 closed out, a net change of -31 holders.
- The largest Grayscale Bitcoin Trust buyer in Q4 2025 was Susquehanna International Group, an estimated $28.6M added.
- The largest Grayscale Bitcoin Trust seller in Q4 2025 was Multicoin Capital Management, an estimated $79.9M sold.
Based on aggregated 13F filings for Q4 2025.