Grayscale Bitcoin Trust
GBTC
740 hedge funds and large institutions have $2.25B invested in Grayscale Bitcoin Trust in 2025 Q4 according to their latest regulatory filings, with 92 funds opening new positions, 162 increasing their positions, 235 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: 6.58% → 6.42% (-0.16%)
6% less funds holding
Funds holding: 787 → 740 (-47)
24% less first-time investments, than exits
New positions opened: 92 | Existing positions closed: 121
26% less capital invested
Capital invested by funds: $3.01B → $2.25B (-$769M)
29% less funds holding in top 10
Funds holding in top 10: 21 → 15 (-6)
31% less repeat investments, than reductions
Existing positions increased: 162 | Existing positions reduced: 235
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
740 of the 8,286 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q4 2025, worth a combined $2.25B — down 26% from $3.01B a quarter earlier.
Sellers outnumbered buyers: 121 funds closed out of GBTC and 92 opened new positions — a net loss of 29 holders — while 235 trimmed existing stakes and 162 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.
- 740 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q4 2025, down from 787 in Q3 2025.
- Funds reported $2.25B of Grayscale Bitcoin Trust stock for Q4 2025, down 26% quarter-over-quarter.
- 92 funds opened new Grayscale Bitcoin Trust positions in Q4 2025 and 121 closed out, a net change of -29 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.