Grayscale Bitcoin Trust
GBTC
653 hedge funds and large institutions have $1.67B invested in Grayscale Bitcoin Trust in 2026 Q1 according to their latest regulatory filings, with 53 funds opening new positions, 123 increasing their positions, 255 reducing their positions, and 124 closing their positions.
496% more call options, than puts
Call options by funds: $130M | Put options by funds: $21.8M
0.24% less ownership
Funds ownership: 6.42% → 6.18% (-0.24%)
11% less funds holding
Funds holding: 735 → 653 (-82)
26% less capital invested
Capital invested by funds: $2.24B → $1.67B (-$577M)
33% less funds holding in top 10
Funds holding in top 10: 15 → 10 (-5)
52% less repeat investments, than reductions
Existing positions increased: 123 | Existing positions reduced: 255
57% less first-time investments, than exits
New positions opened: 53 | Existing positions closed: 124
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VA
Vident Advisory
Alpharetta,
Georgia
|
+$18M |
| 2 |
Jane Street
New York
|
+$14.3M |
| 3 |
VF
Virtu Financial
New York
|
+$13.5M |
| 4 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$6.34M |
| 5 |
RCM
Ridgepath Capital Management
Knoxville,
Tennessee
|
+$3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MCM
Multicoin Capital Management
Austin,
Texas
|
-$20.7M |
| 2 |
DS
DRW Securities
Chicago,
Illinois
|
-$15.9M |
| 3 |
OMC
Old Mission Capital
Chicago,
Illinois
|
-$13.2M |
| 4 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$6.8M |
| 5 |
HKAM
Horizon Kinetics Asset Management
New York
|
-$6.47M |
GBTC Hedge Fund Activity: Q1 2026 in Review
653 institutional investors reported a position in Grayscale Bitcoin Trust (GBTC) for Q1 2026, worth a combined $1.67B — down 26% from $2.24B a quarter earlier.
Sellers outnumbered buyers: 124 funds closed out of GBTC and 53 opened new positions — a net loss of 71 holders — while 255 trimmed existing stakes and 123 added.
The largest buyer was Vident Advisory, adding an estimated $18M. The largest seller was Multicoin Capital Management, exiting entirely with an estimated $20.7M sold.
- 653 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q1 2026, down from 735 in Q4 2025.
- Funds reported $1.67B of Grayscale Bitcoin Trust stock for Q1 2026, down 26% quarter-over-quarter.
- 53 funds opened new Grayscale Bitcoin Trust positions in Q1 2026 and 124 closed out, a net change of -71 holders.
- The largest Grayscale Bitcoin Trust buyer in Q1 2026 was Vident Advisory, an estimated $18M added.
- The largest Grayscale Bitcoin Trust seller in Q1 2026 was Multicoin Capital Management, an estimated $20.7M sold.
Based on aggregated 13F filings for Q1 2026.