Grayscale Bitcoin Trust
GBTC
602 hedge funds and large institutions have $1.27B invested in Grayscale Bitcoin Trust in 2026 Q2 according to their latest regulatory filings, with 40 funds opening new positions, 90 increasing their positions, 213 reducing their positions, and 81 closing their positions.
250% more call options, than puts
Call options by funds: $142M | Put options by funds: $40.6M
8.09% more ownership
Funds ownership: 6.19% → 14.28% (+8.1%)
8% less funds holding
Funds holding: 657 → 602 (-55)
24% less capital invested
Capital invested by funds: $1.67B → $1.27B (-$404M)
36% less funds holding in top 10
Funds holding in top 10: 11 → 7 (-4)
51% less first-time investments, than exits
New positions opened: 40 | Existing positions closed: 81
58% less repeat investments, than reductions
Existing positions increased: 90 | Existing positions reduced: 213
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
+$17.6M |
| 2 |
QC
Quadrature Capital
London,
United Kingdom
|
+$10.3M |
| 3 |
WAM
WealthCare Asset Management
Springfield,
Missouri
|
+$5.32M |
| 4 |
Mariner
Overland Park,
Kansas
|
+$5.11M |
| 5 |
VF
Virtu Financial
New York
|
+$4.36M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HKAM
Horizon Kinetics Asset Management
New York
|
-$104M |
| 2 |
GWM
Greenwich Wealth Management
Greenwich,
Connecticut
|
-$34.3M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$18.5M |
| 4 |
VA
Vident Advisory
Alpharetta,
Georgia
|
-$16.8M |
| 5 |
FA
Fiduciary Alliance
Greenville,
South Carolina
|
-$8.53M |
GBTC Hedge Fund Activity: Q2 2026 in Review
602 of the 8,346 institutional investors tracked by Wall St. Rank reported a position in Grayscale Bitcoin Trust (GBTC) for Q2 2026, worth a combined $1.27B — down 24% from $1.67B a quarter earlier.
Sellers outnumbered buyers: 81 funds closed out of GBTC and 40 opened new positions — a net loss of 41 holders — while 213 trimmed existing stakes and 90 added.
The largest buyer was Citadel Advisors, opening a new position worth an estimated $17.6M. The largest seller was Horizon Kinetics Asset Management, cutting an estimated $104M.
- 602 institutional investors held Grayscale Bitcoin Trust (GBTC) as of Q2 2026, down from 657 in Q1 2026.
- Funds reported $1.27B of Grayscale Bitcoin Trust stock for Q2 2026, down 24% quarter-over-quarter.
- 40 funds opened new Grayscale Bitcoin Trust positions in Q2 2026 and 81 closed out, a net change of -41 holders.
- The largest Grayscale Bitcoin Trust buyer in Q2 2026 was Citadel Advisors, an estimated $17.6M added.
- The largest Grayscale Bitcoin Trust seller in Q2 2026 was Horizon Kinetics Asset Management, an estimated $104M sold.
Based on aggregated 13F filings for Q2 2026.