SPDR Gold Trust
GLD
2,581 hedge funds and large institutions have $39B invested in SPDR Gold Trust in 2025 Q1 according to their latest regulatory filings, with 283 funds opening new positions, 1,004 increasing their positions, 786 reducing their positions, and 76 closing their positions.
272% more first-time investments, than exits
New positions opened: 283 | Existing positions closed: 76
39% more call options, than puts
Call options by funds: $38B | Put options by funds: $27.3B
37% more funds holding in top 10
Funds holding in top 10: 185 → 254 (+69)
31% more capital invested
Capital invested by funds: $29.7B → $39B (+$9.24B)
28% more repeat investments, than reductions
Existing positions increased: 1,004 | Existing positions reduced: 786
7% more funds holding
Funds holding: 2,420 → 2,581 (+161)
1.37% more ownership
Funds ownership: 40.39% → 41.76% (+1.4%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
+$534M |
| 2 |
BlackRock
New York
|
+$407M |
| 3 |
Morgan Stanley
New York
|
+$378M |
| 4 |
BA
Bridgewater Associates
Westport,
Connecticut
|
+$293M |
| 5 |
BNP Paribas Financial Markets
Paris,
France
|
+$184M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citigroup
New York
|
-$313M |
| 2 |
Jane Street
New York
|
-$291M |
| 3 |
Barclays
London,
United Kingdom
|
-$156M |
| 4 |
CTC (Chicago Trading Company)
Chicago,
Illinois
|
-$150M |
| 5 |
Sumitomo Mitsui Trust Group
Minato-Ku, Tokyo,
Japan
|
-$51.5M |
GLD Hedge Fund Activity: Q1 2025 in Review
2,581 of the 7,472 institutional investors tracked by Wall St. Rank reported a position in SPDR Gold Trust (GLD) for Q1 2025, worth a combined $39B — up 31% from $29.7B a quarter earlier.
Buyers outnumbered sellers: 283 funds opened new GLD positions and 76 closed out — a net gain of 207 holders — while 1,004 added to existing stakes and 786 trimmed.
The largest buyer was UBS Group, adding an estimated $534M. The largest seller was Citigroup, cutting an estimated $313M.
- 2,581 institutional investors held SPDR Gold Trust (GLD) as of Q1 2025, up from 2,420 in Q4 2024.
- Funds reported $39B of SPDR Gold Trust stock for Q1 2025, up 31% quarter-over-quarter.
- 283 funds opened new SPDR Gold Trust positions in Q1 2025 and 76 closed out, a net change of +207 holders.
- The largest SPDR Gold Trust buyer in Q1 2025 was UBS Group, an estimated $534M added.
- The largest SPDR Gold Trust seller in Q1 2025 was Citigroup, an estimated $313M sold.
Based on aggregated 13F filings for Q1 2025.