SPDR Gold Trust
GLD
2,658 hedge funds and large institutions have $40.8B invested in SPDR Gold Trust in 2025 Q2 according to their latest regulatory filings, with 198 funds opening new positions, 962 increasing their positions, 955 reducing their positions, and 91 closing their positions.
118% more first-time investments, than exits
New positions opened: 198 | Existing positions closed: 91
53% more call options, than puts
Call options by funds: $45.6B | Put options by funds: $29.7B
3% more funds holding
Funds holding: 2,583 → 2,658 (+75)
1% more repeat investments, than reductions
Existing positions increased: 962 | Existing positions reduced: 955
7% less capital inflows, than outflows
Capital inflows: $4.25B | Capital outflows: $4.55B
1.53% less ownership
Funds ownership: 41.78% → 40.26% (-1.5%)
8% less funds holding in top 10
Funds holding in top 10: 255 → 235 (-20)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
+$375M |
| 2 |
Virtu Financial
New York
|
+$264M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$250M |
| 4 |
Citadel Advisors
Miami,
Florida
|
+$243M |
| 5 |
Barclays
London,
United Kingdom
|
+$137M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
-$442M |
| 2 |
59 North Capital Management
Houston,
Texas
|
-$364M |
| 3 |
BlackRock
New York
|
-$309M |
| 4 |
Morgan Stanley
New York
|
-$257M |
| 5 |
BNP Paribas Financial Markets
Paris,
France
|
-$220M |
GLD Hedge Fund Activity: Q2 2025 in Review
2,658 of the 7,623 institutional investors tracked by Wall St. Rank reported a position in SPDR Gold Trust (GLD) for Q2 2025, worth a combined $40.8B — up 4.6% from $39B a quarter earlier.
Buyers outnumbered sellers: 198 funds opened new GLD positions and 91 closed out — a net gain of 107 holders — while 962 added to existing stakes and 955 trimmed.
The largest buyer was Goldman Sachs, adding an estimated $375M. The largest seller was UBS Group, cutting an estimated $442M.
- 2,658 institutional investors held SPDR Gold Trust (GLD) as of Q2 2025, up from 2,583 in Q1 2025.
- Funds reported $40.8B of SPDR Gold Trust stock for Q2 2025, up 4.6% quarter-over-quarter.
- 198 funds opened new SPDR Gold Trust positions in Q2 2025 and 91 closed out, a net change of +107 holders.
- The largest SPDR Gold Trust buyer in Q2 2025 was Goldman Sachs, an estimated $375M added.
- The largest SPDR Gold Trust seller in Q2 2025 was UBS Group, an estimated $442M sold.
Based on aggregated 13F filings for Q2 2025.