SPDR Gold Trust
GLD
2,773 hedge funds and large institutions have $48.6B invested in SPDR Gold Trust in 2025 Q3 according to their latest regulatory filings, with 251 funds opening new positions, 1,137 increasing their positions, 782 reducing their positions, and 91 closing their positions.
176% more first-time investments, than exits
New positions opened: 251 | Existing positions closed: 91
68% more call options, than puts
Call options by funds: $74.5B | Put options by funds: $44.4B
45% more repeat investments, than reductions
Existing positions increased: 1,137 | Existing positions reduced: 782
36% more capital inflows, than outflows
Capital inflows: $4.88B | Capital outflows: $3.59B
8% more funds holding in top 10
Funds holding in top 10: 235 → 254 (+19)
4% more funds holding
Funds holding: 2,656 → 2,773 (+117)
0.83% less ownership
Funds ownership: 40.25% → 39.43% (-0.83%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
+$499M |
| 2 |
Jain Global
New York
|
+$422M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
+$288M |
| 4 |
Citigroup
New York
|
+$274M |
| 5 |
Parallax Volatility Advisers
San Francisco,
California
|
+$175M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Goldman Sachs
New York
|
-$500M |
| 2 |
Bridgewater Associates
Westport,
Connecticut
|
-$337M |
| 3 |
JP Morgan Chase
New York
|
-$275M |
| 4 |
Virtu Financial
New York
|
-$266M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$237M |
GLD Hedge Fund Activity: Q3 2025 in Review
2,773 of the 7,650 institutional investors tracked by Wall St. Rank reported a position in SPDR Gold Trust (GLD) for Q3 2025, worth a combined $48.6B — up 19% from $40.8B a quarter earlier.
Buyers outnumbered sellers: 251 funds opened new GLD positions and 91 closed out — a net gain of 160 holders — while 1,137 added to existing stakes and 782 trimmed.
The largest buyer was Bank of Montreal, opening a new position worth an estimated $499M. The largest seller was Goldman Sachs, cutting an estimated $500M.
- 2,773 institutional investors held SPDR Gold Trust (GLD) as of Q3 2025, up from 2,656 in Q2 2025.
- Funds reported $48.6B of SPDR Gold Trust stock for Q3 2025, up 19% quarter-over-quarter.
- 251 funds opened new SPDR Gold Trust positions in Q3 2025 and 91 closed out, a net change of +160 holders.
- The largest SPDR Gold Trust buyer in Q3 2025 was Bank of Montreal, an estimated $499M added.
- The largest SPDR Gold Trust seller in Q3 2025 was Goldman Sachs, an estimated $500M sold.
Based on aggregated 13F filings for Q3 2025.