SPDR Gold Trust
GLD
3,084 hedge funds and large institutions have $56.5B invested in SPDR Gold Trust in 2025 Q4 according to their latest regulatory filings, with 455 funds opening new positions, 1,058 increasing their positions, 1,062 reducing their positions, and 88 closing their positions.
417% more first-time investments, than exits
New positions opened: 455 | Existing positions closed: 88
159% more call options, than puts
Call options by funds: $121B | Put options by funds: $46.6B
27% more funds holding in top 10
Funds holding in top 10: 254 → 322 (+68)
16% more capital invested
Capital invested by funds: $48.6B → $56.5B (+$7.87B)
11% more funds holding
Funds holding: 2,772 → 3,084 (+312)
0% less repeat investments, than reductions
Existing positions increased: 1,058 | Existing positions reduced: 1,062
1.27% less ownership
Funds ownership: 39.43% → 38.15% (-1.3%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$970M |
| 2 |
VF
Virtu Financial
New York
|
+$458M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$396M |
| 4 |
BlackRock
New York
|
+$332M |
| 5 |
BNP Paribas Financial Markets
Paris,
France
|
+$225M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$556M |
| 2 |
JG
Jain Global
New York
|
-$511M |
| 3 |
UBS Group
Zurich,
Switzerland
|
-$406M |
| 4 |
PC
Pureheart Capital
Singapore,
|
-$323M |
| 5 |
Bank of America
Charlotte,
North Carolina
|
-$209M |
GLD Hedge Fund Activity: Q4 2025 in Review
3,084 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in SPDR Gold Trust (GLD) for Q4 2025, worth a combined $56.5B — up 16% from $48.6B a quarter earlier.
Buyers outnumbered sellers: 455 funds opened new GLD positions and 88 closed out — a net gain of 367 holders — while 1,058 added to existing stakes and 1,062 trimmed.
The largest buyer was Morgan Stanley, adding an estimated $970M. The largest seller was Bank of Montreal, exiting entirely with an estimated $556M sold.
- 3,084 institutional investors held SPDR Gold Trust (GLD) as of Q4 2025, up from 2,772 in Q3 2025.
- Funds reported $56.5B of SPDR Gold Trust stock for Q4 2025, up 16% quarter-over-quarter.
- 455 funds opened new SPDR Gold Trust positions in Q4 2025 and 88 closed out, a net change of +367 holders.
- The largest SPDR Gold Trust buyer in Q4 2025 was Morgan Stanley, an estimated $970M added.
- The largest SPDR Gold Trust seller in Q4 2025 was Bank of Montreal, an estimated $556M sold.
Based on aggregated 13F filings for Q4 2025.