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VanEck Bitcoin Trust
HODL

87 hedge funds and large institutions have $248M invested in VanEck Bitcoin Trust in 2025 Q1 according to their latest regulatory filings, with 23 funds opening new positions, 31 increasing their positions, 20 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

64% more first-time investments, than exits

New positions opened: 23 | Existing positions closed: 14

55% more repeat investments, than reductions

Existing positions increased: 31 | Existing positions reduced: 20

7% more funds holding

Funds holding: 81 → 87 (+6)

11% less capital invested

Capital invested by funds: $279M → $248M (-$30.5M)

66.02% less ownership

Funds ownership: 87.13% → 21.11% (-66%)

100% less funds holding in top 10

Funds holding in top 10: 2 → 0 (-2)

Holders
87
Holders Change
+6
Holders Change %
+7.41%
% of All Funds
1.17%
Holding in Top 10
–
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-100%
% of All Funds
–
New
23
Increased
31
Reduced
20
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
NIM
NEOS Investment Management
Connecticut
+$24.8M
2
VanEck Associates
VanEck Associates
New York
+$9.75M
3
SC
Syon Capital
California
+$7.83M
4
Jane Street
Jane Street
New York
+$4.75M
5
BFG
Berger Financial Group
Minnesota
+$4.62M

Top Sellers

Rank Fund Capital Flow
1
BFM
Boothbay Fund Management
New York
-$31.7M
2
HHGC
Hunting Hill Global Capital
New York
-$31.1M
3
TI
Tidal Investments
Wisconsin
-$2.42M
4
SFG
Sterling Financial Group
California
-$1.15M
5
CWM
Congress Wealth Management
Massachusetts
-$770K
Name Holding Trade Value Shares
Change 		Change in
Stake
QFMHK
26
Q Fund Management (Hong Kong)
$746K – – –
CP
27
Castleview Partners
Texas
$740K +$837K +31,767 New
HKAM
28
Horizon Kinetics Asset Management
New York
$711K – – –
SIC
29
Samalin Investment Counsel
New York
$659K +$55.4K +2,102 +8%
FCM
30
Firestone Capital Management
Florida
$591K – – –
MSFS
31
Main Street Financial Solutions
Pennsylvania
$580K -$129K -4,888 -16%
SG
32
StoneX Group
New York
$578K +$91.8K +3,483 +16%
FFWA
33
FRG Family Wealth Advisors
Washington
$556K +$629K +23,866 New
FTUS
34
Flow Traders U.S.
New York
$526K +$595K +22,578 New
HighTower Advisors
35
HighTower Advisors
Illinois
$516K +$23K +874 +4%
LFG
36
Larson Financial Group
Missouri
$502K -$104K -3,944 -15%
MS
37
Madden Securities
Texas
$494K -$210K -7,988 -27%
CWM
38
Congress Wealth Management
Massachusetts
$467K -$770K -29,241 -59%
FPGK
39
Financial Partners Group (Kansas)
Kansas
$466K +$20K +761 +4%
NHFG
40
New Harbor Financial Group
Massachusetts
$452K +$511K +19,408 New
CA
41
CWC Advisors
Oregon
$425K +$480K +18,216 New
AWE
42
Avidian Wealth Enterprises
Texas
$417K +$471K +17,879 New
EGA
43
Eagle Global Advisors
Texas
$410K – – –
Betterment LLC
44
Betterment LLC
New York
$381K +$1.48K +56 +0.3%
IWM
45
Iams Wealth Management
Nebraska
$376K +$89.2K +3,385 +27%
OIA
46
OneDigital Investment Advisors
Kansas
$376K +$50.8K +1,928 +14%
MML Investors Services
47
MML Investors Services
Massachusetts
$369K +$183K +6,940 +78%
RIL
48
Rothschild Investment LLC
Illinois
$326K – – –
Mercer Global Advisors
49
Mercer Global Advisors
Colorado
$324K +$5.69K +216 +2%
LAM
50
Lifestyle Asset Management
Texas
$296K -$129K -4,896 -28%
1
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3 4 5

HODL Hedge Fund Activity: Q1 2025 in Review

87 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in VanEck Bitcoin Trust (HODL) for Q1 2025, worth a combined $248M — down 11% from $279M a quarter earlier.

Buyers outnumbered sellers: 23 funds opened new HODL positions and 14 closed out — a net gain of 9 holders — while 31 added to existing stakes and 20 trimmed.

The largest buyer was NEOS Investment Management, adding an estimated $24.8M. The largest seller was Boothbay Fund Management, exiting entirely with an estimated $31.7M sold.

  • 87 institutional investors held VanEck Bitcoin Trust (HODL) as of Q1 2025, up from 81 in Q4 2024.
  • Funds reported $248M of VanEck Bitcoin Trust stock for Q1 2025, down 11% quarter-over-quarter.
  • 23 funds opened new VanEck Bitcoin Trust positions in Q1 2025 and 14 closed out, a net change of +9 holders.
  • The largest VanEck Bitcoin Trust buyer in Q1 2025 was NEOS Investment Management, an estimated $24.8M added.
  • The largest VanEck Bitcoin Trust seller in Q1 2025 was Boothbay Fund Management, an estimated $31.7M sold.

Based on aggregated 13F filings for Q1 2025.