VanEck Bitcoin Trust
HODL
124 hedge funds and large institutions have $536M invested in VanEck Bitcoin Trust in 2025 Q3 according to their latest regulatory filings, with 25 funds opening new positions, 50 increasing their positions, 24 reducing their positions, and 9 closing their positions.
178% more first-time investments, than exits
New positions opened: 25 | Existing positions closed: 9
108% more repeat investments, than reductions
Existing positions increased: 50 | Existing positions reduced: 24
40% more capital invested
Capital invested by funds: $384M → $536M (+$152M)
13% more funds holding
Funds holding: 110 → 124 (+14)
23.53% less ownership
Funds ownership: 23.53% → 0% (-24%)
33% less funds holding in top 10
Funds holding in top 10: 3 → 2 (-1)
100% less call options, than puts
Call options by funds: $0 | Put options by funds: $1K
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
NIM
NEOS Investment Management
Westport,
Connecticut
|
+$102M |
| 2 |
AssetMark Inc
Concord,
California
|
+$6.72M |
| 3 |
HCA
Heck Capital Advisors
Rhinelander,
Wisconsin
|
+$6.27M |
| 4 |
VanEck Associates
New York
|
+$5.53M |
| 5 |
HHGC
Hunting Hill Global Capital
New York
|
+$3.43M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
-$5.53M |
| 2 |
FTUS
Flow Traders U.S.
New York
|
-$4.47M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$3.53M |
| 4 |
SC
Syon Capital
San Francisco,
California
|
-$2.33M |
| 5 |
ASN
Advisory Services Network
Atlanta,
Georgia
|
-$1.73M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
HKAM
126
Horizon Kinetics Asset Management
New York
| – | -$930K | -30,520 | Closed |
|
|
SP
127
SIH Partners
Wilmington,
Delaware
| – | -$772K | -25,333 | Closed |
|
|
HF
128
HRT Financial
New York
| – | -$220K | -7,252 | Closed |
|
|
KWM
129
Kiker Wealth Management
Jasper,
Georgia
| – | -$8.65K | -284 | Closed |
|
|
CIA
130
Cape Investment Advisory
Mcdonough,
Georgia
| – | -$3.05K | -100 | Closed |
|
131
Raymond James Financial
St Petersburg,
Florida
| – | -$853 | -28 | Closed |
|
|
MAWAG
132
Mid-American Wealth Advisory Group
Kansas City,
Missouri
| – | -$457 | -15 | Closed |
|
|
CCM
133
Cloud Capital Management
Seattle,
Washington
| – | +$162 | +5 | New |
|
HODL Hedge Fund Activity: Q3 2025 in Review
124 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in VanEck Bitcoin Trust (HODL) for Q3 2025, worth a combined $536M — up 40% from $384M a quarter earlier.
Buyers outnumbered sellers: 25 funds opened new HODL positions and 9 closed out — a net gain of 16 holders — while 50 added to existing stakes and 24 trimmed.
The largest buyer was NEOS Investment Management, adding an estimated $102M. The largest seller was Tidal Investments, cutting an estimated $5.53M.
- 124 institutional investors held VanEck Bitcoin Trust (HODL) as of Q3 2025, up from 110 in Q2 2025.
- Funds reported $536M of VanEck Bitcoin Trust stock for Q3 2025, up 40% quarter-over-quarter.
- 25 funds opened new VanEck Bitcoin Trust positions in Q3 2025 and 9 closed out, a net change of +16 holders.
- The largest VanEck Bitcoin Trust buyer in Q3 2025 was NEOS Investment Management, an estimated $102M added.
- The largest VanEck Bitcoin Trust seller in Q3 2025 was Tidal Investments, an estimated $5.53M sold.
Based on aggregated 13F filings for Q3 2025.