VanEck Bitcoin Trust
HODL
88 hedge funds and large institutions have $249M invested in VanEck Bitcoin Trust in 2025 Q1 according to their latest regulatory filings, with 24 funds opening new positions, 31 increasing their positions, 20 reducing their positions, and 14 closing their positions.
71% more first-time investments, than exits
New positions opened: 24 | Existing positions closed: 14
55% more repeat investments, than reductions
Existing positions increased: 31 | Existing positions reduced: 20
9% more funds holding
Funds holding: 81 → 88 (+7)
0.65% less ownership
Funds ownership: 21.78% → 21.13% (-0.65%)
11% less capital invested
Capital invested by funds: $279M → $249M (-$30.3M)
100% less funds holding in top 10
Funds holding in top 10: 2 → 0 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
NIM
NEOS Investment Management
Westport,
Connecticut
|
+$24.8M |
| 2 |
VanEck Associates
New York
|
+$9.75M |
| 3 |
SC
Syon Capital
San Francisco,
California
|
+$7.83M |
| 4 |
Jane Street
New York
|
+$4.75M |
| 5 |
BFG
Berger Financial Group
Plymouth,
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
Milwaukee,
Wisconsin
|
-$2.42M |
| 4 |
SFG
Sterling Financial Group
Pasadena,
California
|
-$1.15M |
| 5 |
CWM
Congress Wealth Management
Boston,
Massachusetts
|
-$770K |
HODL Hedge Fund Activity: Q1 2025 in Review
88 of the 7,472 institutional investors tracked by Wall St. Rank reported a position in VanEck Bitcoin Trust (HODL) for Q1 2025, worth a combined $249M — down 11% from $279M a quarter earlier.
Buyers outnumbered sellers: 24 funds opened new HODL positions and 14 closed out — a net gain of 10 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.
- 88 institutional investors held VanEck Bitcoin Trust (HODL) as of Q1 2025, up from 81 in Q4 2024.
- Funds reported $249M of VanEck Bitcoin Trust stock for Q1 2025, down 11% quarter-over-quarter.
- 24 funds opened new VanEck Bitcoin Trust positions in Q1 2025 and 14 closed out, a net change of +10 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.