VanEck Bitcoin Trust
HODL
135 hedge funds and large institutions have $482M invested in VanEck Bitcoin Trust in 2025 Q4 according to their latest regulatory filings, with 40 funds opening new positions, 47 increasing their positions, 26 reducing their positions, and 29 closing their positions.
91% more call options, than puts
Call options by funds: $482K | Put options by funds: $252K
81% more repeat investments, than reductions
Existing positions increased: 47 | Existing positions reduced: 26
38% more first-time investments, than exits
New positions opened: 40 | Existing positions closed: 29
9% more funds holding
Funds holding: 124 → 135 (+11)
4.54% more ownership
Funds ownership: 25.42% → 29.96% (+4.5%)
10% less capital invested
Capital invested by funds: $536M → $482M (-$53.2M)
50% less funds holding in top 10
Funds holding in top 10: 2 → 1 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$28.8M |
| 2 |
VanEck Associates
New York
|
+$26.1M |
| 3 |
TI
Tidal Investments
Milwaukee,
Wisconsin
|
+$24.7M |
| 4 |
BFG
Bouchey Financial Group
Troy,
New York
|
+$19.4M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$10.4M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
NIM
NEOS Investment Management
Westport,
Connecticut
|
-$17.7M |
| 2 |
HHGC
Hunting Hill Global Capital
New York
|
-$16.3M |
| 3 |
NA
NewEdge Advisors
New Orleans,
Louisiana
|
-$7.17M |
| 4 |
CIM
Cambria Investment Management
Manhattan Beach,
California
|
-$6.94M |
| 5 |
TF
Trek Financial
Scottsdale,
Arizona
|
-$6.19M |
HODL Hedge Fund Activity: Q4 2025 in Review
135 of the 8,284 institutional investors tracked by Wall St. Rank reported a position in VanEck Bitcoin Trust (HODL) for Q4 2025, worth a combined $482M — down 9.9% from $536M a quarter earlier.
Buyers outnumbered sellers: 40 funds opened new HODL positions and 29 closed out — a net gain of 11 holders — while 47 added to existing stakes and 26 trimmed.
The largest buyer was Jane Street, adding an estimated $28.8M. The largest seller was NEOS Investment Management, cutting an estimated $17.7M.
- 135 institutional investors held VanEck Bitcoin Trust (HODL) as of Q4 2025, up from 124 in Q3 2025.
- Funds reported $482M of VanEck Bitcoin Trust stock for Q4 2025, down 9.9% quarter-over-quarter.
- 40 funds opened new VanEck Bitcoin Trust positions in Q4 2025 and 29 closed out, a net change of +11 holders.
- The largest VanEck Bitcoin Trust buyer in Q4 2025 was Jane Street, an estimated $28.8M added.
- The largest VanEck Bitcoin Trust seller in Q4 2025 was NEOS Investment Management, an estimated $17.7M sold.
Based on aggregated 13F filings for Q4 2025.