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iShares Bitcoin Trust
IBIT

1,180 hedge funds and large institutions have $12.8B invested in iShares Bitcoin Trust in 2025 Q1 according to their latest regulatory filings, with 229 funds opening new positions, 607 increasing their positions, 221 reducing their positions, and 136 closing their positions.

New
Increased
Maintained
Reduced
Closed

175% more repeat investments, than reductions

Existing positions increased: 607 | Existing positions reduced: 221

68% more first-time investments, than exits

New positions opened: 229 | Existing positions closed: 136

52% more call options, than puts

Call options by funds: $3.7B | Put options by funds: $2.44B

6% more funds holding

Funds holding: 1,111 → 1,180 (+69)

6% less funds holding in top 10

Funds holding in top 10: 84 → 79 (-5)

6.9% less ownership

Funds ownership: 33.87% → 26.97% (-6.9%)

28% less capital invested

Capital invested by funds: $17.8B → $12.8B (-$4.96B)

Holders
1,180
Holders Change
+69
Holders Change %
+6.21%
% of All Funds
15.82%
Holding in Top 10
79
Holding in Top 10 Change
-5
Holding in Top 10 Change %
-5.95%
% of All Funds
1.06%
New
229
Increased
607
Reduced
221
Closed
136
Calls
$3.7B
Puts
$2.44B
Net Calls
+$1.27B
Net Calls Change
+$536M

Top Buyers

Rank Fund Capital Flow
1
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$330M
2
AT
Avenir Tech
Hong Kong
+$184M
3
BlackRock
BlackRock
New York
+$172M
4
BCP
BSN Capital Partners
United Kingdom
+$148M
5
Citadel Advisors
Citadel Advisors
Florida
+$110M

Top Sellers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
-$649M
2
Jane Street
Jane Street
New York
-$507M
3
SC
Sculptor Capital
New York
-$500M
4
JCAM
Jericho Capital Asset Management
New York
-$378M
5
State of Wisconsin Investment Board
State of Wisconsin Investment Board
Wisconsin
-$322M
Name Holding Trade Value Shares
Change 		Change in
Stake
GCM
26
Graham Capital Management
Connecticut
$104M -$7.2M -136,037 -6%
WAM
27
Weiss Asset Management
Massachusetts
$99M +$9.09M +171,759 +9%
PC
28
ParaFi Capital
New York
$88.4M – – –
CF
29
Cantor Fitzgerald
New York
$86M +$10.6M +201,093 +12%
Bank of Montreal
30
Bank of Montreal
Ontario, Canada
$71.8M -$18.6M -350,921 -19%
CHP
31
Castle Hook Partners
New York
$70.1M +$40.4M +763,608 +104%
PAM
32
Pinpoint Asset Management
Hong Kong
$69.4M – – –
DS
33
DRW Securities
Illinois
$67.6M -$280M -5,291,028 -79%
FIG
34
Fortress Investment Group
New York
$62M – – –
LPL Financial
35
LPL Financial
California
$60M +$28M +529,396 +70%
KC
36
Kaleidoscope Capital
Massachusetts
$54.7M +$51.5M +973,640 +499%
Betterment LLC
37
Betterment LLC
New York
$40.7M +$5.4M +102,070 +13%
HKAM
38
Horizon Kinetics Asset Management
New York
$40.7M +$320K +6,048 +0.7%
MC
39
Maplelane Capital
New York
$40.5M +$5.83M +110,103 +15%
Verition Fund Management
40
Verition Fund Management
Connecticut
$37.9M -$13.7M -258,127 -24%
OCM
41
Ovata Capital Management
Hong Kong
$35.9M +$18M +340,200 +81%
TC
42
Tairen Capital
Hong Kong
$34.5M +$39M +737,600 New
PAG
43
Private Advisor Group
New Jersey
$33.3M +$15.5M +292,019 +70%
Wealthfront Advisers
44
Wealthfront Advisers
California
$33.1M +$10.1M +190,109 +37%
AO
45
Allen Operations
New York
$31.4M +$35.5M +670,200 New
FSA
46
Financial Sense Advisors
California
$31.2M +$2.03M +38,303 +6%
TGCMU
47
Titan Global Capital Management USA
New York
$30.7M -$3.07M -58,027 -8%
PNC Financial Services Group
48
PNC Financial Services Group
Pennsylvania
$30.1M +$2.93M +55,308 +9%
IAMH
49
IvyRock Asset Management (HK)
Hong Kong
$28.7M +$26.5K +500 +0.1%
Commonwealth Equity Services
50
Commonwealth Equity Services
Massachusetts
$27.4M +$4.11M +77,576 +15%
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IBIT Hedge Fund Activity: Q1 2025 in Review

1,180 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in iShares Bitcoin Trust (IBIT) for Q1 2025, worth a combined $12.8B — down 28% from $17.8B a quarter earlier.

Buyers outnumbered sellers: 229 funds opened new IBIT positions and 136 closed out — a net gain of 93 holders — while 607 added to existing stakes and 221 trimmed.

The largest buyer was Susquehanna International Group, adding an estimated $330M. The largest seller was Millennium Management, cutting an estimated $649M.

  • 1,180 institutional investors held iShares Bitcoin Trust (IBIT) as of Q1 2025, up from 1,111 in Q4 2024.
  • Funds reported $12.8B of iShares Bitcoin Trust stock for Q1 2025, down 28% quarter-over-quarter.
  • 229 funds opened new iShares Bitcoin Trust positions in Q1 2025 and 136 closed out, a net change of +93 holders.
  • The largest iShares Bitcoin Trust buyer in Q1 2025 was Susquehanna International Group, an estimated $330M added.
  • The largest iShares Bitcoin Trust seller in Q1 2025 was Millennium Management, an estimated $649M sold.

Based on aggregated 13F filings for Q1 2025.