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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$330M |
| 2 |
AT
Avenir Tech
Hong Kong
|
+$184M |
| 3 |
BlackRock
New York
|
+$172M |
| 4 |
BCP
BSN Capital Partners
London,
United Kingdom
|
+$148M |
| 5 |
Citadel Advisors
Miami,
Florida
|
+$110M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
-$649M |
| 2 |
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
Madison,
Wisconsin
|
-$322M |
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.