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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
FA
201
Fedenia Advisers
Wisconsin
$4.28M +$83K +1,568 +2%
CAM
202
Cobblestone Asset Management
Virginia
$4.25M +$288K +5,436 +6%
BWM
203
BigSur Wealth Management
Florida
$4.24M +$2.25M +42,560 +89%
TC
204
TownSquare Capital
Utah
$4.23M +$2.67M +50,467 +126%
Squarepoint
205
Squarepoint
New York
$4.23M +$4.78M +90,303 New
KWM
206
Kingsview Wealth Management
Oregon
$4.17M +$707K +13,349 +18%
First Trust Advisors
207
First Trust Advisors
Illinois
$4.14M -$885K -16,724 -16%
VWA
208
Visionary Wealth Advisors
Illinois
$4.13M +$576K +10,881 +14%
FAM
209
Forte Asset Management
New York
$4.13M +$747K +14,105 +19%
AC
210
Avestar Capital
New York
$4.12M +$260K +4,917 +6%
AWA
211
Arkadios Wealth Advisors
Georgia
$4.07M +$2.28M +43,055 +98%
CLOS
212
Compagnie Lombard Odier SCmA
Switzerland
$3.98M +$1.88M +35,585 +72%
Mercer Global Advisors
213
Mercer Global Advisors
Colorado
$3.97M -$2.21M -41,739 -33%
BM
214
Bridger Management
New York
$3.89M -$1.33M -25,081 -23%
Northern Trust
215
Northern Trust
Illinois
$3.88M +$2.08M +39,274 +90%
FWMM
216
Foundation Wealth Management (Missouri)
Missouri
$3.88M +$4.17M +78,778 +1,900%
GF
217
Gries Financial
Ohio
$3.84M +$4.34M +82,059 New
TCA
218
Transcend Capital Advisors
New Jersey
$3.75M -$715K -13,501 -14%
SWA
219
Stratos Wealth Advisors
Ohio
$3.73M +$3.66M +69,070 +653%
M
220
MATAURO
New York
$3.73M +$1.43M +26,999 +51%
FEG
221
Financial Enhancement Group
Indiana
$3.68M +$116K +2,198 +3%
ACP
222
Aveo Capital Partners
Colorado
$3.67M +$1.22M +23,120 +53%
ACMH
223
Andar Capital Management (HK)
Hong Kong
$3.67M -$1.38M -26,100 -25%
MOS
224
MGO One Seven
Ohio
$3.65M +$814K +15,378 +25%
Fifth Third Bancorp
225
Fifth Third Bancorp
Ohio
$3.64M +$3.67M +69,344 +821%
7 8
9
10 11

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.