iShares Bitcoin Trust
IBIT
1,189 hedge funds and large institutions have $12.8B invested in iShares Bitcoin Trust in 2025 Q1 according to their latest regulatory filings, with 232 funds opening new positions, 613 increasing their positions, 221 reducing their positions, and 135 closing their positions.
177% more repeat investments, than reductions
Existing positions increased: 613 | Existing positions reduced: 221
72% more first-time investments, than exits
New positions opened: 232 | Existing positions closed: 135
52% more call options, than puts
Call options by funds: $3.7B | Put options by funds: $2.44B
7% more funds holding
Funds holding: 1,115 → 1,189 (+74)
6% less funds holding in top 10
Funds holding in top 10: 84 → 79 (-5)
6.95% less ownership
Funds ownership: 33.87% → 26.92% (-6.9%)
56% less capital inflows, than outflows
Capital inflows: $2.3B | Capital outflows: $5.23B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$330M |
| 2 |
Avenir Tech
Hong Kong
|
+$184M |
| 3 |
BlackRock
New York
|
+$172M |
| 4 |
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 |
Sculptor Capital
New York
|
-$500M |
| 4 |
Jericho Capital Asset Management
New York
|
-$378M |
| 5 |
State of Wisconsin Investment Board
Madison,
Wisconsin
|
-$322M |
IBIT Hedge Fund Activity: Q1 2025 in Review
1,189 of the 7,483 institutional investors tracked by Wall St. Rank reported a position in iShares Bitcoin Trust (IBIT) for Q1 2025, worth a combined $12.8B — down 26% from $17.3B a quarter earlier.
Buyers outnumbered sellers: 232 funds opened new IBIT positions and 135 closed out — a net gain of 97 holders — while 613 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.
- 1,189 institutional investors held iShares Bitcoin Trust (IBIT) as of Q1 2025, up from 1,115 in Q4 2024.
- Funds reported $12.8B of iShares Bitcoin Trust stock for Q1 2025, down 26% quarter-over-quarter.
- 232 funds opened new iShares Bitcoin Trust positions in Q1 2025 and 135 closed out, a net change of +97 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.