iShares Bitcoin Trust
IBIT
1,659 hedge funds and large institutions have $18.8B invested in iShares Bitcoin Trust in 2025 Q4 according to their latest regulatory filings, with 304 funds opening new positions, 790 increasing their positions, 396 reducing their positions, and 239 closing their positions.
99% more repeat investments, than reductions
Existing positions increased: 790 | Existing positions reduced: 396
29% more call options, than puts
Call options by funds: $10.6B | Put options by funds: $8.24B
27% more first-time investments, than exits
New positions opened: 304 | Existing positions closed: 239
2% more funds holding
Funds holding: 1,625 → 1,659 (+34)
2.96% less ownership
Funds ownership: 30.77% → 27.81% (-3%)
18% less funds holding in top 10
Funds holding in top 10: 131 → 107 (-24)
30% less capital invested
Capital invested by funds: $26.9B → $18.8B (-$8.07B)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
+$785M |
| 2 |
Jane Street
New York
|
+$404M |
| 3 |
MIC
Mubadala Investment Company
Abu Dhabi,
United Arab Emirates
|
+$226M |
| 4 |
Citadel Advisors
Miami,
Florida
|
+$156M |
| 5 |
BlackRock
New York
|
+$135M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BHCM
Brevan Howard Capital Management
St. Helier,
Jersey
|
-$1.77B |
| 2 |
Goldman Sachs
New York
|
-$754M |
| 3 |
SI
Symmetry Investments
St Helier,
Jersey
|
-$530M |
| 4 |
CS
Clear Street
New York
|
-$402M |
| 5 |
FCM
Farallon Capital Management
San Francisco,
California
|
-$276M |
IBIT Hedge Fund Activity: Q4 2025 in Review
1,659 institutional investors reported a position in iShares Bitcoin Trust (IBIT) for Q4 2025, worth a combined $18.8B — down 30% from $26.9B a quarter earlier.
Buyers outnumbered sellers: 304 funds opened new IBIT positions and 239 closed out — a net gain of 65 holders — while 790 added to existing stakes and 396 trimmed.
The largest buyer was Millennium Management, adding an estimated $785M. The largest seller was Brevan Howard Capital Management, cutting an estimated $1.77B.
- 1,659 institutional investors held iShares Bitcoin Trust (IBIT) as of Q4 2025, up from 1,625 in Q3 2025.
- Funds reported $18.8B of iShares Bitcoin Trust stock for Q4 2025, down 30% quarter-over-quarter.
- 304 funds opened new iShares Bitcoin Trust positions in Q4 2025 and 239 closed out, a net change of +65 holders.
- The largest iShares Bitcoin Trust buyer in Q4 2025 was Millennium Management, an estimated $785M added.
- The largest iShares Bitcoin Trust seller in Q4 2025 was Brevan Howard Capital Management, an estimated $1.77B sold.
Based on aggregated 13F filings for Q4 2025.