G
Grayscale Bitcoin Trust
GBTC
Grayscale Bitcoin Trust is a publicly traded company. As of Q3 2025, 732 institutional investors hold shares in this company, with total holdings valued at $2.9B. HORIZON KINETICS ASSET MANAGEMENT LLC is the largest holder with a position valued at $1.3B.
Country
United States of America
Overview
Overview of institutional ownership in GBTC as of Q3 2025
All Institutions
- Institutions
- 732
- Value Held
- $2.9B
- Shares Held
- 31.9M
- Avg Position
- $3.9M
- Median Position
- $473.1K
Hedge Funds
- Hedge Funds
- 16
- Value Held
- $45.2M
- Shares Held
- 504.2K
- Avg Position
- $2.8M
- Median Position
- $1.0M
Biggest Investors
Institutions with the largest positions in GBTC as of Q3 2025
| Institution | Position Value |
|---|---|
 HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager | $1.3B 15.63% of portfolio |
 Multicoin Capital Management, LLC Digital Asset Manager | $118.7M 43.26% of portfolio |
L LPL Financial LLC Institution | $91.6M 0.03% of portfolio |
 HighTower Advisors, LLC RIA/Wealth | $56.2M 0.06% of portfolio |
 Wealthfront Advisers LLC RIA/Wealth | $33.5M 0.08% of portfolio |
 MRM-Horizon Advisors LLC Fund of Funds | $32.4M 13.88% of portfolio |
 EagleClaw Capital Managment, LLC RIA/Wealth | $30.0M 4.20% of portfolio |
 Moors & Cabot, Inc. RIA/Wealth | $28.4M 1.24% of portfolio |
O OLD MISSION CAPITAL LLC Institution | $27.3M 1.15% of portfolio |
 Cresset Asset Management, LLC RIA/Wealth | $26.3M 0.10% of portfolio |
Net Capital Flow
Institutional buying and selling activity for GBTC in Q3 2025
- Traded
- −$101.4M
- Buyers
- 240
- Sellers
- 251
- Total Bought
- +$105.9M
- Total Sold
- −$207.3M
- Avg Position
- $3.7M
Biggest Buyers
| Institution | Net Bought |
|---|---|
O OLD MISSION CAPITAL LLC Institution | +$21.5M +240.0K shares |
 Atlas Wealth Partners, LLC RIA/Wealth | +$13.1M +-1.6K shares |
J Jump Financial, LLC Institution | +$11.6M +129.2K shares |
 Cetera Investment Advisers RIA/Wealth | +$4.7M +52.8K shares |
 Creative Planning RIA/Wealth | +$3.5M +39.0K shares |
 MORGAN STANLEY RIA/Wealth | +$3.4M +38.3K shares |
F Financial Engines Advisors L.L.C. Institution | +$2.8M +-196.0 shares |
 NBC SECURITIES, INC. RIA/Wealth | +$2.8M +-400.0 shares |
 UNITED CAPITAL FINANCIAL ADVISERS, LLC RIA/Wealth | +$2.3M +26.0K shares |
 Summit Trail Advisors, LLC RIA/Wealth | +$2.1M +23.5K shares |
Biggest Sellers
| Institution | Net Sold |
|---|---|
J JANE STREET GROUP, LLC Institution | −$69.6M −775.4K shares |
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager | −$33.2M −370.0K shares |
 Aristides Capital LLC Real Assets | −$14.0M −164.9K shares |
 IMC-Chicago, LLC RIA/Wealth | −$13.9M −154.6K shares |
T TB Alternative Assets Ltd. Hedge Fund•Value | −$13.4M −149.0K shares |
EagleClaw Capital Managment, LLC RIA/Wealth | −$4.9M −54.5K shares |
 RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant | −$4.3M −47.9K shares |
 SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity | −$3.1M −34.7K shares |
 MAINSTAY CAPITAL MANAGEMENT LLC /ADV RIA/Wealth | −$2.2M −24.0K shares |
Wealthfront Advisers LLC RIA/Wealth | −$2.1M −23.5K shares |
Entry and Exit Activity
Institutions that initiated new positions or completely exited GBTC in Q3 2025
- New Positions
- 64
- New Value
- $35.1M
- Exited Positions
- 42
- Exited Value
- $24.6M
New Positions
| Institution | Position Value |
|---|---|
Atlas Wealth Partners, LLC RIA/Wealth | $13.1M 146.4K shares |
F Financial Engines Advisors L.L.C. Institution | $2.8M 31.6K shares |
NBC SECURITIES, INC. RIA/Wealth | $2.8M 30.9K shares |
UNITED CAPITAL FINANCIAL ADVISERS, LLC RIA/Wealth | $2.3M 26.0K shares |
Summit Trail Advisors, LLC RIA/Wealth | $2.1M 23.5K shares |
 Integras Partners LLC RIA/Wealth | $1.7M 18.4K shares |
E Exit Wealth Advisors, LLC. RIA/Wealth | $1.5M 17.1K shares |
 Trevian Wealth Management LLC RIA/Wealth | $549.0K 6.1K shares |
O OneAscent Financial Services LLC RIA/Wealth | $532.4K 5.9K shares |
 ZEGA Investments, LLC RIA/Wealth | $448.9K 5.0K shares |
Exited Positions
| Institution | Previous Position |
|---|---|
Aristides Capital LLC Real Assets | $14.0M 164.9K shares |
 Ballast, Inc. RIA/Wealth | $1.9M 22.3K shares |
 Advyzon Investment Management, LLC RIA/Wealth | $1.1M 12.9K shares |
C CANTOR FITZGERALD, L. P. Institution | $698.3K 8.2K shares |
 SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth | $577.7K 6.8K shares |
 AlphaStar Capital Management, LLC RIA/Wealth | $487.5K 5.7K shares |
T TWO SIGMA SECURITIES, LLC Institution | $485.8K 5.7K shares |
 BKD Wealth Advisors, LLC RIA/Wealth | $481.8K 5.7K shares |
 SFMG, LLC Fund of Funds | $456.6K 5.4K shares |
 Main Street Financial Solutions, LLC RIA/Wealth | $436.5K 5.1K shares |
Options Activity
Institutions with the largest Call and Put options positions in GBTC as of Q3 2025
- Call Positions
- 12
- Call Value
- $198.9M
- Put Positions
- 6
- Put Value
- $51.1M
Call Positions
| Institution | Position Value |
|---|---|
A ALKEON CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short | $58.4M 6.5K contracts |
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity | $39.2M 4.4K contracts |
 Vident Advisory, LLC ETF Provider | $37.3M 4.2K contracts |
 CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy | $31.9M 3.6K contracts |
J JANE STREET GROUP, LLC Institution | $21.4M 2.4K contracts |
W WOLVERINE TRADING, LLC Institution | $5.8M 642.0 contracts |
 Walleye Trading LLC RIA/Wealth | $2.8M 316.0 contracts |
B Belvedere Trading LLC Institution | $1.1M 128.0 contracts |
O OLD MISSION CAPITAL LLC Institution | $874.4K 4.2K contracts |
 Lido Advisors, LLC RIA/Wealth | $44.9K 5.0 contracts |
Put Positions
| Institution | Position Value |
|---|---|
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity | $22.0M 2.5K contracts |
J JANE STREET GROUP, LLC Institution | $12.7M 1.4K contracts |
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy | $11.3M 1.3K contracts |
W WOLVERINE TRADING, LLC Institution | $3.6M 399.0 contracts |
Walleye Trading LLC RIA/Wealth | $942.6K 105.0 contracts |
B Belvedere Trading LLC Institution | $538.6K 60.0 contracts |
Most Committed Institutions
Institutions with GBTC as the highest % of their portfolio as of Q3 2025
| Institution | Portfolio Weight |
|---|---|
Multicoin Capital Management, LLC Digital Asset Manager | 43.26% $118.7M |
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager | 15.63% $1.3B |
MRM-Horizon Advisors LLC Fund of Funds | 13.88% $32.4M |
Atlas Wealth Partners, LLC RIA/Wealth | 13.45% $13.1M |
 Variant Private Wealth, LLC RIA/Wealth | 8.08% $8.8M |
 SLT Holdings LLC RIA/Wealth | 7.24% $11.0M |
 One Charles Private Wealth Services, LLC RIA/Wealth | 6.89% $26.0M |
 Guild Investment Management, Inc. RIA/Wealth | 4.77% $6.0M |
 Citrine Capital LLC RIA/Wealth | 4.30% $9.3M |
EagleClaw Capital Managment, LLC RIA/Wealth | 4.20% $30.0M |
Hedge Fund Spotlight
Discover hedge funds investing in GBTC
T
TB Alternative Assets Ltd.
Hedge Fund • Value
Portfolio ManagerShujun Li
- Portfolio Value
- $668.4M
- Positions
- 48
- Last Reported
- Q3 2025
Sector Allocation
G
Position in Grayscale Bitcoin Trust
- Market Value
- $7.7M
- Shares Held
- 85.7K
- Portfolio Weight
- 1.15%
- Owned Since
- 2024-Q4
| Top Holding | Sector | Market Value | Weight |
|---|---|---|---|
Internet Content & Information Communication Services | $77.0M | 11.52% | |
Internet Content & Information Communication Services | $58.6M | 8.76% | |
Semiconductors Technology | $51.3M | 7.67% |
