Vault-13

BITWISE BITCOIN ETF TR BITB

SHS BEN INT · ETP · CUSIP 09174C104

314 institutional holders -5 vs Q3 2025
21,781,49421.8m shares reported held*
$1.0bnreported value*
45 new 141 added 68 reduced 62 sold out net bought ≈ $32.0m (+701.4k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($32.0k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $47.52. Options: 9 managers hold calls ($48.4m notional), 6 hold puts ($14.7m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q1 24: 106Q2 24: 145Q3 24: 156Q4 24: 235Q1 25: 250Q2 25: 293Q3 25: 319Q4 25: 314314Q1 24Q3 24Q1 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 2024106
Q2 2024145
Q3 2024156
Q4 2024235
Q1 2025250
Q2 2025293
Q3 2025319
Q4 2025314

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q2 24: 106 bought or addedQ2 24: 25 cut or sold outQ2 24Q3 24: 95 bought or addedQ3 24: 38 cut or sold outQ4 24: 154 bought or addedQ4 24: 42 cut or sold outQ4 24Q1 25: 150 bought or addedQ1 25: 81 cut or sold outQ2 25: 179 bought or addedQ2 25: 69 cut or sold outQ2 25Q3 25: 187 bought or addedQ3 25: 80 cut or sold outQ4 25: 186 bought or addedQ4 25: 130 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 202410625
Q3 20249538
Q4 202415442
Q1 202515081
Q2 202517969
Q3 202518780
Q4 2025186130

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60mQ1 25 calls: $21.0mQ1 25 puts: $6.8mQ1 25P/C 0.32Q2 25 calls: $32.6mQ2 25 puts: $14.3mQ2 25P/C 0.44Q3 25 calls: $34.8mQ3 25 puts: $15.4mQ3 25P/C 0.44Q4 25 calls: $48.4mQ4 25 puts: $14.7mQ4 25P/C 0.30
Numbers
QuarterCallsPutsP/C
Q1 2025$21.0m$6.8m0.32
Q2 2025$32.6m$14.3m0.44
Q3 2025$34.8m$15.4m0.44
Q4 2025$48.4m$14.7m0.30

Biggest buyers

WELLS FARGO & COMPANY/MN Added +627,405+627.4k
Consolidated Portfolio Review Corp Added +322,613+322.6k
Schonfeld Strategic Advisors LLC Added +315,860+315.9k
JOURNEY STRATEGIC WEALTH LLC New +299,225+299.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +277,944+277.9k
HRT FINANCIAL LP Added +194,159+194.2k
Avenir Tech Ltd New +173,163+173.2k
HighTower Advisors, LLC Added +139,165+139.2k
Beaird Harris Wealth Management, LLC Added +122,276+122.3k
Vise Technologies, Inc. Added +119,490+119.5k

Biggest sellers

JANE STREET GROUP, LLC Reduced -725,214-725.2k
IMC-Chicago, LLC Sold out -480,764-480.8k
Pantera Capital Partners LP Sold out -460,000-460.0k
HBK INVESTMENTS L P Sold out -251,122-251.1k
Elequin Capital, LP Reduced -233,733-233.7k
Hunting Hill Global Capital, LLC Sold out -231,430-231.4k
Sculptor Capital LP Reduced -229,879-229.9k
Virtu Financial LLC Reduced -211,331-211.3k
Jump Financial, LLC Sold out -148,567-148.6k
OLD MISSION CAPITAL LLC Sold out -107,257-107.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $19.0m399.5k shares
SIMPLEX TRADING, LLC Added $10.2m215.1k shares
CITADEL ADVISORS LLC Added $9.0m190.2k shares
IMC-Chicago, LLC New $5.5m115.6k shares
JANE STREET GROUP, LLC Added $3.3m69.8k shares
Walleye Trading LLC Added $1.0m21.8k shares
MGO ONE SEVEN LLC Reduced $237.8k5.0k shares
RFG Holdings, Inc. New $9.5k200 shares
Ankerstar Wealth, LLC First filing $118500 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.7m78.0k shares
CITADEL ADVISORS LLC Reduced $3.7m77.9k shares
IMC-Chicago, LLC New $2.4m49.7k shares
JANE STREET GROUP, LLC Added $2.2m47.3k shares
Walleye Trading LLC Added $1.6m33.2k shares
SIMPLEX TRADING, LLC Reduced $1.1m22.7k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MILLENNIUM MANAGEMENT LLC 0.12% of their portfolio NEW YORK, NY 3,605,1793.6m $171.5m $171.5m 0.12% Added +102.1k +102,140
2 ParaFi Capital LP 26.12% of their portfolio NEW YORK, NY 1,960,0002.0m $93.2m $93.2m 26.12% Unchanged
3 Schonfeld Strategic Advisors LLC 0.26% of their portfolio NEW YORK, NY 1,105,5121.1m $52.6m $52.6m 0.26% Added +315.9k +315,860
4 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 821,082821.1k $39.1m $39.1m 0.01% Added +627.4k +627,405
5 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 775,287775.3k $36.9m $36.9m 0.02% Added +82.2k +82,186
6 Beaird Harris Wealth Management, LLC 2.52% of their portfolio DALLAS, TX 768,789768.8k $36.6m $36.6m 2.52% Added +122.3k +122,276
7 Tidal Investments LLC 0.10% of their portfolio Milwaukee, WI 479,204479.2k $22.8m $22.8m 0.10% Reduced -53.1k -53,065
8 KALEIDOSCOPE CAPITAL LP 8.17% of their portfolio BOSTON, MA 449,780449.8k $21.4m $21.4m 8.17% Reduced -99.6k -99,619
9 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 436,714436.7k $20.8m $20.8m 0.02% Reduced -725.2k -725,214
10 Pine Ridge Advisers LLC 1.10% of their portfolio NEW YORK, NY 336,325336.3k $16.0m $16.0m 1.10% Unchanged
11 Consolidated Portfolio Review Corp 1.38% of their portfolio WOODBURY, NY 336,325336.3k $16.0m $16.0m 1.38% Added +322.6k +322,613
12 Sculptor Capital LP 0.18% of their portfolio New York, NY 321,399321.4k $15.3m $15.3m 0.18% Reduced -229.9k -229,879
13 Magnus Financial Group LLC 1.13% of their portfolio NEW YORK, NY 311,959312.0k $14.8m $14.8m 1.13% Added +62.8k +62,757
14 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 305,908305.9k $14.5m $14.5m 0.02% Added +277.9k +277,944
15 JOURNEY STRATEGIC WEALTH LLC 0.37% of their portfolio SUMMIT, NJ 299,225299.2k $14.2m $14.2m 0.37% New
16 HRT FINANCIAL LP 0.06% of their portfolio NEW YORK, NY 290,739290.7k $13.8m $13.8m 0.06% Added +194.2k +194,159
17 CWM, LLC 0.04% of their portfolio OMAHA, NE 278,351278.4k $13.2m $13.2m 0.04% Added +27.8k +27,812
18 TRAPHAGEN INVESTMENT ADVISORS LLC 1.00% of their portfolio ORADELL, NJ 255,890255.9k $12.2m $12.2m 1.00% Added +9.6k +9,625
19 Ankerstar Wealth, LLC 10.23% of their portfolio LEANDER, TX 216,080216.1k $10.3m $10.3m 10.23% First filing
20 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 207,107207.1k $9.8m $9.8m 0.01% Added +139.2k +139,165
21 Fielder Capital Group LLC 2.06% of their portfolio NASHVILLE, TN 203,873203.9k $9.7m $9.7m 2.06% Reduced -902 -902
22 Refined Wealth Management 6.40% of their portfolio SALT LAKE CITY, UT 199,766199.8k $9.5m $9.5m 6.40% Added +12.0k +12,038
23 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 197,084197.1k $9.4m $9.4m 0.01% Added +104.2k +104,232
24 Crumly & Associates Inc. 1.94% of their portfolio SPRINGFIELD, IL 194,851194.9k $9.3m $9.3m 1.94% Added +39.5k +39,497
25 Clear Creek Financial Management, LLC 0.75% of their portfolio SILVERDALE, WA 193,511193.5k $9.2m $9.2m 0.75% Reduced -18.7k -18,689
26 Orion Porfolio Solutions, LLC 0.06% of their portfolio OMAHA, NE 179,964180.0k $8.6m $8.6m 0.06% Added +3.2k +3,214
27 RPg Family Wealth Advisory, LLC 1.87% of their portfolio BURLINGTON, MA 178,477178.5k $8.5m $8.5m 1.87% Reduced -1.7k -1,671
28 Avenir Tech Ltd 0.80% of their portfolio CENTRAL, HONG KONG, K3 173,163173.2k $8.2m $8.2m 0.80% New
29 Vise Technologies, Inc. 0.15% of their portfolio NEW YORK, NY 165,386165.4k $7.9m $7.9m 0.15% Added +119.5k +119,490
30 Elequin Capital, LP 0.99% of their portfolio NEW YORK, NY 160,000160.0k $7.6m $7.6m 0.99% Reduced -233.7k -233,733
31 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 159,352159.4k $7.6m $7.6m 0.02% Added +23.3k +23,326
32 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 157,940157.9k $7.9m $7.9m 0.01% Added +50.2k +50,157
33 Artemis Wealth Advisors, LLC 1.19% of their portfolio Port Washington, NY 150,000150.0k $7.1m $7.1m 1.19% Unchanged
34 Carter Financial Group, INC. 3.81% of their portfolio BARRINGTON, IL 134,982135.0k $6.4m $6.4m 3.81% Added +5.5k +5,548
35 UNIQUE WEALTH, LLC 0.88% of their portfolio TAMPA, FL 132,620132.6k $6.3m $6.3m 0.88% Added +21.7k +21,703
36 GUGGENHEIM CAPITAL LLC 0.04% of their portfolio CHICAGO, IL 122,295122.3k $5.8m $5.8m 0.04% Added +31.7k +31,654
37 Sanctuary Advisors, LLC 0.03% of their portfolio INDIANAPOLIS, IN 122,282122.3k $5.8m $5.8m 0.03% Added +43.7k +43,677
38 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 114,480114.5k $5.4m $5.4m 0.00% Reduced -644 -644
39 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 114,328114.3k $5.4m $5.4m 0.01% Reduced -18.0k -18,043
40 Visionary Wealth Advisors 0.24% of their portfolio O'FALLON, IL 112,343112.3k $5.3m $5.3m 0.24% Added +4.1k +4,146
41 IEQ CAPITAL, LLC 0.02% of their portfolio Foster City, CA 112,213112.2k $5.3m $5.3m 0.02% Added +14.8k +14,812
42 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 111,234111.2k $5.3m $5.3m 0.00% Reduced -31.1k -31,083
43 MAGNOLIA CAPITAL ADVISORS LLC 1.11% of their portfolio RIDGELAND, MS 111,163111.2k $5.3m $5.3m 1.11% Added +41.9k +41,918
44 BEAM WEALTH ADVISORS, INC. 1.39% of their portfolio COVINGTON, LA 106,412106.4k $5.1m $5.1m 1.39% Reduced -374 -374
45 Farringdon Capital, Ltd. 1.23% of their portfolio LONDON, X0 105,408105.4k $5.0m $5.0m 1.23% Added +31.1k +31,130
46 Financial Management Professionals, Inc. 0.50% of their portfolio AUSTIN, TX 101,484101.5k $4.8m $4.8m 0.50% Added +94.7k +94,691
47 Kesler, Norman & Wride, LLC 0.82% of their portfolio OGDEN, UT 100,358100.4k $4.8m $4.8m 0.82% New
48 Summit Financial, LLC 0.07% of their portfolio PARSIPPANY, NJ 98,14598.1k $4.7m $4.7m 0.07% Reduced -102 -102
49 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 92,60892.6k $4.4m $4.4m 0.00% Added +21.9k +21,935
50 White Knight Strategic Wealth Advisors, LLC 3.22% of their portfolio PRINCETON, NJ 92,40692.4k $4.4m $4.4m 3.22% Added +2.6k +2,647
51 Soltis Investment Advisors LLC 0.28% of their portfolio ST. GEORGE, UT 89,00389.0k $4.2m $4.2m 0.28% Added +19.8k +19,830
52 Proficio Capital Partners LLC 0.29% of their portfolio NEWTON, MA 87,61987.6k $4.2m $4.2m 0.29% Added +53.5k +53,452
53 DRW Securities, LLC 0.30% of their portfolio CHICAGO, IL 82,24182.2k $3.9m $3.9m 0.30% New
54 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 79,70079.7k $3.8m $3.8m 0.01% Added +65.1k +65,100
55 Betterment LLC 0.01% of their portfolio NEW YORK, NY 78,85678.9k $3.8m $3.8m 0.01% Added +1.8k +1,841
56 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 73,41473.4k $3.7m $3.7m 0.00% Added +39.4k +39,351
57 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 70,34170.3k $3.3m $3.3m 0.00% Added +4.9k +4,942
58 HIGHLINE WEALTH PARTNERS LLC 0.93% of their portfolio SHERMAN OAKS, CA 69,78569.8k $3.3m $3.3m 0.93% Reduced -4.6k -4,647
59 Claro Advisors Inc. 0.44% of their portfolio BOSTON, MA 68,11668.1k $3.2m $3.2m 0.44% Reduced -55 -55
60 WT Wealth Management 0.93% of their portfolio SCOTTSDALE, AZ 67,94567.9k $3.2m $3.2m 0.93% Added +9.5k +9,494
61 OPTIMA CAPITAL LLC 1.35% of their portfolio PORTLAND, OR 65,32865.3k $3.1m $3.1m 1.35% Added +2.9k +2,861
62 KMG FIDUCIARY PARTNERS, LLC 0.22% of their portfolio TOLEDO, OH 65,11965.1k $3.1m $3.1m 0.22% Added +3.8k +3,800
63 Kingsview Wealth Management, LLC 0.04% of their portfolio GRANTS PASS, OR 63,96764.0k $3.0m $3.0m 0.04% Reduced -28.2k -28,245
64 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.05% of their portfolio MINNEAPOLIS, MN 62,85062.9k $3.0m $3.0m 0.05% Added +16.5k +16,463
65 MEITAV INVESTMENT HOUSE LTD 0.03% of their portfolio BENE-BERAQ, L3 59,89559.9k $2.8m $2.8m 0.03% Added +11.5k +11,466
66 Wiser Wealth Management, Inc 0.63% of their portfolio MARIETTA, GA 59,65559.7k $2.8m $2.8m 0.63% Added +14.1k +14,139
67 Balance Wealth Partners LLC 0.87% of their portfolio WORTHINGTON, OH 57,30857.3k $2.7m $2.7m 0.87% Added +22.6k +22,567
68 Winthrop Capital Management, LLC 0.60% of their portfolio Carmel, IN 53,77953.8k $2.6m $2.6m 0.60% Added +53.5k +53,544
69 VANCE WEALTH, LLC 0.73% of their portfolio SANTA CLARITA, CA 51,79051.8k $2.5m $2.5m 0.73% Added +8.7k +8,710
70 a16z Perennial Management, L.P. 0.19% of their portfolio MENLO PARK, CA 50,50250.5k $2.4m $2.4m 0.19% Added +34.5k +34,541
71 Palatine Hill Wealth Management, LLC 1.91% of their portfolio BIRMINGHAM, MI 49,76149.8k $2.4m $2.4m 1.91% First filing
72 Embree Financial Group 0.27% of their portfolio Chicago, IL 45,33145.3k $2.2m $2.2m 0.27% Reduced -2.0k -2,028
73 Perigon Wealth Management, LLC 0.04% of their portfolio SAN FRANCISCO, CA 44,41544.4k $2.1m $2.1m 0.04% Added +3.4k +3,428
74 Salus Financial Advisors, LLC 1.25% of their portfolio COLORADO SPRINGS, CO 43,87343.9k $2.1m $2.1m 1.25% Added +2.5k +2,514
75 Advance Capital Management, Inc. 0.09% of their portfolio SOUTHFIELD, MI 43,60643.6k $2.1m $2.1m 0.09% Reduced -40.5k -40,493
76 MRP Capital Investments, LLC 1.69% of their portfolio ALPHARETTA, GA 42,40042.4k $2.0m $2.0m 1.69% Added +11.1k +11,142
77 Ovata Capital Management Ltd 0.23% of their portfolio HONG KONG, K3 39,97740.0k $1.9m $1.9m 0.23% Unchanged
78 Mason & Associates Inc 0.35% of their portfolio LOS ANGELES, CA 39,20439.2k $1.9m $1.9m 0.35% Added +8.7k +8,652
79 OneDigital Investment Advisors LLC 0.02% of their portfolio OVERLAND PARK, KS 36,28536.3k $1.7m $1.7m 0.02% New
80 Signature Wealth Management Group 0.69% of their portfolio ATLANTA, GA 35,40335.4k $1.7m $1.7m 0.69% Added +2.5k +2,476
81 FF Advisors,LLC 0.75% of their portfolio MANHATTAN BEACH, CA 35,32535.3k $1.7m $1.7m 0.75% Added +137 +137
82 RPO LLC 1.74% of their portfolio Stamford, CT 31,90031.9k $1.5m $1.5m 1.74% Reduced -29.6k -29,585
83 SILVER OAK SECURITIES, INCORPORATED 0.10% of their portfolio JACKSON, TN 31,55031.6k $1.5m $1.5m 0.10% Added +1.6k +1,643
84 LAKE STREET PRIVATE WEALTH, LLC 0.18% of their portfolio CHICAGO, IL 30,92630.9k $1.5m $1.5m 0.18% Added +778 +778
85 Well Done, LLC 0.22% of their portfolio HOLLAND, MI 30,68430.7k $1.5m $1.5m 0.22% Added +14.0k +14,003
86 BXM Wealth LLC 0.06% of their portfolio Englewood, CO 30,32430.3k $74.1k $74.1k 0.06% New
87 Savant Capital, LLC 0.01% of their portfolio ROCKFORD, IL 30,05330.1k $1.4m $1.4m 0.01% Added +25.8k +25,756
88 Mariner, LLC 0.00% of their portfolio Overland Park, KS 29,92329.9k $1.4m $1.4m 0.00% Added +75 +75
89 Arax Advisory Partners 0.04% of their portfolio NEW YORK, NY 29,20529.2k $1.4m $1.4m 0.04% Added +17.2k +17,223
90 Arete Wealth Advisors, LLC 0.09% of their portfolio CHICAGO, IL 28,45928.5k $1.4m $1.4m 0.09% Reduced -1.2k -1,154
91 Strategic Family Wealth Counselors, L.L.C. 0.30% of their portfolio FAIRFIELD, NJ 27,68727.7k $1.3m $1.3m 0.30% New
92 Brookstone Capital Management 0.01% of their portfolio WHEATON, IL 26,82826.8k $1.3m $1.3m 0.01% Added +4.7k +4,689
93 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 25,99226.0k $1.2m $1.2m 0.01% Reduced -7.9k -7,855
94 Precision Wealth Strategies, LLC 0.40% of their portfolio SAINT LOUIS, MO 25,67425.7k $1.2m $1.2m 0.40% Added +11.7k +11,662
95 U.S. Capital Wealth Advisors, LLC 0.03% of their portfolio AUSTIN, TX 24,16524.2k $1.1m $1.1m 0.03% Added +1.6k +1,635
96 Bonfire Financial 0.86% of their portfolio COLORADO SPRINGS, CO 24,15724.2k $1.1m $1.1m 0.86% Added +1.8k +1,771
97 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 24,12024.1k $1.1m $1.1m 0.01% Reduced -2.4k -2,401
98 FISCHER INVESTMENT STRATEGIES, LLC 0.67% of their portfolio Westlake Village, CA 24,07024.1k $1.1m $1.1m 0.67% Reduced -12.9k -12,940
99 BRANDYWINE OAK PRIVATE WEALTH LLC 0.10% of their portfolio Kennett Square, PA 23,94923.9k $1.1m $1.1m 0.10% Reduced -155 -155
100 Belpointe Asset Management LLC 0.04% of their portfolio RENO, NV 23,50123.5k $1.1m $1.1m 0.04% Reduced -17.2k -17,199