Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

755 institutional holders +135 vs Q3 2024
35,376,01135.4m shares reported held*
$2.6bnreported value*
133 new 166 added 226 reduced 36 sold out net sold ≈ $92.0m (-2.1m 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 ($548.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $73.81. Options: 10 managers hold calls ($96.5m notional), 10 hold puts ($30.7m).

Trends to Q4 2024

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 50Q4 22: 48Q1 23: 43Q2 23: 45Q3 23: 44Q4 23: 47Q1 24: 647Q2 24: 662Q3 24: 620Q4 24: 755755Q3 22Q1 23Q3 23Q1 24Q3 24Q4 24
Numbers
QuarterHolders
Q3 202250
Q4 202248
Q1 202343
Q2 202345
Q3 202344
Q4 202347
Q1 2024647
Q2 2024662
Q3 2024620
Q4 2024755

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 23: 8 bought or addedQ1 23: 17 cut or sold outQ2 23: 11 bought or addedQ2 23: 11 cut or sold outQ2 23Q3 23: 8 bought or addedQ3 23: 13 cut or sold outQ4 23: 14 bought or addedQ4 23: 18 cut or sold outQ4 23Q1 24: 605 bought or addedQ1 24: 21 cut or sold outQ2 24: 239 bought or addedQ2 24: 314 cut or sold outQ2 24Q3 24: 177 bought or addedQ3 24: 290 cut or sold outQ4 24: 299 bought or addedQ4 24: 262 cut or sold outQ4 24
Numbers
QuarterBought or addedCut or sold out
Q1 2023817
Q2 20231111
Q3 2023813
Q4 20231418
Q1 202460521
Q2 2024239314
Q3 2024177290
Q4 2024299262

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ1 24 calls: $0Q1 24 puts: $0Q1 24P/C —Q2 24 calls: $0Q2 24 puts: $0Q2 24P/C —Q3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $96.5mQ4 24 puts: $30.7mQ4 24P/C 0.32
Numbers
QuarterCallsPutsP/C
Q1 2024$0$0—
Q2 2024$0$0—
Q3 2024$0$0—
Q4 2024$96.5m$30.7m0.32

Biggest buyers

FLOW TRADERS U.S. LLC New +149,745+149.7k
DISCOVERY CAPITAL MANAGEMENT, LLC / CT New +107,400+107.4k
JANE STREET GROUP, LLC Added +104,552+104.6k
Virtu Financial LLC New +84,417+84.4k
OLD MISSION CAPITAL LLC New +75,118+75.1k
Lido Advisors, LLC Added +71,422+71.4k
MILLENNIUM MANAGEMENT LLC Added +66,177+66.2k
Consolidated Portfolio Review Corp Added +52,852+52.9k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Added +46,072+46.1k
Prosperity Financial Group, Inc. New +43,501+43.5k

Biggest sellers

GOLDMAN SACHS GROUP INC Reduced -1,373,886-1.4m
Greenwich Wealth Management LLC Reduced -433,185-433.2k
Ovata Capital Management Ltd Sold out -302,300-302.3k
Focus Partners Wealth Reduced -243,502-243.5k
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC Reduced -188,335-188.3k
HFG Wealth Management, LLC Reduced -107,695-107.7k
Cresset Asset Management, LLC Reduced -90,411-90.4k
Independent Advisor Alliance Reduced -80,646-80.6k
Guild Investment Management, Inc. Reduced -67,595-67.6k
Sequoia Financial Advisors, LLC Reduced -64,021-64.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $50.5m682.1k shares
CITADEL ADVISORS LLC New $23.2m314.0k shares
IMC-Chicago, LLC New $8.5m114.6k shares
SIMPLEX TRADING, LLC New $6.6m89.3k shares
JANE STREET GROUP, LLC New $4.6m62.2k shares
WOLVERINE TRADING, LLC New $1.4m18.3k shares
Belvedere Trading LLC New $977.1k13.2k shares
GROUP ONE TRADING LLC New $732.8k9.9k shares
HighTower Advisors, LLC New $6.6k700 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. New $00 shares

Biggest puts

INTRINSIC EDGE CAPITAL MANAGEMENT LLC New $7.4m100.0k shares
CITADEL ADVISORS LLC New $7.2m96.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $4.3m57.9k shares
JANE STREET GROUP, LLC New $3.9m53.1k shares
IMC-Chicago, LLC New $3.7m50.3k shares
SIMPLEX TRADING, LLC New $3.1m41.4k shares
Belvedere Trading LLC New $444.1k6.0k shares
GROUP ONE TRADING LLC New $340.5k4.6k shares
WOLVERINE TRADING, LLC New $306.1k4.1k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. New $00 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 2024

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 2024.

Holders, Q4 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 13.98% of their portfolio NEW YORK, NY 15,168,16315.2m $1.1bn $1.1bn 13.98% Reduced -39.9k -39,897
2 Multicoin Capital Management, LLC 26.16% of their portfolio AUSTIN, TX 1,321,8081.3m $97.8m $97.8m 26.16% Unchanged
3 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,121,4561.1m $83.0m $83.0m 0.03% Added +4.7k +4,728
4 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 669,060669.1k $49.5m $49.5m 0.07% Reduced -21.5k -21,452
5 Greenwich Wealth Management LLC 3.12% of their portfolio GREENWICH, CT 643,635643.6k $44.2m $44.2m 3.12% Reduced -433.2k -433,185
6 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 484,539484.5k $35.9m $35.9m 0.05% Reduced -243.5k -243,502
7 Wealthfront Advisers LLC 0.10% of their portfolio Palo Alto, CA 442,362442.4k $32.7m $32.7m 0.10% Reduced -62.9k -62,948
8 EagleClaw Capital Managment, LLC 4.73% of their portfolio BOSTON, MA 403,354403.4k $29.9m $29.9m 4.73% Reduced -1.2k -1,196
9 MAD RIVER INVESTORS 13.27% of their portfolio BOSTON, MA 385,806385.8k $28.6m $28.6m 13.27% Reduced -3.9k -3,939
10 Moors & Cabot, Inc. 1.28% of their portfolio BOSTON, MA 362,665362.7k $26.8m $26.8m 1.28% Reduced -6.3k -6,310
11 Beaumont Financial Advisors, LLC 1.87% of their portfolio NEEDHAM, MA 335,935335.9k $24.9m $24.9m 1.87% Reduced -26.2k -26,237
12 One Charles Private Wealth Services, LLC 7.34% of their portfolio HINGHAM, MA 294,713294.7k $21.8m $21.8m 7.34% Reduced -4.5k -4,502
13 KINGSWOOD WEALTH ADVISORS, LLC 1.58% of their portfolio SAN DIEGO, CA 285,067285.1k $21.1m $21.1m 1.58% Reduced -11.7k -11,695
14 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 279,805279.8k $20.7m $20.7m 0.07% Reduced -9.4k -9,397
15 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 248,820248.8k $18.4m $18.4m 0.03% Reduced -10.6k -10,621
16 Cresset Asset Management, LLC 0.08% of their portfolio Chicago, IL 236,227236.2k $17.5m $17.5m 0.08% Reduced -90.4k -90,411
17 Cetera Investment Advisers 0.03% of their portfolio SCHAUMBURG, IL 221,267221.3k $16.4m $16.4m 0.03% Reduced -25.2k -25,191
18 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 221,153221.2k $16.4m $16.4m 0.03% Added +46.1k +46,072
19 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 202,902202.9k $15.0m $15.0m 0.02% Added +104.6k +104,552
20 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 166,177166.2k $12.3m $12.3m 0.01% Added +66.2k +66,177
21 Kestra Advisory Services, LLC 0.07% of their portfolio AUSTIN, TX 165,066165.1k $12.2m $12.2m 0.07% Added +35.4k +35,350
22 Aristides Capital LLC 3.81% of their portfolio LOUISVILLE, KY 164,931164.9k $12.2m $12.2m 3.81% Added +17.8k +17,800
23 Mariner, LLC 0.02% of their portfolio Overland Park, KS 156,027156.0k $11.6m $11.6m 0.02% Added +15.8k +15,775
24 Atlas Wealth Partners, LLC 14.29% of their portfolio WYOMISSING, PA 152,552152.6k $11.3m $11.3m 14.29% Reduced -1.4k -1,380
25 RBF Capital, LLC 0.58% of their portfolio RENO, NV 150,000150.0k $11.1m $11.1m 0.58% Unchanged
26 FLOW TRADERS U.S. LLC 0.44% of their portfolio NEW YORK, NY 149,745149.7k $11.1m $11.1m 0.44% New
27 Foundations Investment Advisors, LLC 0.21% of their portfolio PHOENIX, AZ 143,835143.8k $10.6m $10.6m 0.21% Added +29.4k +29,389
28 SLT Holdings LLC 9.66% of their portfolio SCOTTSDALE, AZ 137,838137.8k $10.2m $10.2m 9.66% First filing
29 Sloy Dahl & Holst, LLC 1.28% of their portfolio Vancouver, WA 136,312136.3k $10.1m $10.1m 1.28% Reduced -11.2k -11,213
30 Pasadena Private Wealth, LLC 2.05% of their portfolio PASADENA, CA 134,988135.0k $10.0m $10.0m 2.05% Reduced -3.7k -3,703
31 Lido Advisors, LLC 0.06% of their portfolio Los Angeles, CA 134,124134.1k $9.9m $9.9m 0.06% Added +71.4k +71,422
32 Brookstone Capital Management 0.14% of their portfolio WHEATON, IL 128,233128.2k $9.5m $9.5m 0.14% Added +1.6k +1,612
33 Fielder Capital Group LLC 2.90% of their portfolio NASHVILLE, TN 125,728125.7k $9.3m $9.3m 2.90% Reduced -2.6k -2,636
34 LAKEWOOD CAPITAL MANAGEMENT, LP 0.86% of their portfolio New York, NY 123,500123.5k $9.1m $9.1m 0.86% Unchanged
35 Sequoia Financial Advisors, LLC 0.08% of their portfolio Akron, OH 116,047116.0k $8.6m $8.6m 0.08% Reduced -64.0k -64,021
36 INDEPENDENT FINANCIAL GROUP, LLC 0.28% of their portfolio SAN DIEGO, CA 115,077115.1k $8.5m $8.5m 0.28% Added +2.9k +2,935
37 Birch Hill Investment Advisors LLC 0.38% of their portfolio Boston, MA 110,970111.0k $8.2m $8.2m 0.38% Reduced -26.5k -26,541
38 BLAIR WILLIAM & CO/IL 0.02% of their portfolio CHICAGO, IL 109,413109.4k $8.1m $8.1m 0.02% Added +1.1k +1,117
39 ONCE CAPITAL MANAGEMENT, LLC 3.62% of their portfolio NEW YORK, NY 107,700107.7k $8.0m $8.0m 3.62% Unchanged
40 DISCOVERY CAPITAL MANAGEMENT, LLC / CT 0.54% of their portfolio SOUTH NORWALK, CT 107,400107.4k $7.9m $7.9m 0.54% New
41 Claro Advisors Inc. 1.07% of their portfolio BOSTON, MA 106,842106.8k $7.9m $7.9m 1.07% Reduced -958 -958
42 Larson Financial Group LLC 0.41% of their portfolio ST LOUIS, MO 105,929105.9k $7.8m $7.8m 0.41% Added +3.5k +3,496
43 Citrine Capital LLC 5.69% of their portfolio SAN FRANCISCO, CA 104,309104.3k $7.7m $7.7m 5.69% First filing
44 Fiduciary Alliance LLC 0.78% of their portfolio GREENVILLE, SC 103,771103.8k $7.7m $7.7m 0.78% Added +27.1k +27,088
45 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 101,664101.7k $7.5m $7.5m 0.00% Reduced -21.3k -21,349
46 BLUE SQUARE ASSET MANAGEMENT, LLC 3.61% of their portfolio NEW YORK, NY 97,93497.9k $7.2m $7.2m 3.61% Reduced -9.4k -9,389
47 Red Door Wealth Management, LLC 1.11% of their portfolio Memphis, TN 97,84197.8k $7.2m $7.2m 1.11% Added +1.4k +1,411
48 Variant Private Wealth, LLC 6.78% of their portfolio TYSONS, VA 96,10196.1k $7.1m $7.1m 6.78% First filing
49 TRAPHAGEN INVESTMENT ADVISORS LLC 0.72% of their portfolio ORADELL, NJ 95,29095.3k $7.1m $7.1m 0.72% Reduced -6.0k -6,047
50 Van Hulzen Asset Management, LLC 0.46% of their portfolio EL DORADO HILLS, CA 85,27885.3k $6.3m $6.3m 0.46% Reduced -5.2k -5,160
51 Virtu Financial LLC 0.33% of their portfolio New York, NY 84,41784.4k $6.2m $6.2m 0.33% New
52 BECK CAPITAL MANAGEMENT, LLC 1.65% of their portfolio AUSTIN, TX 84,08384.1k $6.2m $6.2m 1.65% Reduced -1.4k -1,418
53 NewEdge Wealth, LLC 0.10% of their portfolio STAMFORD, CT 80,95881.0k $6.0m $6.0m 0.10% Unchanged
54 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 78,85878.9k $5.8m $5.8m 0.01% Reduced -4.5k -4,457
55 Intellectus Partners, LLC 1.29% of their portfolio SAN FRANCISCO, CA 78,68478.7k $5.8m $5.8m 1.29% Reduced -1.2k -1,250
56 MONECO ADVISORS, LLC 0.61% of their portfolio FAIRFIELD, CT 78,10878.1k $5.8m $5.8m 0.61% Added +1.2k +1,161
57 ICONIQ Capital, LLC 0.09% of their portfolio SAN FRANCISCO, CA 77,93277.9k $5.8m $5.8m 0.09% Unchanged
58 Fiduciary Trust Co 0.08% of their portfolio Boston, MA 77,11577.1k $5.7m $5.7m 0.08% Unchanged
59 OLD MISSION CAPITAL LLC 0.13% of their portfolio CHICAGO, IL 75,11875.1k $5.6m $5.6m 0.13% New
60 Consolidated Portfolio Review Corp 0.87% of their portfolio WOODBURY, NY 74,33974.3k $5.5m $5.5m 0.87% Added +52.9k +52,852
61 Haven Private, LLC 3.03% of their portfolio ORLANDO, FL 73,41073.4k $5.4m $5.4m 3.03% First filing
62 Ascension Capital Advisors, Inc. 2.33% of their portfolio Houston, TX 72,19172.2k $5.3m $5.3m 2.33% Reduced -2.0k -2,019
63 Legacy Wealth Asset Management, LLC 1.45% of their portfolio WOODBURY, MN 71,74971.7k $5.3m $5.3m 1.45% Reduced -20.4k -20,423
64 Guild Investment Management, Inc. 5.45% of their portfolio WESTLAKE VILLAGE, CA 67,59567.6k $5.0m $5.0m 5.45% Reduced -67.6k -67,595
65 SELDON CAPITAL LP 2.00% of their portfolio SAN FRANCISCO, CA 66,10766.1k $4.9m $4.9m 2.00% Unchanged
66 Merit Financial Group, LLC 0.09% of their portfolio ALPHARETTA, GA 65,73865.7k $4.9m $4.9m 0.09% Added +28.0k +27,980
67 Global Retirement Partners, LLC 0.14% of their portfolio San Rafael, CA 64,93064.9k $4.8m $4.8m 0.14% Reduced -4.5k -4,471
68 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 64,85464.9k $4.8m $4.8m 0.01% Added +15.4k +15,450
69 Bleakley Financial Group, LLC 0.14% of their portfolio PARSIPPANY, NJ 62,70262.7k $4.6m $4.6m 0.14% Added +2.3k +2,313
70 J. Safra Sarasin Holding AG 0.08% of their portfolio BASEL, V8 61,05061.0k $4.5m $4.5m 0.08% Unchanged
71 Convergence Financial, LLC 0.85% of their portfolio COLUMBIA, MO 57,70057.7k $4.3m $4.3m 0.85% Reduced -927 -927
72 SJS Investment Consulting Inc. 0.74% of their portfolio SYLVANIA, OH 57,56557.6k $4.3m $4.3m 0.74% Added +30.1k +30,112
73 Verde Capital Management 1.20% of their portfolio CLARKSTON, MI 57,50357.5k $4.3m $4.3m 1.20% Reduced -3.1k -3,113
74 NTV Asset Management LLC 0.56% of their portfolio Charleston, WV 57,48757.5k $4.3m $4.3m 0.56% Reduced -1.0k -1,000
75 Advisory Services Network, LLC 0.08% of their portfolio ATLANTA, GA 56,85456.9k $4.2m $4.2m 0.08% Added +5.2k +5,221
76 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 56,81056.8k $4.2m $4.2m 0.00% First filing
77 KESTRA PRIVATE WEALTH SERVICES, LLC 0.07% of their portfolio AUSTIN, TX 56,47656.5k $4.2m $4.2m 0.07% Added +8.5k +8,501
78 Smithfield Trust Co 0.21% of their portfolio PITTSBURGH, PA 56,19556.2k $4.2m $4.2m 0.21% Unchanged
79 Pekin Hardy Strauss, Inc. 0.52% of their portfolio CHICAGO, IL 55,45755.5k $4.1m $4.1m 0.52% Reduced -12.8k -12,825
80 Keystone Financial Group 0.41% of their portfolio LEXINGTON, KY 54,72954.7k $4.2m $4.2m 0.41% Added +41.3k +41,348
81 Bray Capital Advisors 1.09% of their portfolio Naples, FL 54,26154.3k $4.0m $4.0m 1.09% Unchanged
82 HFG Wealth Management, LLC 1.73% of their portfolio The Woodlands, TX 52,92252.9k $2.7m $2.7m 1.73% Reduced -107.7k -107,695
83 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 51,91651.9k $922.2k $922.2k 0.00% Reduced -3.7k -3,714
84 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 51,68351.7k $3.8m $3.8m 0.00% Added +202 +202
85 Wealthspire Advisors, LLC 0.04% of their portfolio NEW YORK, NY 50,41650.4k $3.7m $3.7m 0.04% Added +4.4k +4,353
86 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 49,18349.2k $3.6m $3.6m 0.00% Reduced -1.4m -1,373,886
87 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 48,31048.3k $3.6m $3.6m 0.02% Added +1.3k +1,309
88 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 48,01648.0k $3.6m $3.6m 0.00% Added +1.1k +1,143
89 EPIQ PARTNERS, LLC 1.92% of their portfolio MINNEAPOLIS, MN 47,90047.9k $3.5m $3.5m 1.92% Reduced -7.6k -7,600
90 Pathstone Holdings, LLC 0.02% of their portfolio ENGLEWOOD, NJ 47,76147.8k $3.5m $3.5m 0.02% Added +2.4k +2,428
91 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 47,68047.7k $3.5m $3.5m 0.01% Reduced -2.7k -2,730
92 White Knight Strategic Wealth Advisors, LLC 1.47% of their portfolio PRINCETON, NJ 47,48847.5k $3.5m $3.5m 1.47% Added +23.7k +23,748
93 Integrated Wealth Concepts LLC 0.04% of their portfolio WALTHAM, MA 46,77246.8k $3.5m $3.5m 0.04% Added +7.8k +7,804
94 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 46,52246.5k $3.4m $3.4m 0.00% Unchanged
95 Proficio Capital Partners LLC 0.28% of their portfolio NEWTON, MA 46,11246.1k $3.4m $3.4m 0.28% Unchanged
96 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 45,66045.7k $3.4m $3.4m 0.01% Added +747 +747
97 FAGAN ASSOCIATES, INC. 0.52% of their portfolio TROY, NY 44,50844.5k $3.3m $3.3m 0.52% Reduced -16.6k -16,567
98 CERTIOR FINANCIAL GROUP, LLC 2.88% of their portfolio KING OF PRUSSIA, PA 43,83243.8k $3.2m $3.2m 2.88% First filing
99 Prosperity Financial Group, Inc. 1.61% of their portfolio San Ramon, CA 43,50143.5k $3.2m $3.2m 1.61% New
100 Cyndeo Wealth Partners, LLC 0.21% of their portfolio ST. PETERSBURG, FL 42,85742.9k $3.2m $3.2m 0.21% Reduced -686 -686