Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

712 institutional holders -43 vs Q4 2024
35,436,94935.4m shares reported held*
$2.2bnreported value*
41 new 175 added 244 reduced 78 sold out net bought ≈ $14.5m (+174.6k 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 ($483.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $63.31. Options: 12 managers hold calls ($77.1m notional), 11 hold puts ($27.8m).

Trends to Q1 2025

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: 755Q1 25: 712712Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202250
Q4 202248
Q1 202343
Q2 202345
Q3 202344
Q4 202347
Q1 2024647
Q2 2024662
Q3 2024620
Q4 2024755
Q1 2025712

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 23: 11 bought or addedQ2 23: 11 cut or sold outQ3 23: 8 bought or addedQ3 23: 13 cut or sold outQ3 23Q4 23: 14 bought or addedQ4 23: 18 cut or sold outQ1 24: 605 bought or addedQ1 24: 21 cut or sold outQ1 24Q2 24: 239 bought or addedQ2 24: 314 cut or sold outQ3 24: 177 bought or addedQ3 24: 290 cut or sold outQ3 24Q4 24: 299 bought or addedQ4 24: 262 cut or sold outQ1 25: 216 bought or addedQ1 25: 322 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20231111
Q3 2023813
Q4 20231418
Q1 202460521
Q2 2024239314
Q3 2024177290
Q4 2024299262
Q1 2025216322

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ2 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 0.32Q1 25 calls: $77.1mQ1 25 puts: $27.8mQ1 25P/C 0.36
Numbers
QuarterCallsPutsP/C
Q2 2024$0$0—
Q3 2024$0$0—
Q4 2024$96.5m$30.7m0.32
Q1 2025$77.1m$27.8m0.36

Biggest buyers

Palacios Wealth Management, LLC New +1,000,000+1.0m
DRW Securities, LLC Added +331,538+331.5k
TB Alternative Assets Ltd. Added +262,362+262.4k
JANE STREET GROUP, LLC Added +117,321+117.3k
IMC-Chicago, LLC New +106,821+106.8k
SCS Capital Management LLC New +75,957+76.0k
Cresset Asset Management, LLC Added +63,749+63.7k
Ethos Financial Group, LLC New +53,212+53.2k
AVANTAX ADVISORY SERVICES, INC. Added +53,128+53.1k
MCRAE CAPITAL MANAGEMENT INC New +44,590+44.6k

Biggest sellers

HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -471,650-471.6k
Focus Partners Wealth Reduced -250,965-251.0k
Cetera Investment Advisers Sold out -221,267-221.3k
FLOW TRADERS U.S. LLC Sold out -149,745-149.7k
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Sold out -107,400-107.4k
OLD MISSION CAPITAL LLC Sold out -75,118-75.1k
MILLENNIUM MANAGEMENT LLC Reduced -66,177-66.2k
LPL Financial LLC Reduced -58,851-58.9k
INDEPENDENT FINANCIAL GROUP, LLC Reduced -49,693-49.7k
GOLDMAN SACHS GROUP INC Sold out -49,183-49.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $23.7m364.0k shares
CITADEL ADVISORS LLC Added $22.7m348.1k shares
IMC-Chicago, LLC Added $12.0m183.8k shares
SIMPLEX TRADING, LLC Added $7.1m109.3k shares
JANE STREET GROUP, LLC Added $6.6m100.7k shares
GROUP ONE TRADING LLC Added $1.9m29.5k shares
Walleye Trading LLC New $1.3m20.7k shares
WOLVERINE TRADING, LLC Reduced $906.7k13.7k shares
Belvedere Trading LLC Reduced $834.2k12.8k shares
Embree Financial Group New $6.5k100 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $13.6m208.9k shares
CITADEL ADVISORS LLC Reduced $4.2m65.2k shares
JANE STREET GROUP, LLC Added $3.7m56.6k shares
IMC-Chicago, LLC Reduced $3.3m50.2k shares
SIMPLEX TRADING, LLC Reduced $2.2m33.9k shares
Belvedere Trading LLC Unchanged $391.0k6.0k shares
Garde Capital, Inc. New $208.5k3.2k shares
GROUP ONE TRADING LLC Reduced $149.9k2.3k shares
Walleye Trading LLC New $45.6k700 shares
Quaker Wealth Management, LLC First filing $3.7k57 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 Q1 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 Q1 2025.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 10.87% of their portfolio NEW YORK, NY 14,696,51314.7m $957.8m $957.8m 10.87% Reduced -471.6k -471,650
2 Multicoin Capital Management, LLC 89.93% of their portfolio AUSTIN, TX 1,321,8081.3m $86.1m $86.1m 89.93% Unchanged
3 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,062,6051.1m $69.2m $69.2m 0.03% Reduced -58.9k -58,851
4 Palacios Wealth Management, LLC 0.00% of their portfolio ORMOND BEACH, FL 1,000,0001.0m $0 $0 0.00% New
5 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 666,447666.4k $43.4m $43.4m 0.06% Reduced -2.6k -2,613
6 Greenwich Wealth Management LLC 2.93% of their portfolio GREENWICH, CT 640,920640.9k $38.7m $38.7m 2.93% Reduced -2.7k -2,715
7 Wealthfront Advisers LLC 0.07% of their portfolio Palo Alto, CA 422,635422.6k $27.5m $27.5m 0.07% Reduced -19.7k -19,727
8 EagleClaw Capital Managment, LLC 4.09% of their portfolio BOSTON, MA 399,086399.1k $26.0m $26.0m 4.09% Reduced -4.3k -4,268
9 MAD RIVER INVESTORS 10.28% of their portfolio BOSTON, MA 372,481372.5k $24.3m $24.3m 10.28% Reduced -13.3k -13,325
10 DRW Securities, LLC 2.05% of their portfolio CHICAGO, IL 370,589370.6k $24.2m $24.2m 2.05% Added +331.5k +331,538
11 Moors & Cabot, Inc. 1.08% of their portfolio BOSTON, MA 328,095328.1k $21.4m $21.4m 1.08% Reduced -34.6k -34,570
12 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 320,223320.2k $20.9m $20.9m 0.04% Added +117.3k +117,321
13 Cresset Asset Management, LLC 0.10% of their portfolio Chicago, IL 299,976300.0k $19.5m $19.5m 0.10% Added +63.7k +63,749
14 Beaumont Financial Advisors, LLC 1.52% of their portfolio NEEDHAM, MA 298,045298.0k $19.4m $19.4m 1.52% Reduced -37.9k -37,890
15 One Charles Private Wealth Services, LLC 6.18% of their portfolio HINGHAM, MA 292,881292.9k $19.1m $19.1m 6.18% Reduced -1.8k -1,832
16 TB Alternative Assets Ltd. 4.39% of their portfolio HONG KONG, K3 290,203290.2k $18.9m $18.9m 4.39% Added +262.4k +262,362
17 KINGSWOOD WEALTH ADVISORS, LLC 1.70% of their portfolio SAN DIEGO, CA 286,374286.4k $18.7m $18.7m 1.70% Added +1.3k +1,307
18 Cambridge Investment Research Advisors, Inc. 0.06% of their portfolio FAIRFIELD, IA 272,556272.6k $17.8m $17.8m 0.06% Reduced -7.2k -7,249
19 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 256,572256.6k $16.7m $16.7m 0.02% Added +7.8k +7,752
20 Focus Partners Wealth 0.04% of their portfolio ST LOUIS, MO 233,574233.6k $15.2m $15.2m 0.04% Reduced -251.0k -250,965
21 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 204,765204.8k $13.3m $13.3m 0.03% Reduced -16.4k -16,388
22 Mariner, LLC 0.02% of their portfolio Overland Park, KS 165,888165.9k $10.8m $10.8m 0.02% Added +9.9k +9,861
23 Aristides Capital LLC 3.99% of their portfolio LOUISVILLE, KY 164,931164.9k $10.7m $10.7m 3.99% Unchanged
24 Atlas Wealth Partners, LLC 12.28% of their portfolio WYOMISSING, PA 152,868152.9k $10.0m $10.0m 12.28% Added +316 +316
25 RBF Capital, LLC 0.62% of their portfolio RENO, NV 150,000150.0k $9.8m $9.8m 0.62% Unchanged
26 Kestra Advisory Services, LLC 0.05% of their portfolio AUSTIN, TX 149,611149.6k $9.8m $9.8m 0.05% Reduced -15.5k -15,455
27 Foundations Investment Advisors, LLC 0.17% of their portfolio PHOENIX, AZ 144,456144.5k $9.4m $9.4m 0.17% Added +621 +621
28 SLT Holdings LLC 8.45% of their portfolio SCOTTSDALE, AZ 137,838137.8k $9.0m $9.0m 8.45% Unchanged
29 Lido Advisors, LLC 0.05% of their portfolio Los Angeles, CA 136,509136.5k $8.9m $8.9m 0.05% Added +2.4k +2,385
30 Sloy Dahl & Holst, LLC 1.54% of their portfolio Vancouver, WA 135,466135.5k $8.8m $8.8m 1.54% Reduced -846 -846
31 Pasadena Private Wealth, LLC 1.67% of their portfolio PASADENA, CA 132,585132.6k $8.6m $8.6m 1.67% Reduced -2.4k -2,403
32 Brookstone Capital Management 0.12% of their portfolio WHEATON, IL 126,201126.2k $8.2m $8.2m 0.12% Reduced -2.0k -2,032
33 Fielder Capital Group LLC 2.36% of their portfolio NASHVILLE, TN 125,475125.5k $8.2m $8.2m 2.36% Reduced -253 -253
34 Sequoia Financial Advisors, LLC 0.06% of their portfolio Akron, OH 125,277125.3k $8.2m $8.2m 0.06% Added +9.2k +9,230
35 LAKEWOOD CAPITAL MANAGEMENT, LP 0.72% of their portfolio New York, NY 123,500123.5k $8.0m $8.0m 0.72% Unchanged
36 Virtu Financial LLC 0.40% of their portfolio New York, NY 112,767112.8k $7.3m $7.3m 0.40% Added +28.4k +28,350
37 Fiduciary Alliance LLC 0.71% of their portfolio GREENVILLE, SC 111,303111.3k $7.3m $7.3m 0.71% Added +7.5k +7,532
38 Birch Hill Investment Advisors LLC 0.34% of their portfolio Boston, MA 110,970111.0k $7.2m $7.2m 0.34% Unchanged
39 BLAIR WILLIAM & CO/IL 0.02% of their portfolio CHICAGO, IL 108,066108.1k $7.0m $7.0m 0.02% Reduced -1.3k -1,347
40 ONCE CAPITAL MANAGEMENT, LLC 3.21% of their portfolio NEW YORK, NY 107,700107.7k $7.0m $7.0m 3.21% Unchanged
41 IMC-Chicago, LLC 0.27% of their portfolio CHICAGO, IL 106,821106.8k $7.0m $7.0m 0.27% New
42 Claro Advisors Inc. 0.91% of their portfolio BOSTON, MA 104,669104.7k $6.8m $6.8m 0.91% Reduced -2.2k -2,173
43 Citrine Capital LLC 4.23% of their portfolio SAN FRANCISCO, CA 103,658103.7k $6.8m $6.8m 4.23% Reduced -651 -651
44 Larson Financial Group LLC 0.32% of their portfolio ST LOUIS, MO 102,674102.7k $6.7m $6.7m 0.32% Reduced -3.3k -3,255
45 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 100,000100.0k $6.5m $6.5m 0.01% Reduced -66.2k -66,177
46 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 99,49199.5k $6.5m $6.5m 0.00% Reduced -2.2k -2,173
47 Variant Private Wealth, LLC 6.92% of their portfolio TYSONS, VA 98,87098.9k $6.4m $6.4m 6.92% Added +2.8k +2,769
48 Red Door Wealth Management, LLC 0.94% of their portfolio Memphis, TN 97,84197.8k $6.4m $6.4m 0.94% Unchanged
49 TRAPHAGEN INVESTMENT ADVISORS LLC 0.63% of their portfolio ORADELL, NJ 92,98693.0k $6.1m $6.1m 0.63% Reduced -2.3k -2,304
50 BLUE SQUARE ASSET MANAGEMENT, LLC 3.26% of their portfolio NEW YORK, NY 92,80092.8k $6.0m $6.0m 3.26% Reduced -5.1k -5,134
51 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 88,40388.4k $5.8m $5.8m 0.01% Added +9.5k +9,545
52 Van Hulzen Asset Management, LLC 0.50% of their portfolio EL DORADO HILLS, CA 84,20184.2k $5.5m $5.5m 0.50% Reduced -1.1k -1,077
53 ICONIQ Capital, LLC 0.09% of their portfolio SAN FRANCISCO, CA 77,93277.9k $5.1m $5.1m 0.09% Unchanged
54 Fiduciary Trust Co 0.07% of their portfolio Boston, MA 77,15077.2k $5.0m $5.0m 0.07% Added +35 +35
55 Intellectus Partners, LLC 1.24% of their portfolio SAN FRANCISCO, CA 76,93476.9k $5.0m $5.0m 1.24% Reduced -1.8k -1,750
56 SCS Capital Management LLC 0.06% of their portfolio BOSTON, MA 75,95776.0k $5.0m $5.0m 0.06% New
57 Haven Private, LLC 2.80% of their portfolio ORLANDO, FL 75,90675.9k $4.9m $4.9m 2.80% Added +2.5k +2,496
58 J. Safra Sarasin Holding AG 0.09% of their portfolio BASEL, V8 73,10073.1k $4.8m $4.8m 0.09% Added +12.1k +12,050
59 Advisory Services Network, LLC 0.09% of their portfolio ATLANTA, GA 72,46772.5k $4.7m $4.7m 0.09% Added +15.6k +15,613
60 MONECO ADVISORS, LLC 0.48% of their portfolio FAIRFIELD, CT 71,71971.7k $4.7m $4.7m 0.48% Reduced -6.4k -6,389
61 Ascension Capital Advisors, Inc. 2.13% of their portfolio Houston, TX 71,49771.5k $4.7m $4.7m 2.13% Reduced -694 -694
62 AVANTAX ADVISORY SERVICES, INC. 0.03% of their portfolio DALLAS, TX 71,00971.0k $4.6m $4.6m 0.03% Added +53.1k +53,128
63 NewEdge Wealth, LLC 0.08% of their portfolio STAMFORD, CT 68,17268.2k $4.4m $4.4m 0.08% Reduced -12.8k -12,786
64 Legacy Wealth Asset Management, LLC 1.22% of their portfolio WOODBURY, MN 67,69367.7k $4.4m $4.4m 1.22% Reduced -4.1k -4,056
65 Guild Investment Management, Inc. 4.62% of their portfolio WESTLAKE VILLAGE, CA 67,49067.5k $4.4m $4.4m 4.62% Reduced -105 -105
66 SELDON CAPITAL LP 2.71% of their portfolio SAN FRANCISCO, CA 66,10766.1k $4.3m $4.3m 2.71% Unchanged
67 Consolidated Portfolio Review Corp 0.68% of their portfolio WOODBURY, NY 65,49065.5k $4.3m $4.3m 0.68% Reduced -8.8k -8,849
68 INDEPENDENT FINANCIAL GROUP, LLC 0.15% of their portfolio SAN DIEGO, CA 65,38465.4k $4.3m $4.3m 0.15% Reduced -49.7k -49,693
69 Merit Financial Group, LLC 0.06% of their portfolio ALPHARETTA, GA 63,88363.9k $4.2m $4.2m 0.06% Reduced -1.9k -1,855
70 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 62,28062.3k $4.1m $4.1m 0.01% Added +16.6k +16,620
71 Bleakley Financial Group, LLC 0.13% of their portfolio PARSIPPANY, NJ 61,05461.1k $4.0m $4.0m 0.13% Reduced -1.6k -1,648
72 BECK CAPITAL MANAGEMENT, LLC 1.17% of their portfolio AUSTIN, TX 61,03861.0k $4.0m $4.0m 1.17% Reduced -23.0k -23,045
73 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 59,36259.4k $3.9m $3.9m 0.00% Added +2.6k +2,552
74 Smithfield Trust Co 0.18% of their portfolio PITTSBURGH, PA 56,19556.2k $3.7m $3.7m 0.18% Unchanged
75 KESTRA PRIVATE WEALTH SERVICES, LLC 0.06% of their portfolio AUSTIN, TX 55,94055.9k $3.6m $3.6m 0.06% Reduced -536 -536
76 Convergence Financial, LLC 0.71% of their portfolio COLUMBIA, MO 55,54355.5k $3.6m $3.6m 0.71% Reduced -2.2k -2,157
77 Verde Capital Management 1.01% of their portfolio CLARKSTON, MI 54,71554.7k $3.6m $3.6m 1.01% Reduced -2.8k -2,788
78 Pekin Hardy Strauss, Inc. 0.43% of their portfolio CHICAGO, IL 54,45754.5k $3.5m $3.5m 0.43% Reduced -1.0k -1,000
79 Keystone Financial Group 0.42% of their portfolio LEXINGTON, KY 53,75153.8k $4.2m $4.2m 0.42% Reduced -978 -978
80 NTV Asset Management LLC 0.46% of their portfolio Charleston, WV 53,48753.5k $3.5m $3.5m 0.46% Reduced -4.0k -4,000
81 Ethos Financial Group, LLC 0.33% of their portfolio KING OF PRUSSIA, PA 53,21253.2k $3.5m $3.5m 0.33% New
82 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 51,68351.7k $3.4m $3.4m 0.00% Unchanged
83 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 50,71550.7k $3.3m $3.3m 0.00% Added +2.7k +2,699
84 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 49,78249.8k $3.2m $3.2m 0.02% Added +1.5k +1,472
85 HFG Wealth Management, LLC 2.21% of their portfolio The Woodlands, TX 49,39149.4k $3.7m $3.7m 2.21% Reduced -3.5k -3,531
86 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 48,59448.6k $3.2m $3.2m 0.00% Added +39.7k +39,749
87 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 47,20647.2k $3.1m $3.1m 0.01% Reduced -17.6k -17,648
88 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 45,86845.9k $3.0m $3.0m 0.00% Reduced -654 -654
89 MCRAE CAPITAL MANAGEMENT INC 0.61% of their portfolio Morristown, NJ 44,59044.6k $2.9m $2.9m 0.61% New
90 Proficio Capital Partners LLC 0.23% of their portfolio NEWTON, MA 44,42744.4k $2.9m $2.9m 0.23% Reduced -1.7k -1,685
91 FAGAN ASSOCIATES, INC. 0.48% of their portfolio TROY, NY 44,23644.2k $2.9m $2.9m 0.48% Reduced -272 -272
92 EPIQ PARTNERS, LLC 1.52% of their portfolio MINNEAPOLIS, MN 44,15544.2k $2.9m $2.9m 1.52% Reduced -3.7k -3,745
93 CERTIOR FINANCIAL GROUP, LLC 2.36% of their portfolio KING OF PRUSSIA, PA 43,76043.8k $2.9m $2.9m 2.36% Reduced -72 -72
94 Wealthspire Advisors, LLC 0.02% of their portfolio NEW YORK, NY 43,59443.6k $2.8m $2.8m 0.02% Reduced -6.8k -6,822
95 Prosperity Financial Group, Inc. 1.41% of their portfolio San Ramon, CA 43,47343.5k $2.8m $2.8m 1.41% Reduced -28 -28
96 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 41,56941.6k $2.7m $2.7m 0.01% Reduced -6.1k -6,111
97 Cyndeo Wealth Partners, LLC 0.18% of their portfolio ST. PETERSBURG, FL 41,34041.3k $2.7m $2.7m 0.18% Reduced -1.5k -1,517
98 Sowell Financial Services LLC 0.12% of their portfolio NORTH LITTLE ROCK, AR 40,14740.1k $2.6m $2.6m 0.12% Added +298 +298
99 Watts Gwilliam & Co., LLC 0.57% of their portfolio GILBERT, AZ 40,00040.0k $2.6m $2.6m 0.57% Reduced -1.8k -1,767
100 Waverly Advisors, LLC 0.03% of their portfolio BIRMINGHAM, AL 39,47839.5k $2.6m $2.6m 0.03% Added +1.6k +1,595