Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

763 institutional holders +51 vs Q1 2025
35,119,14135.1m shares reported held*
$3.0bnreported value*
91 new 142 added 255 reduced 47 sold out net sold ≈ $32.4m (-376.7k 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 ($1.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $84.74. Options: 12 managers hold calls ($166.1m notional), 10 hold puts ($48.7m).

Trends to Q2 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: 712Q2 25: 763763Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025763

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 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 24Q1 25: 216 bought or addedQ1 25: 322 cut or sold outQ2 25: 233 bought or addedQ2 25: 302 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023813
Q4 20231418
Q1 202460521
Q2 2024239314
Q3 2024177290
Q4 2024299262
Q1 2025216322
Q2 2025233302

Calls vs puts

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

CallsPuts
$0$50m$100m$150m$200mQ3 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 0.36Q2 25 calls: $166.1mQ2 25 puts: $48.7mQ2 25P/C 0.29
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$96.5m$30.7m0.32
Q1 2025$77.1m$27.8m0.36
Q2 2025$166.1m$48.7m0.29

Biggest buyers

JANE STREET GROUP, LLC Added +700,103+700.1k
IMC-Chicago, LLC Added +255,980+256.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +156,198+156.2k
IEQ CAPITAL, LLC Added +90,675+90.7k
RENAISSANCE TECHNOLOGIES LLC New +80,100+80.1k
WESCAP Management Group, Inc. New +72,972+73.0k
OLD MISSION CAPITAL LLC New +64,382+64.4k
Farther Finance Advisors, LLC Added +50,355+50.4k
OSAIC HOLDINGS, INC. Added +45,112+45.1k
Virtu Financial LLC Added +44,943+44.9k

Biggest sellers

Palacios Wealth Management, LLC Sold out -1,000,000-1.0m
DRW Securities, LLC Reduced -346,218-346.2k
HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -145,322-145.3k
J. Safra Sarasin Holding AG Sold out -73,100-73.1k
TB Alternative Assets Ltd. Reduced -55,528-55.5k
AVANTAX ADVISORY SERVICES, INC. Reduced -53,787-53.8k
CITADEL ADVISORS LLC Sold out -48,594-48.6k
Gallacher Capital Management LLC Sold out -39,451-39.5k
Cresset Asset Management, LLC Reduced -38,503-38.5k
Indie Asset Partners, LLC Sold out -26,830-26.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $42.0m494.8k shares
CITADEL ADVISORS LLC Added $40.9m481.9k shares
ALKEON CAPITAL MANAGEMENT LLC New $33.9m400.0k shares
JANE STREET GROUP, LLC Added $16.6m195.6k shares
IMC-Chicago, LLC Reduced $14.8m174.7k shares
SIMPLEX TRADING, LLC Added $12.3m144.6k shares
Walleye Trading LLC Added $2.6m30.3k shares
GROUP ONE TRADING LLC Reduced $1.8m21.4k shares
Belvedere Trading LLC Unchanged $1.1m12.8k shares
OLD MISSION CAPITAL LLC New $123.6k85.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $19.5m229.8k shares
JANE STREET GROUP, LLC Added $7.8m92.1k shares
SIMPLEX TRADING, LLC Added $6.9m81.6k shares
CITADEL ADVISORS LLC Added $6.4m75.0k shares
IMC-Chicago, LLC Added $5.3m62.9k shares
GROUP ONE TRADING LLC Added $1.1m12.8k shares
Walleye Trading LLC Added $865.3k10.2k shares
Belvedere Trading LLC Unchanged $509.0k6.0k shares
Garde Capital, Inc. Unchanged $271.5k3.2k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $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 Q2 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 Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 14.64% of their portfolio NEW YORK, NY 14,551,19114.6m $1.2bn $1.2bn 14.64% Reduced -145.3k -145,322
2 Multicoin Capital Management, LLC 89.88% of their portfolio AUSTIN, TX 1,321,8081.3m $112.1m $112.1m 89.88% Unchanged
3 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,041,9871.0m $88.4m $88.4m 0.03% Reduced -20.6k -20,618
4 JANE STREET GROUP, LLC 0.14% of their portfolio NEW YORK, NY 1,020,3261.0m $86.6m $86.6m 0.14% Added +700.1k +700,103
5 HighTower Advisors, LLC 0.07% of their portfolio CHICAGO, IL 649,801649.8k $55.1m $55.1m 0.07% Reduced -16.6k -16,646
6 Greenwich Wealth Management LLC 2.43% of their portfolio GREENWICH, CT 637,137637.1k $50.1m $50.1m 2.43% Reduced -3.8k -3,783
7 Wealthfront Advisers LLC 0.09% of their portfolio Palo Alto, CA 396,907396.9k $33.7m $33.7m 0.09% Reduced -25.7k -25,728
8 EagleClaw Capital Managment, LLC 4.93% of their portfolio BOSTON, MA 388,961389.0k $33.0m $33.0m 4.93% Reduced -10.1k -10,125
9 MAD RIVER INVESTORS 14.15% of their portfolio BOSTON, MA 372,381372.4k $31.6m $31.6m 14.15% Reduced -100 -100
10 IMC-Chicago, LLC 0.77% of their portfolio CHICAGO, IL 362,801362.8k $30.8m $30.8m 0.77% Added +256.0k +255,980
11 Moors & Cabot, Inc. 1.27% of their portfolio BOSTON, MA 322,061322.1k $27.3m $27.3m 1.27% Reduced -6.0k -6,034
12 One Charles Private Wealth Services, LLC 6.95% of their portfolio HINGHAM, MA 291,784291.8k $24.8m $24.8m 6.95% Reduced -1.1k -1,097
13 Beaumont Financial Advisors, LLC 1.76% of their portfolio NEEDHAM, MA 285,961286.0k $24.3m $24.3m 1.76% Reduced -12.1k -12,084
14 KINGSWOOD WEALTH ADVISORS, LLC 1.89% of their portfolio SAN DIEGO, CA 282,255282.3k $23.9m $23.9m 1.89% Reduced -4.1k -4,119
15 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 270,931270.9k $23.0m $23.0m 0.07% Reduced -1.6k -1,625
16 Cresset Asset Management, LLC 0.11% of their portfolio Chicago, IL 261,473261.5k $22.2m $22.2m 0.11% Reduced -38.5k -38,503
17 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 247,459247.5k $21.0m $21.0m 0.03% Reduced -9.1k -9,113
18 TB Alternative Assets Ltd. 3.69% of their portfolio HONG KONG, K3 234,675234.7k $19.9m $19.9m 3.69% Reduced -55.5k -55,528
19 Focus Partners Wealth 0.04% of their portfolio ST LOUIS, MO 218,342218.3k $18.5m $18.5m 0.04% Reduced -15.2k -15,232
20 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 190,657190.7k $16.2m $16.2m 0.02% Added +156.2k +156,198
21 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 190,564190.6k $16.4m $16.4m 0.03% Reduced -14.2k -14,201
22 Mariner, LLC 0.02% of their portfolio Overland Park, KS 169,276169.3k $14.4m $14.4m 0.02% Added +3.4k +3,388
23 Aristides Capital LLC 4.46% of their portfolio LOUISVILLE, KY 164,931164.9k $14.0m $14.0m 4.46% Unchanged
24 Virtu Financial LLC 0.68% of their portfolio New York, NY 157,710157.7k $13.4m $13.4m 0.68% Added +44.9k +44,943
25 RBF Capital, LLC 0.63% of their portfolio RENO, NV 150,000150.0k $12.7m $12.7m 0.63% Unchanged
26 Atlas Wealth Partners, LLC 14.48% of their portfolio WYOMISSING, PA 147,923147.9k $12.5m $12.5m 14.48% Reduced -4.9k -4,945
27 Sloy Dahl & Holst, LLC 1.60% of their portfolio Vancouver, WA 135,449135.4k $11.5m $11.5m 1.60% Reduced -17 -17
28 Lido Advisors, LLC 0.06% of their portfolio Los Angeles, CA 134,358134.4k $11.4m $11.4m 0.06% Reduced -2.2k -2,151
29 Fiduciary Alliance LLC 0.81% of their portfolio GREENVILLE, SC 128,807128.8k $10.9m $10.9m 0.81% Added +17.5k +17,504
30 Fielder Capital Group LLC 2.83% of their portfolio NASHVILLE, TN 125,287125.3k $10.6m $10.6m 2.83% Reduced -188 -188
31 Pasadena Private Wealth, LLC 1.82% of their portfolio PASADENA, CA 125,161125.2k $10.6m $10.6m 1.82% Reduced -7.4k -7,424
32 Foundations Investment Advisors, LLC 0.17% of their portfolio PHOENIX, AZ 125,142125.1k $10.6m $10.6m 0.17% Reduced -19.3k -19,314
33 Kestra Advisory Services, LLC 0.05% of their portfolio AUSTIN, TX 124,707124.7k $10.6m $10.6m 0.05% Reduced -24.9k -24,904
34 Brookstone Capital Management 0.14% of their portfolio WHEATON, IL 124,216124.2k $10.5m $10.5m 0.14% Reduced -2.0k -1,985
35 LAKEWOOD CAPITAL MANAGEMENT, LP 0.80% of their portfolio New York, NY 123,500123.5k $10.5m $10.5m 0.80% Unchanged
36 Sequoia Financial Advisors, LLC 0.07% of their portfolio Akron, OH 121,538121.5k $10.3m $10.3m 0.07% Reduced -3.7k -3,739
37 SLT Holdings LLC 7.49% of their portfolio SCOTTSDALE, AZ 118,492118.5k $10.1m $10.1m 7.49% Reduced -19.3k -19,346
38 IEQ CAPITAL, LLC 0.06% of their portfolio Foster City, CA 113,310113.3k $9.6m $9.6m 0.06% Added +90.7k +90,675
39 Birch Hill Investment Advisors LLC 0.41% of their portfolio Boston, MA 109,150109.2k $9.3m $9.3m 0.41% Reduced -1.8k -1,820
40 ONCE CAPITAL MANAGEMENT, LLC 2.83% of their portfolio NEW YORK, NY 107,700107.7k $9.1m $9.1m 2.83% Unchanged
41 BLAIR WILLIAM & CO/IL 0.03% of their portfolio CHICAGO, IL 107,600107.6k $9.1m $9.1m 0.03% Reduced -466 -466
42 Citrine Capital LLC 4.66% of their portfolio SAN FRANCISCO, CA 103,505103.5k $8.8m $8.8m 4.66% Reduced -153 -153
43 Larson Financial Group LLC 0.35% of their portfolio ST LOUIS, MO 102,625102.6k $8.7m $8.7m 0.35% Reduced -49 -49
44 ICONIQ Capital, LLC 0.15% of their portfolio SAN FRANCISCO, CA 101,575101.6k $8.6m $8.6m 0.15% Added +23.6k +23,643
45 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 100,000100.0k $8.5m $8.5m 0.01% Unchanged
46 Variant Private Wealth, LLC 8.70% of their portfolio TYSONS, VA 98,80998.8k $8.4m $8.4m 8.70% Reduced -61 -61
47 Red Door Wealth Management, LLC 0.99% of their portfolio Memphis, TN 97,68597.7k $8.3m $8.3m 0.99% Reduced -156 -156
48 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 96,24796.2k $8.2m $8.2m 0.01% Added +7.8k +7,844
49 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 92,66492.7k $7.9m $7.9m 0.00% Reduced -6.8k -6,827
50 TRAPHAGEN INVESTMENT ADVISORS LLC 0.74% of their portfolio ORADELL, NJ 92,50192.5k $7.8m $7.8m 0.74% Reduced -485 -485
51 Claro Advisors Inc. 1.29% of their portfolio BOSTON, MA 92,10792.1k $7.8m $7.8m 1.29% Reduced -12.6k -12,562
52 BLUE SQUARE ASSET MANAGEMENT, LLC 3.58% of their portfolio NEW YORK, NY 90,10190.1k $7.6m $7.6m 3.58% Reduced -2.7k -2,699
53 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 80,10080.1k $6.8m $6.8m 0.01% New
54 Van Hulzen Asset Management, LLC 0.56% of their portfolio EL DORADO HILLS, CA 79,62279.6k $6.8m $6.8m 0.56% Reduced -4.6k -4,579
55 Intellectus Partners, LLC 1.40% of their portfolio SAN FRANCISCO, CA 76,37176.4k $6.5m $6.5m 1.40% Reduced -563 -563
56 SCS Capital Management LLC 0.07% of their portfolio BOSTON, MA 75,95776.0k $6.4m $6.4m 0.07% Unchanged
57 Haven Private, LLC 2.84% of their portfolio ORLANDO, FL 75,39675.4k $6.4m $6.4m 2.84% Reduced -510 -510
58 WESCAP Management Group, Inc. 1.41% of their portfolio Glendale, CA 72,97273.0k $6.2m $6.2m 1.41% New
59 Consolidated Portfolio Review Corp 0.86% of their portfolio WOODBURY, NY 72,90072.9k $6.2m $6.2m 0.86% Added +7.4k +7,410
60 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 72,81172.8k $6.2m $6.2m 0.00% Added +13.4k +13,449
61 Fiduciary Trust Co 0.08% of their portfolio Boston, MA 72,15072.2k $6.1m $6.1m 0.08% Reduced -5.0k -5,000
62 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 70,12470.1k $5.9m $5.9m 0.01% Added +45.1k +45,112
63 Ascension Capital Advisors, Inc. 2.48% of their portfolio Houston, TX 69,90869.9k $5.9m $5.9m 2.48% Reduced -1.6k -1,589
64 MONECO ADVISORS, LLC 0.55% of their portfolio FAIRFIELD, CT 69,51969.5k $5.9m $5.9m 0.55% Reduced -2.2k -2,200
65 Farther Finance Advisors, LLC 0.12% of their portfolio SAN FRANCISCO, CA 68,65068.7k $5.8m $5.8m 0.12% Added +50.4k +50,355
66 Advisory Services Network, LLC 0.10% of their portfolio ATLANTA, GA 68,28768.3k $6.3m $6.3m 0.10% Reduced -4.2k -4,180
67 Guild Investment Management, Inc. 4.96% of their portfolio WESTLAKE VILLAGE, CA 67,30067.3k $5.7m $5.7m 4.96% Reduced -190 -190
68 SELDON CAPITAL LP 2.44% of their portfolio SAN FRANCISCO, CA 66,10766.1k $5.6m $5.6m 2.44% Unchanged
69 Legacy Wealth Asset Management, LLC 1.39% of their portfolio WOODBURY, MN 64,46764.5k $5.5m $5.5m 1.39% Reduced -3.2k -3,226
70 OLD MISSION CAPITAL LLC 0.15% of their portfolio CHICAGO, IL 64,38264.4k $5.5m $5.5m 0.15% New
71 Global Retirement Partners, LLC 0.13% of their portfolio San Rafael, CA 63,62963.6k $5.4m $5.4m 0.13% First filing
72 NewEdge Wealth, LLC 0.09% of their portfolio STAMFORD, CT 60,57160.6k $5.6m $5.6m 0.09% Reduced -7.6k -7,601
73 Bleakley Financial Group, LLC 0.13% of their portfolio PARSIPPANY, NJ 59,96460.0k $5.1m $5.1m 0.13% Reduced -1.1k -1,090
74 Merit Financial Group, LLC 0.05% of their portfolio ALPHARETTA, GA 57,84357.8k $4.9m $4.9m 0.05% Reduced -6.0k -6,040
75 Smithfield Trust Co 0.23% of their portfolio PITTSBURGH, PA 56,19556.2k $4.8m $4.8m 0.23% Unchanged
76 INDEPENDENT FINANCIAL GROUP, LLC 0.13% of their portfolio SAN DIEGO, CA 56,15856.2k $4.8m $4.8m 0.13% Reduced -9.2k -9,226
77 KESTRA PRIVATE WEALTH SERVICES, LLC 0.07% of their portfolio AUSTIN, TX 56,09856.1k $4.8m $4.8m 0.07% Added +158 +158
78 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 55,10655.1k $4.7m $4.7m 0.01% Reduced -7.2k -7,174
79 BECK CAPITAL MANAGEMENT, LLC 1.15% of their portfolio AUSTIN, TX 54,52754.5k $4.6m $4.6m 1.15% Reduced -6.5k -6,511
80 Keystone Financial Group 0.45% of their portfolio LEXINGTON, KY 54,33154.3k $5.0m $5.0m 0.45% Added +580 +580
81 Pekin Hardy Strauss, Inc. 0.52% of their portfolio CHICAGO, IL 53,70853.7k $4.6m $4.6m 0.52% Reduced -749 -749
82 Verde Capital Management 1.12% of their portfolio CLARKSTON, MI 53,62053.6k $4.5m $4.5m 1.12% Reduced -1.1k -1,095
83 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 53,57753.6k $4.5m $4.5m 0.02% Added +3.8k +3,795
84 NTV Asset Management LLC 0.54% of their portfolio Charleston, WV 53,48753.5k $4.5m $4.5m 0.54% Unchanged
85 Ethos Financial Group, LLC 0.39% of their portfolio KING OF PRUSSIA, PA 53,21253.2k $4.5m $4.5m 0.39% Unchanged
86 Convergence Financial, LLC 0.75% of their portfolio COLUMBIA, MO 51,63951.6k $4.4m $4.4m 0.75% Reduced -3.9k -3,904
87 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 51,61651.6k $4.4m $4.4m 0.01% Reduced -67 -67
88 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 50,70150.7k $4.3m $4.3m 0.01% Reduced -14 -14
89 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 49,65349.7k $4.2m $4.2m 0.01% Added +33.3k +33,299
90 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 49,48949.5k $4.2m $4.2m 0.00% Added +3.6k +3,621
91 HFG Wealth Management, LLC 1.95% of their portfolio The Woodlands, TX 48,96549.0k $3.2m $3.2m 1.95% Reduced -426 -426
92 MAINSTAY CAPITAL MANAGEMENT LLC /ADV 0.20% of their portfolio GRAND BLANC, MI 48,09648.1k $4.1m $4.1m 0.20% Added +24.0k +24,048
93 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 46,96347.0k $4.0m $4.0m 0.01% Reduced -243 -243
94 FAGAN ASSOCIATES, INC. 0.60% of their portfolio TROY, NY 46,10346.1k $3.9m $3.9m 0.60% Added +1.9k +1,867
95 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 45,04045.0k $3.8m $3.8m 0.02% Added +5.7k +5,690
96 Proficio Capital Partners LLC 0.23% of their portfolio NEWTON, MA 44,42744.4k $3.8m $3.8m 0.23% Unchanged
97 Prosperity Financial Group, Inc. 1.58% of their portfolio San Ramon, CA 43,87343.9k $3.7m $3.7m 1.58% Added +400 +400
98 CERTIOR FINANCIAL GROUP, LLC 2.85% of their portfolio KING OF PRUSSIA, PA 43,76043.8k $3.7m $3.7m 2.85% Unchanged
99 Wealthspire Advisors, LLC 0.02% of their portfolio NEW YORK, NY 43,58943.6k $3.7m $3.7m 0.02% Reduced -5 -5
100 Cyndeo Wealth Partners, LLC 0.21% of their portfolio ST. PETERSBURG, FL 41,54041.5k $3.5m $3.5m 0.21% Added +200 +200