Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

783 institutional holders +20 vs Q2 2025
33,618,96333.6m shares reported held*
$3.0bnreported value*
76 new 170 added 234 reduced 43 sold out net sold ≈ $128.6m (-1.4m 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 ($704.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $89.64. Options: 14 managers hold calls ($209.5m notional), 9 hold puts ($57.7m).

Trends to Q3 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: 763Q3 25: 783783Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025783

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 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 25Q2 25: 233 bought or addedQ2 25: 302 cut or sold outQ3 25: 246 bought or addedQ3 25: 277 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20231418
Q1 202460521
Q2 2024239314
Q3 2024177290
Q4 2024299262
Q1 2025216322
Q2 2025233302
Q3 2025246277

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ4 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 0.29Q3 25 calls: $209.5mQ3 25 puts: $57.7mQ3 25P/C 0.28
Numbers
QuarterCallsPutsP/C
Q4 2024$96.5m$30.7m0.32
Q1 2025$77.1m$27.8m0.36
Q2 2025$166.1m$48.7m0.29
Q3 2025$209.5m$57.7m0.28

Biggest buyers

OLD MISSION CAPITAL LLC Added +240,027+240.0k
Jump Financial, LLC New +129,212+129.2k
Cetera Investment Advisers New +52,757+52.8k
Creative Planning Added +38,955+39.0k
MORGAN STANLEY Added +38,347+38.3k
ROYAL BANK OF CANADA Added +32,425+32.4k
Sanctuary Advisors, LLC Added +29,948+29.9k
UNITED CAPITAL FINANCIAL ADVISORS, LLC New +26,042+26.0k
Summit Trail Advisors, LLC New +23,545+23.5k
RAYMOND JAMES FINANCIAL INC Added +20,597+20.6k

Biggest sellers

JANE STREET GROUP, LLC Reduced -775,388-775.4k
HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -369,991-370.0k
Aristides Capital LLC Sold out -164,931-164.9k
IMC-Chicago, LLC Reduced -154,600-154.6k
TB Alternative Assets Ltd. Reduced -149,018-149.0k
Virtu Financial LLC Reduced -134,699-134.7k
EagleClaw Capital Managment, LLC Reduced -54,495-54.5k
RENAISSANCE TECHNOLOGIES LLC Reduced -47,900-47.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -34,736-34.7k
MAINSTAY CAPITAL MANAGEMENT LLC /ADV Reduced -24,048-24.0k

Biggest calls

ALKEON CAPITAL MANAGEMENT LLC Added $58.4m650.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $39.2m436.3k shares
Vident Advisory, LLC New $37.3m415.9k shares
CITADEL ADVISORS LLC Reduced $31.9m355.3k shares
JANE STREET GROUP, LLC Added $21.4m238.7k shares
SIMPLEX TRADING, LLC Reduced $9.3m103.1k shares
WOLVERINE TRADING, LLC New $5.8m64.2k shares
Walleye Trading LLC Added $2.8m31.6k shares
GROUP ONE TRADING LLC Reduced $1.3m14.7k shares
Belvedere Trading LLC Unchanged $1.1m12.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $22.0m245.5k shares
JANE STREET GROUP, LLC Added $12.7m141.9k shares
CITADEL ADVISORS LLC Added $11.3m125.5k shares
SIMPLEX TRADING, LLC Reduced $6.0m66.8k shares
WOLVERINE TRADING, LLC New $3.6m39.9k shares
Walleye Trading LLC Added $942.6k10.5k shares
Belvedere Trading LLC Unchanged $538.6k6.0k shares
GROUP ONE TRADING LLC Reduced $350.1k3.9k shares
Garde Capital, Inc. Unchanged $287.3k3.2k 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 Q3 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 Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 15.52% of their portfolio NEW YORK, NY 14,181,20014.2m $1.3bn $1.3bn 15.52% Reduced -370.0k -369,991
2 Multicoin Capital Management, LLC 43.26% of their portfolio AUSTIN, TX 1,321,8081.3m $118.7m $118.7m 43.26% Unchanged
3 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,020,0741.0m $91.6m $91.6m 0.03% Reduced -21.9k -21,913
4 Greenwich Wealth Management LLC 2.64% of their portfolio GREENWICH, CT 636,897636.9k $53.0m $53.0m 2.64% Reduced -240 -240
5 HighTower Advisors, LLC 0.06% of their portfolio CHICAGO, IL 626,428626.4k $56.2m $56.2m 0.06% Reduced -23.4k -23,373
6 Wealthfront Advisers LLC 0.08% of their portfolio Palo Alto, CA 373,430373.4k $33.5m $33.5m 0.08% Reduced -23.5k -23,477
7 MAD RIVER INVESTORS 13.88% of their portfolio BOSTON, MA 360,954361.0k $32.4m $32.4m 13.88% Reduced -11.4k -11,427
8 EagleClaw Capital Managment, LLC 4.20% of their portfolio BOSTON, MA 334,466334.5k $30.0m $30.0m 4.20% Reduced -54.5k -54,495
9 Moors & Cabot, Inc. 1.24% of their portfolio BOSTON, MA 315,901315.9k $28.4m $28.4m 1.24% Reduced -6.2k -6,160
10 OLD MISSION CAPITAL LLC 0.98% of their portfolio CHICAGO, IL 304,409304.4k $27.3m $27.3m 0.98% Added +240.0k +240,027
11 One Charles Private Wealth Services, LLC 6.82% of their portfolio HINGHAM, MA 289,410289.4k $26.0m $26.0m 6.82% Reduced -2.4k -2,374
12 KINGSWOOD WEALTH ADVISORS, LLC 1.55% of their portfolio SAN DIEGO, CA 284,948284.9k $25.6m $25.6m 1.55% Added +2.7k +2,693
13 Beaumont Financial Advisors, LLC 1.65% of their portfolio NEEDHAM, MA 274,368274.4k $24.6m $24.6m 1.65% Reduced -11.6k -11,593
14 Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio FAIRFIELD, IA 268,578268.6k $24.1m $24.1m 0.07% Reduced -2.4k -2,353
15 Cresset Asset Management, LLC 0.10% of their portfolio Chicago, IL 259,666259.7k $23.3m $23.3m 0.10% Reduced -1.8k -1,807
16 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 244,938244.9k $22.0m $22.0m 0.03% Reduced -775.4k -775,388
17 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 228,517228.5k $20.5m $20.5m 0.03% Reduced -18.9k -18,942
18 IMC-Chicago, LLC 0.33% of their portfolio CHICAGO, IL 208,201208.2k $18.7m $18.7m 0.33% Reduced -154.6k -154,600
19 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 200,179200.2k $18.0m $18.0m 0.03% Reduced -18.2k -18,163
20 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.03% of their portfolio PLYMOUTH, MN 190,324190.3k $18.2m $18.2m 0.03% Reduced -240 -240
21 Mariner, LLC 0.02% of their portfolio Overland Park, KS 171,119171.1k $15.4m $15.4m 0.02% Added +1.8k +1,843
22 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 155,921155.9k $14.0m $14.0m 0.02% Reduced -34.7k -34,736
23 RBF Capital, LLC 0.62% of their portfolio RENO, NV 150,000150.0k $13.5m $13.5m 0.62% Unchanged
24 Atlas Wealth Partners, LLC 13.41% of their portfolio WYOMISSING, PA 146,358146.4k $13.1m $13.1m 13.41% Reduced -1.6k -1,565
25 Lido Advisors, LLC 0.05% of their portfolio Los Angeles, CA 145,156145.2k $13.0m $13.0m 0.05% Added +10.8k +10,798
26 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 135,202135.2k $12.1m $12.1m 0.01% Added +39.0k +38,955
27 Sloy Dahl & Holst, LLC 1.28% of their portfolio Vancouver, WA 134,748134.7k $12.1m $12.1m 1.28% Reduced -701 -701
28 Fiduciary Alliance LLC 0.78% of their portfolio GREENVILLE, SC 130,032130.0k $11.7m $11.7m 0.78% Added +1.2k +1,225
29 Foundations Investment Advisors, LLC 0.17% of their portfolio PHOENIX, AZ 129,632129.6k $11.6m $11.6m 0.17% Added +4.5k +4,490
30 Jump Financial, LLC 0.15% of their portfolio Chicago, IL 129,212129.2k $11.6m $11.6m 0.15% New
31 LAKEWOOD CAPITAL MANAGEMENT, LP 0.84% of their portfolio New York, NY 123,500123.5k $11.1m $11.1m 0.84% Unchanged
32 SLT Holdings LLC 7.20% of their portfolio SCOTTSDALE, AZ 122,602122.6k $11.0m $11.0m 7.20% Added +4.1k +4,110
33 Brookstone Capital Management 0.13% of their portfolio WHEATON, IL 121,543121.5k $10.9m $10.9m 0.13% Reduced -2.7k -2,673
34 Pasadena Private Wealth, LLC 1.57% of their portfolio PASADENA, CA 121,362121.4k $10.9m $10.9m 1.57% Reduced -3.8k -3,799
35 Fielder Capital Group LLC 2.46% of their portfolio NASHVILLE, TN 120,466120.5k $10.8m $10.8m 2.46% Reduced -4.8k -4,821
36 Sequoia Financial Advisors, LLC 0.07% of their portfolio Akron, OH 120,101120.1k $10.8m $10.8m 0.07% Reduced -1.4k -1,437
37 IEQ CAPITAL, LLC 0.03% of their portfolio Foster City, CA 113,106113.1k $10.2m $10.2m 0.03% Reduced -204 -204
38 ONCE CAPITAL MANAGEMENT, LLC 2.62% of their portfolio NEW YORK, NY 107,700107.7k $9.7m $9.7m 2.62% Unchanged
39 BLAIR WILLIAM & CO/IL 0.03% of their portfolio CHICAGO, IL 107,557107.6k $9.7m $9.7m 0.03% Reduced -43 -43
40 Citrine Capital LLC 4.29% of their portfolio SAN FRANCISCO, CA 103,224103.2k $9.3m $9.3m 4.29% Reduced -281 -281
41 Birch Hill Investment Advisors LLC 0.39% of their portfolio Boston, MA 102,850102.8k $9.2m $9.2m 0.39% Reduced -6.3k -6,300
42 ICONIQ Capital, LLC 0.11% of their portfolio SAN FRANCISCO, CA 101,575101.6k $9.1m $9.1m 0.11% Unchanged
43 Kestra Advisory Services, LLC 0.04% of their portfolio AUSTIN, TX 101,436101.4k $9.1m $9.1m 0.04% Reduced -23.3k -23,271
44 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 100,000100.0k $9.0m $9.0m 0.01% Unchanged
45 Larson Financial Group LLC 0.31% of their portfolio ST LOUIS, MO 99,51599.5k $8.9m $8.9m 0.31% Reduced -3.1k -3,110
46 Variant Private Wealth, LLC 8.08% of their portfolio TYSONS, VA 97,48697.5k $8.8m $8.8m 8.08% Reduced -1.3k -1,323
47 Red Door Wealth Management, LLC 0.93% of their portfolio Memphis, TN 97,31297.3k $8.7m $8.7m 0.93% Reduced -373 -373
48 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 95,87395.9k $8.6m $8.6m 0.00% Added +3.2k +3,209
49 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 93,40893.4k $8.4m $8.4m 0.00% Added +20.6k +20,597
50 Claro Advisors Inc. 1.18% of their portfolio BOSTON, MA 90,45490.5k $8.1m $8.1m 1.18% Reduced -1.7k -1,653
51 TRAPHAGEN INVESTMENT ADVISORS LLC 0.68% of their portfolio ORADELL, NJ 88,37488.4k $7.9m $7.9m 0.68% Reduced -4.1k -4,127
52 TB Alternative Assets Ltd. 1.15% of their portfolio HONG KONG, K3 85,65785.7k $7.7m $7.7m 1.15% Reduced -149.0k -149,018
53 BLUE SQUARE ASSET MANAGEMENT, LLC 3.14% of their portfolio NEW YORK, NY 80,21180.2k $7.2m $7.2m 3.14% Reduced -9.9k -9,890
54 Van Hulzen Asset Management, LLC 0.52% of their portfolio EL DORADO HILLS, CA 78,57278.6k $7.1m $7.1m 0.52% Reduced -1.1k -1,050
55 Intellectus Partners, LLC 1.33% of their portfolio SAN FRANCISCO, CA 76,54176.5k $6.9m $6.9m 1.33% Added +170 +170
56 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 76,17676.2k $6.7m $6.7m 0.01% Added +6.1k +6,052
57 SCS Capital Management LLC 0.07% of their portfolio BOSTON, MA 75,95776.0k $6.8m $6.8m 0.07% Unchanged
58 Advisory Services Network, LLC 0.10% of their portfolio ATLANTA, GA 73,67373.7k $6.6m $6.6m 0.10% Added +5.4k +5,386
59 Haven Private, LLC 2.92% of their portfolio ORLANDO, FL 73,54973.5k $6.6m $6.6m 2.92% Reduced -1.8k -1,847
60 Consolidated Portfolio Review Corp 0.82% of their portfolio WOODBURY, NY 72,81272.8k $6.5m $6.5m 0.82% Reduced -88 -88
61 WESCAP Management Group, Inc. 1.37% of their portfolio Glendale, CA 72,52972.5k $6.5m $6.5m 1.37% Reduced -443 -443
62 Fiduciary Trust Co 0.07% of their portfolio Boston, MA 72,15072.2k $6.5m $6.5m 0.07% Unchanged
63 Farther Finance Advisors, LLC 0.10% of their portfolio SAN FRANCISCO, CA 70,88070.9k $6.4m $6.4m 0.10% Added +2.2k +2,230
64 MONECO ADVISORS, LLC 0.52% of their portfolio FAIRFIELD, CT 69,42069.4k $6.2m $6.2m 0.52% Reduced -99 -99
65 Ascension Capital Advisors, Inc. 2.39% of their portfolio Houston, TX 68,45368.5k $6.1m $6.1m 2.39% Reduced -1.5k -1,455
66 Guild Investment Management, Inc. 4.77% of their portfolio WESTLAKE VILLAGE, CA 66,93566.9k $6.0m $6.0m 4.77% Reduced -365 -365
67 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 66,58966.6k $6.0m $6.0m 0.00% Added +32.4k +32,425
68 SELDON CAPITAL LP 2.09% of their portfolio SAN FRANCISCO, CA 66,10766.1k $5.9m $5.9m 2.09% Unchanged
69 Legacy Wealth Asset Management, LLC 1.39% of their portfolio WOODBURY, MN 63,83363.8k $5.7m $5.7m 1.39% Reduced -634 -634
70 Global Retirement Partners, LLC 0.13% of their portfolio San Rafael, CA 63,35463.4k $5.7m $5.7m 0.13% Reduced -275 -275
71 NewEdge Wealth, LLC 0.07% of their portfolio STAMFORD, CT 60,57160.6k $4.9m $4.9m 0.07% Unchanged
72 Keystone Financial Group 0.35% of their portfolio LEXINGTON, KY 56,22956.2k $4.6m $4.6m 0.35% Added +1.9k +1,898
73 Smithfield Trust Co 0.23% of their portfolio PITTSBURGH, PA 56,19556.2k $5.0m $5.0m 0.23% Unchanged
74 INDEPENDENT FINANCIAL GROUP, LLC 0.12% of their portfolio SAN DIEGO, CA 55,91855.9k $5.0m $5.0m 0.12% Reduced -240 -240
75 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 55,85655.9k $4.2m $4.2m 0.01% Added +29.9k +29,948
76 Merit Financial Group, LLC 0.05% of their portfolio ALPHARETTA, GA 55,64955.6k $5.0m $5.0m 0.05% Reduced -2.2k -2,194
77 Bleakley Financial Group, LLC 0.12% of their portfolio PARSIPPANY, NJ 55,29855.3k $5.0m $5.0m 0.12% Reduced -4.7k -4,666
78 KESTRA PRIVATE WEALTH SERVICES, LLC 0.06% of their portfolio AUSTIN, TX 55,00855.0k $4.9m $4.9m 0.06% Reduced -1.1k -1,090
79 Ethos Financial Group, LLC 0.37% of their portfolio KING OF PRUSSIA, PA 53,21253.2k $4.8m $4.8m 0.37% Unchanged
80 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 52,75752.8k $4.7m $4.7m 0.01% New
81 NTV Asset Management LLC 0.51% of their portfolio Charleston, WV 52,48752.5k $4.7m $4.7m 0.51% Reduced -1.0k -1,000
82 BECK CAPITAL MANAGEMENT, LLC 1.08% of their portfolio AUSTIN, TX 52,02252.0k $4.7m $4.7m 1.08% Reduced -2.5k -2,505
83 Verde Capital Management 1.03% of their portfolio CLARKSTON, MI 52,00952.0k $4.7m $4.7m 1.03% Reduced -1.6k -1,611
84 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 51,86851.9k $4.7m $4.7m 0.01% Reduced -3.2k -3,238
85 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 51,61651.6k $4.6m $4.6m 0.01% Unchanged
86 Pekin Hardy Strauss, Inc. 0.46% of their portfolio CHICAGO, IL 51,53851.5k $4.6m $4.6m 0.46% Reduced -2.2k -2,170
87 Convergence Financial, LLC 0.69% of their portfolio COLUMBIA, MO 51,46051.5k $4.6m $4.6m 0.69% Reduced -179 -179
88 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 50,72350.7k $4.6m $4.6m 0.01% Added +22 +22
89 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 49,73949.7k $4.5m $4.5m 0.00% Added +250 +250
90 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 48,63348.6k $4.4m $4.4m 0.01% Added +1.7k +1,670
91 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 47,93047.9k $4.3m $4.3m 0.02% Reduced -5.6k -5,647
92 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 47,53347.5k $4.3m $4.3m 0.01% Reduced -2.1k -2,120
93 HFG Wealth Management, LLC 2.20% of their portfolio The Woodlands, TX 45,12245.1k $4.1m $4.1m 2.20% Reduced -3.8k -3,843
94 Proficio Capital Partners LLC 0.27% of their portfolio NEWTON, MA 44,42744.4k $4.0m $4.0m 0.27% Unchanged
95 CERTIOR FINANCIAL GROUP, LLC 2.66% of their portfolio KING OF PRUSSIA, PA 43,71643.7k $3.9m $3.9m 2.66% Reduced -44 -44
96 FAGAN ASSOCIATES, INC. 0.54% of their portfolio TROY, NY 43,28443.3k $3.9m $3.9m 0.54% Reduced -2.8k -2,819
97 Wealthspire Advisors, LLC 0.02% of their portfolio NEW YORK, NY 42,71342.7k $3.8m $3.8m 0.02% Reduced -876 -876
98 Prosperity Financial Group, Inc. 1.35% of their portfolio San Ramon, CA 41,04041.0k $3.7m $3.7m 1.35% Reduced -2.8k -2,833
99 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 40,64740.6k $3.6m $3.6m 0.00% Added +38.3k +38,347
100 Cynosure Group, LLC 0.20% of their portfolio Salt Lake City, UT 40,15840.2k $3.6m $3.6m 0.20% Added +20.1k +20,079