Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

735 institutional holders -48 vs Q3 2025
32,975,99733.0m shares reported held*
$2.3bnreported value*
42 new 163 added 237 reduced 120 sold out net sold ≈ $93.8m (-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 ($353.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $68.41. Options: 14 managers hold calls ($231.3m notional), 9 hold puts ($42.3m).

Trends to Q4 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: 783Q4 25: 735735Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025735

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 246 bought or addedQ3 25: 277 cut or sold outQ4 25: 205 bought or addedQ4 25: 357 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202460521
Q2 2024239314
Q3 2024177290
Q4 2024299262
Q1 2025216322
Q2 2025233302
Q3 2025246277
Q4 2025205357

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ1 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 0.28Q4 25 calls: $231.3mQ4 25 puts: $42.3mQ4 25P/C 0.18
Numbers
QuarterCallsPutsP/C
Q1 2025$77.1m$27.8m0.36
Q2 2025$166.1m$48.7m0.29
Q3 2025$209.5m$57.7m0.28
Q4 2025$231.3m$42.3m0.18

Biggest buyers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +365,151+365.2k
DRW Securities, LLC Added +214,937+214.9k
RBF Capital, LLC Added +150,000+150.0k
Cetera Investment Advisers Added +132,219+132.2k
RENAISSANCE TECHNOLOGIES LLC Added +87,900+87.9k
CITADEL ADVISORS LLC New +83,822+83.8k
Corient Private Wealth LP Added +82,042+82.0k
Palumbo Wealth Management LLC New +67,259+67.3k
MORGAN STANLEY Added +52,794+52.8k
NorthCoast Asset Management LLC Added +41,120+41.1k

Biggest sellers

Multicoin Capital Management, LLC Reduced -1,019,557-1.0m
JANE STREET GROUP, LLC Reduced -221,797-221.8k
IMC-Chicago, LLC Sold out -208,201-208.2k
Jump Financial, LLC Sold out -129,212-129.2k
TB Alternative Assets Ltd. Sold out -85,657-85.7k
OLD MISSION CAPITAL LLC Reduced -82,865-82.9k
Brookstone Capital Management Reduced -81,037-81.0k
Consolidated Portfolio Review Corp Sold out -72,812-72.8k
HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -67,607-67.6k
ROYAL BANK OF CANADA Reduced -48,145-48.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $70.2m1.0m shares
ALKEON CAPITAL MANAGEMENT LLC Added $62.9m920.0k shares
IMC-Chicago, LLC New $24.1m352.8k shares
Vident Advisory, LLC Reduced $22.6m331.3k shares
CITADEL ADVISORS LLC Reduced $17.5m256.0k shares
SIMPLEX TRADING, LLC Added $15.4m224.9k shares
JANE STREET GROUP, LLC Reduced $13.1m192.0k shares
Walleye Trading LLC Reduced $2.0m29.4k shares
GROUP ONE TRADING LLC Added $1.7m25.3k shares
Belvedere Trading LLC Unchanged $875.0k12.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $13.8m202.4k shares
JANE STREET GROUP, LLC Reduced $8.7m126.9k shares
IMC-Chicago, LLC New $7.0m102.9k shares
CITADEL ADVISORS LLC Reduced $6.7m97.8k shares
SIMPLEX TRADING, LLC Reduced $4.5m66.0k shares
Walleye Trading LLC Added $1.1m16.5k shares
GROUP ONE TRADING LLC Added $348.6k5.1k shares
Belvedere Trading LLC Reduced $82.0k1.2k shares
Optiver Holding B.V. New $27.3k400 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 HORIZON KINETICS ASSET MANAGEMENT LLC 13.05% of their portfolio NEW YORK, NY 14,113,59314.1m $964.8m $964.8m 13.05% Reduced -67.6k -67,607
2 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 977,214977.2k $66.8m $66.8m 0.02% Reduced -42.9k -42,860
3 Greenwich Wealth Management LLC 1.80% of their portfolio GREENWICH, CT 635,001635.0k $40.3m $40.3m 1.80% Reduced -1.9k -1,896
4 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 620,363620.4k $42.4m $42.4m 0.05% Reduced -6.1k -6,065
5 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio BALA CYNWYD, PA 521,072521.1k $35.6m $35.6m 0.05% Added +365.2k +365,151
6 MSRH, LLC 32.21% of their portfolio New York, NY 422,078422.1k $28.9m $28.9m 32.21% First filing
7 MAD RIVER INVESTORS 11.23% of their portfolio BOSTON, MA 360,454360.5k $24.6m $24.6m 11.23% Reduced -500 -500
8 Wealthfront Advisers LLC 0.05% of their portfolio Palo Alto, CA 354,702354.7k $24.2m $24.2m 0.05% Reduced -18.7k -18,728
9 EagleClaw Capital Managment, LLC 3.29% of their portfolio BOSTON, MA 332,841332.8k $22.8m $22.8m 3.29% Reduced -1.6k -1,625
10 Moors & Cabot, Inc. 0.92% of their portfolio BOSTON, MA 315,519315.5k $21.6m $21.6m 0.92% Reduced -382 -382
11 Multicoin Capital Management, LLC 18.06% of their portfolio AUSTIN, TX 302,251302.3k $20.7m $20.7m 18.06% Reduced -1.0m -1,019,557
12 RBF Capital, LLC 0.47% of their portfolio RENO, NV 300,000300.0k $20.5m $20.5m 0.47% Added +150.0k +150,000
13 KINGSWOOD WEALTH ADVISORS, LLC 0.94% of their portfolio SAN DIEGO, CA 283,835283.8k $19.4m $19.4m 0.94% Reduced -1.1k -1,113
14 One Charles Private Wealth Services, LLC 4.92% of their portfolio HINGHAM, MA 278,603278.6k $19.0m $19.0m 4.92% Reduced -10.8k -10,807
15 Beaumont Financial Advisors, LLC 1.22% of their portfolio NEEDHAM, MA 271,467271.5k $18.6m $18.6m 1.22% Reduced -2.9k -2,901
16 Cambridge Investment Research Advisors, Inc. 0.05% of their portfolio FAIRFIELD, IA 259,925259.9k $17.8m $17.8m 0.05% Reduced -8.7k -8,653
17 Cresset Asset Management, LLC 0.07% of their portfolio Chicago, IL 243,904243.9k $16.7m $16.7m 0.07% Reduced -15.8k -15,762
18 DRW Securities, LLC 1.21% of their portfolio CHICAGO, IL 232,691232.7k $15.9m $15.9m 1.21% Added +214.9k +214,937
19 OLD MISSION CAPITAL LLC 0.59% of their portfolio CHICAGO, IL 221,544221.5k $15.1m $15.1m 0.59% Reduced -82.9k -82,865
20 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 221,130221.1k $16.9m $16.9m 0.02% Added +21.0k +20,951
21 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 207,463207.5k $14.2m $14.2m 0.02% Reduced -21.1k -21,054
22 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 184,976185.0k $12.6m $12.6m 0.01% Added +132.2k +132,219
23 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.02% of their portfolio PLYMOUTH, MN 184,647184.6k $13.3m $13.3m 0.02% Reduced -5.7k -5,677
24 Mariner, LLC 0.01% of their portfolio Overland Park, KS 173,207173.2k $11.8m $11.8m 0.01% Added +2.1k +2,088
25 Lido Advisors, LLC 0.05% of their portfolio Los Angeles, CA 159,295159.3k $13.9m $13.9m 0.05% Added +14.1k +14,139
26 Atlas Wealth Partners, LLC 10.72% of their portfolio WYOMISSING, PA 142,712142.7k $9.8m $9.8m 10.72% Reduced -3.6k -3,646
27 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 135,990136.0k $9.3m $9.3m 0.01% Added +788 +788
28 Sloy Dahl & Holst, LLC 1.10% of their portfolio Vancouver, WA 134,430134.4k $9.2m $9.2m 1.10% Reduced -318 -318
29 Fiduciary Alliance LLC 0.60% of their portfolio GREENVILLE, SC 134,253134.3k $9.2m $9.2m 0.60% Added +4.2k +4,221
30 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 129,575129.6k $6.6m $6.6m 0.00% Added +82.0k +82,042
31 Foundations Investment Advisors, LLC 0.11% of their portfolio PHOENIX, AZ 127,107127.1k $8.7m $8.7m 0.11% Reduced -2.5k -2,525
32 LAKEWOOD CAPITAL MANAGEMENT, LP 0.59% of their portfolio New York, NY 123,500123.5k $8.4m $8.4m 0.59% Unchanged
33 SLT Holdings LLC 5.60% of their portfolio SCOTTSDALE, AZ 122,775122.8k $8.4m $8.4m 5.60% Added +173 +173
34 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 120,100120.1k $8.2m $8.2m 0.01% Added +87.9k +87,900
35 Pasadena Private Wealth, LLC 1.11% of their portfolio PASADENA, CA 119,266119.3k $8.2m $8.2m 1.11% Reduced -2.1k -2,096
36 Sequoia Financial Advisors, LLC 0.05% of their portfolio Akron, OH 118,945118.9k $8.1m $8.1m 0.05% Reduced -1.2k -1,156
37 IEQ CAPITAL, LLC 0.02% of their portfolio Foster City, CA 117,106117.1k $8.0m $8.0m 0.02% Added +4.0k +4,000
38 Fielder Capital Group LLC 1.64% of their portfolio NASHVILLE, TN 112,760112.8k $7.7m $7.7m 1.64% Reduced -7.7k -7,706
39 ONCE CAPITAL MANAGEMENT, LLC 1.86% of their portfolio NEW YORK, NY 107,700107.7k $7.4m $7.4m 1.86% Unchanged
40 BLAIR WILLIAM & CO/IL 0.02% of their portfolio CHICAGO, IL 107,329107.3k $7.3m $7.3m 0.02% Reduced -228 -228
41 Birch Hill Investment Advisors LLC 0.29% of their portfolio Boston, MA 102,850102.8k $7.0m $7.0m 0.29% Unchanged
42 Citrine Capital LLC 3.23% of their portfolio SAN FRANCISCO, CA 101,811101.8k $7.0m $7.0m 3.23% Reduced -1.4k -1,413
43 ICONIQ Capital, LLC 0.10% of their portfolio SAN FRANCISCO, CA 101,575101.6k $6.9m $6.9m 0.10% Unchanged
44 Kestra Advisory Services, LLC 0.03% of their portfolio AUSTIN, TX 100,737100.7k $6.9m $6.9m 0.03% Reduced -699 -699
45 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $6.8m $6.8m 0.00% Unchanged
46 Red Door Wealth Management, LLC 0.68% of their portfolio Memphis, TN 95,69095.7k $6.5m $6.5m 0.68% Reduced -1.6k -1,622
47 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 93,44193.4k $6.4m $6.4m 0.00% Added +52.8k +52,794
48 Larson Financial Group LLC 0.21% of their portfolio ST LOUIS, MO 92,15692.2k $6.3m $6.3m 0.21% Reduced -7.4k -7,359
49 Claro Advisors Inc. 0.84% of their portfolio BOSTON, MA 90,19090.2k $6.2m $6.2m 0.84% Reduced -264 -264
50 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 87,52387.5k $6.0m $6.0m 0.00% Reduced -5.9k -5,885
51 TRAPHAGEN INVESTMENT ADVISORS LLC 0.48% of their portfolio ORADELL, NJ 85,25285.3k $5.8m $5.8m 0.48% Reduced -3.1k -3,122
52 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 83,82283.8k $5.7m $5.7m 0.00% New
53 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 82,15682.2k $5.6m $5.6m 0.01% Added +6.0k +5,980
54 Van Hulzen Asset Management, LLC 0.39% of their portfolio EL DORADO HILLS, CA 77,93477.9k $5.3m $5.3m 0.39% Reduced -638 -638
55 Advisory Services Network, LLC 0.07% of their portfolio ATLANTA, GA 76,40776.4k $5.2m $5.2m 0.07% Added +2.7k +2,734
56 Intellectus Partners, LLC 1.01% of their portfolio SAN FRANCISCO, CA 76,26676.3k $5.2m $5.2m 1.01% Reduced -275 -275
57 SCS Capital Management LLC 0.06% of their portfolio BOSTON, MA 75,95776.0k $5.2m $5.2m 0.06% Unchanged
58 Haven Private, LLC 2.20% of their portfolio ORLANDO, FL 73,43773.4k $5.0m $5.0m 2.20% Reduced -112 -112
59 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 72,58472.6k $5.0m $5.0m 0.01% Added +24.0k +23,951
60 Farther Finance Advisors, LLC 0.05% of their portfolio SAN FRANCISCO, CA 72,07072.1k $4.9m $4.9m 0.05% Added +1.2k +1,190
61 Variant Private Wealth, LLC 5.09% of their portfolio TYSONS, VA 71,66671.7k $4.9m $4.9m 5.09% Reduced -25.8k -25,820
62 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 69,56869.6k $4.8m $4.8m 0.00% Reduced -26.3k -26,305
63 WESCAP Management Group, Inc. 0.96% of their portfolio Glendale, CA 69,17669.2k $4.7m $4.7m 0.96% Reduced -3.4k -3,353
64 Guild Investment Management, Inc. 3.41% of their portfolio WESTLAKE VILLAGE, CA 67,32567.3k $4.6m $4.6m 3.41% Added +390 +390
65 Palumbo Wealth Management LLC 1.13% of their portfolio GREAT NECK, NY 67,25967.3k $4.6m $4.6m 1.13% New
66 Ascension Capital Advisors, Inc. 1.55% of their portfolio Houston, TX 65,90765.9k $4.5m $4.5m 1.55% Reduced -2.5k -2,546
67 Global Retirement Partners, LLC 0.08% of their portfolio San Rafael, CA 64,42864.4k $4.4m $4.4m 0.08% Added +1.1k +1,074
68 MONECO ADVISORS, LLC 0.35% of their portfolio FAIRFIELD, CT 64,27164.3k $4.4m $4.4m 0.35% Reduced -5.1k -5,149
69 NorthCoast Asset Management LLC 0.10% of their portfolio STAMFORD, CT 64,22264.2k $4.4m $4.4m 0.10% Added +41.1k +41,120
70 SELDON CAPITAL LP 1.52% of their portfolio SAN FRANCISCO, CA 64,20764.2k $4.4m $4.4m 1.52% Reduced -1.9k -1,900
71 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 62,79162.8k $4.3m $4.3m 0.01% Added +10.9k +10,923
72 NewEdge Wealth, LLC 0.05% of their portfolio STAMFORD, CT 60,85560.9k $4.2m $4.2m 0.05% Added +284 +284
73 BLUE SQUARE ASSET MANAGEMENT, LLC 1.83% of their portfolio NEW YORK, NY 60,21760.2k $4.1m $4.1m 1.83% Reduced -20.0k -19,994
74 Pekin Hardy Strauss, Inc. 0.37% of their portfolio CHICAGO, IL 58,41958.4k $4.0m $4.0m 0.37% Added +6.9k +6,881
75 Keystone Financial Group 0.28% of their portfolio LEXINGTON, KY 56,31256.3k $3.8m $3.8m 0.28% Added +83 +83
76 Legacy Wealth Asset Management, LLC 0.95% of their portfolio WOODBURY, MN 56,30956.3k $3.8m $3.8m 0.95% Reduced -7.5k -7,524
77 Smithfield Trust Co 0.17% of their portfolio PITTSBURGH, PA 56,19556.2k $3.8m $3.8m 0.17% Unchanged
78 Virtu Financial LLC 0.15% of their portfolio New York, NY 55,58455.6k $3.8m $3.8m 0.15% Added +32.6k +32,573
79 Bleakley Financial Group, LLC 0.07% of their portfolio PARSIPPANY, NJ 55,36355.4k $3.8m $3.8m 0.07% Added +65 +65
80 KESTRA PRIVATE WEALTH SERVICES, LLC 0.05% of their portfolio AUSTIN, TX 55,00855.0k $3.8m $3.8m 0.05% Unchanged
81 INDEPENDENT FINANCIAL GROUP, LLC 0.08% of their portfolio SAN DIEGO, CA 53,92953.9k $3.7m $3.7m 0.08% Reduced -2.0k -1,989
82 NTV Asset Management LLC 0.38% of their portfolio Charleston, WV 52,48552.5k $3.6m $3.6m 0.38% Reduced -2 -2
83 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 51,61651.6k $3.5m $3.5m 0.00% Unchanged
84 Convergence Financial, LLC 0.51% of their portfolio COLUMBIA, MO 51,46051.5k $3.5m $3.5m 0.51% Unchanged
85 Verde Capital Management 0.75% of their portfolio CLARKSTON, MI 51,32251.3k $3.5m $3.5m 0.75% Reduced -687 -687
86 BECK CAPITAL MANAGEMENT, LLC 0.81% of their portfolio AUSTIN, TX 49,84549.8k $3.4m $3.4m 0.81% Reduced -2.2k -2,177
87 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 47,61347.6k $3.3m $3.3m 0.00% Reduced -3.1k -3,110
88 Merit Financial Group, LLC 0.03% of their portfolio ALPHARETTA, GA 47,41847.4k $3.2m $3.2m 0.03% Reduced -8.2k -8,231
89 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 46,86346.9k $3.2m $3.2m 0.00% Reduced -2.9k -2,876
90 EFG International AG 0.06% of their portfolio Zurich, V8 45,05045.0k $3.1m $3.1m 0.06% First filing
91 Proficio Capital Partners LLC 0.21% of their portfolio NEWTON, MA 44,16244.2k $3.0m $3.0m 0.21% Reduced -265 -265
92 CERTIOR FINANCIAL GROUP, LLC 2.03% of their portfolio KING OF PRUSSIA, PA 43,67643.7k $3.0m $3.0m 2.03% Reduced -40 -40
93 FAGAN ASSOCIATES, INC. 0.39% of their portfolio TROY, NY 43,05343.1k $2.9m $2.9m 0.39% Reduced -231 -231
94 HFG Wealth Management, LLC 1.62% of their portfolio The Woodlands, TX 43,02043.0k $2.9m $2.9m 1.62% Reduced -2.1k -2,102
95 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 42,65242.7k $2.9m $2.9m 0.01% Reduced -5.3k -5,278
96 Wealthspire Advisors, LLC 0.02% of their portfolio NEW YORK, NY 42,39542.4k $2.9m $2.9m 0.02% Reduced -318 -318
97 Brookstone Capital Management 0.03% of their portfolio WHEATON, IL 40,50640.5k $2.8m $2.8m 0.03% Reduced -81.0k -81,037
98 MGO ONE SEVEN LLC 0.05% of their portfolio Beachwood, OH 39,29639.3k $2.7m $2.7m 0.05% Added +4.4k +4,384
99 Prosperity Financial Group, Inc. 0.96% of their portfolio San Ramon, CA 39,05539.1k $2.7m $2.7m 0.96% Reduced -2.0k -1,985
100 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 38,53638.5k $2.6m $2.6m 0.01% Reduced -698 -698