Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

655 institutional holders -80 vs Q4 2025
31,561,35331.6m shares reported held*
$1.7bnreported value*
46 new 123 added 256 reduced 124 sold out net sold ≈ $67.6m (-1.3m 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 ($126.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $52.83. Options: 13 managers hold calls ($129.8m notional), 8 hold puts ($21.8m).

Trends to Q1 2026

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: 735Q1 26: 655655Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 2026655

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q2 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 25Q4 25: 205 bought or addedQ4 25: 357 cut or sold outQ1 26: 169 bought or addedQ1 26: 380 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024239314
Q3 2024177290
Q4 2024299262
Q1 2025216322
Q2 2025233302
Q3 2025246277
Q4 2025205357
Q1 2026169380

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ2 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 0.18Q1 26 calls: $129.8mQ1 26 puts: $21.8mQ1 26P/C 0.17
Numbers
QuarterCallsPutsP/C
Q2 2025$166.1m$48.7m0.29
Q3 2025$209.5m$57.7m0.28
Q4 2025$231.3m$42.3m0.18
Q1 2026$129.8m$21.8m0.17

Biggest buyers

Vident Advisory, LLC Added +301,600+301.6k
JANE STREET GROUP, LLC Added +240,831+240.8k
Virtu Financial LLC Added +227,247+227.2k
Qube Research & Technologies Ltd New +106,452+106.5k
Ridgepath Capital Management LLC New +50,324+50.3k
FIFTH THIRD BANCORP Added +38,972+39.0k
SMITH, MOORE & CO. Added +36,845+36.8k
FRANKLIN RESOURCES INC New +28,564+28.6k
Professional Financial Advisors, LLC New +25,386+25.4k
QTR Family Wealth, LLC New +25,060+25.1k

Biggest sellers

Multicoin Capital Management, LLC Sold out -302,251-302.3k
DRW Securities, LLC Sold out -232,691-232.7k
OLD MISSION CAPITAL LLC Sold out -221,544-221.5k
RBF Capital, LLC Reduced -150,000-150.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -114,172-114.2k
HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -108,711-108.7k
Corient Private Wealth LP Reduced -87,225-87.2k
CITADEL ADVISORS LLC Sold out -83,822-83.8k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -69,347-69.3k
LPL Financial LLC Reduced -68,874-68.9k

Biggest calls

ALKEON CAPITAL MANAGEMENT LLC Unchanged $48.5m920.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $30.7m581.4k shares
CITADEL ADVISORS LLC Added $19.6m371.8k shares
IMC-Chicago, LLC Reduced $12.7m241.1k shares
SIMPLEX TRADING, LLC Reduced $6.7m126.7k shares
JANE STREET GROUP, LLC Reduced $5.9m112.1k shares
Optiver Holding B.V. Added $2.9m55.2k shares
Walleye Trading LLC Reduced $1.3m25.2k shares
GROUP ONE TRADING LLC Reduced $675.3k12.8k shares
ZEGA Investments, LLC New $263.8k5.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $5.5m105.1k shares
CITADEL ADVISORS LLC Added $5.3m100.3k shares
IMC-Chicago, LLC Reduced $4.9m93.0k shares
Optiver Holding B.V. Added $2.4m46.2k shares
JANE STREET GROUP, LLC Reduced $1.9m36.0k shares
Walleye Trading LLC Added $902.2k17.1k shares
SIMPLEX TRADING, LLC Reduced $495.9k9.4k shares
GROUP ONE TRADING LLC Added $300.7k5.7k 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 2026

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 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 8.00% of their portfolio NEW YORK, NY 14,004,88214.0m $738.9m $738.9m 8.00% Reduced -108.7k -108,711
2 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 908,340908.3k $47.9m $47.9m 0.01% Reduced -68.9k -68,874
3 Greenwich Wealth Management LLC 1.27% of their portfolio GREENWICH, CT 633,993634.0k $31.0m $31.0m 1.27% Reduced -1.0k -1,008
4 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 614,073614.1k $32.4m $32.4m 0.03% Reduced -6.3k -6,290
5 MSRH, LLC 19.61% of their portfolio New York, NY 419,620419.6k $22.1m $22.1m 19.61% Reduced -2.5k -2,458
6 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 406,900406.9k $21.5m $21.5m 0.03% Reduced -114.2k -114,172
7 MAD RIVER INVESTORS 6.86% of their portfolio BOSTON, MA 360,139360.1k $19.0m $19.0m 6.86% Reduced -315 -315
8 EagleClaw Capital Managment, LLC 2.63% of their portfolio BOSTON, MA 355,791355.8k $18.8m $18.8m 2.63% Added +22.9k +22,950
9 Wealthfront Advisers LLC 0.04% of their portfolio Palo Alto, CA 341,133341.1k $18.0m $18.0m 0.04% Reduced -13.6k -13,569
10 Moors & Cabot, Inc. 0.70% of their portfolio BOSTON, MA 311,393311.4k $16.4m $16.4m 0.70% Reduced -4.1k -4,126
11 Vident Advisory, LLC 0.14% of their portfolio Alpharetta, GA 303,100303.1k $16.0m $16.0m 0.14% Added +301.6k +301,600
12 Virtu Financial LLC 0.62% of their portfolio New York, NY 282,831282.8k $14.9m $14.9m 0.62% Added +227.2k +227,247
13 KINGSWOOD WEALTH ADVISORS, LLC 0.70% of their portfolio SAN DIEGO, CA 279,960280.0k $14.8m $14.8m 0.70% Reduced -3.9k -3,875
14 One Charles Private Wealth Services, LLC 3.66% of their portfolio HINGHAM, MA 276,992277.0k $14.6m $14.6m 3.66% Reduced -1.6k -1,611
15 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 263,972264.0k $13.9m $13.9m 0.01% Added +240.8k +240,831
16 Beaumont Financial Advisors, LLC 0.94% of their portfolio NEEDHAM, MA 258,734258.7k $13.7m $13.7m 0.94% Reduced -12.7k -12,733
17 Cambridge Investment Research Advisors, Inc. 0.03% of their portfolio FAIRFIELD, IA 253,269253.3k $13.4m $13.4m 0.03% Reduced -6.7k -6,656
18 Cresset Asset Management, LLC 0.06% of their portfolio Chicago, IL 243,712243.7k $12.9m $12.9m 0.06% Reduced -192 -192
19 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 216,502216.5k $11.4m $11.4m 0.01% Reduced -4.6k -4,628
20 Mariner, LLC 0.01% of their portfolio Overland Park, KS 186,939186.9k $9.9m $9.9m 0.01% Added +13.7k +13,732
21 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 178,803178.8k $9.4m $9.4m 0.01% Reduced -28.7k -28,660
22 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 174,477174.5k $9.2m $9.2m 0.01% Reduced -10.5k -10,499
23 Lido Advisors, LLC 0.03% of their portfolio Los Angeles, CA 165,469165.5k $8.7m $8.7m 0.03% Added +6.2k +6,174
24 RBF Capital, LLC 0.39% of their portfolio RENO, NV 150,000150.0k $7.9m $7.9m 0.39% Reduced -150.0k -150,000
25 Fiduciary Alliance LLC 0.51% of their portfolio GREENVILLE, SC 146,098146.1k $8.5m $8.5m 0.51% Added +11.8k +11,845
26 Atlas Wealth Partners, LLC 7.61% of their portfolio WYOMISSING, PA 140,312140.3k $7.4m $7.4m 7.61% Reduced -2.4k -2,400
27 Sloy Dahl & Holst, LLC 0.97% of their portfolio Vancouver, WA 133,438133.4k $7.0m $7.0m 0.97% Reduced -992 -992
28 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 131,791131.8k $7.0m $7.0m 0.00% Reduced -4.2k -4,199
29 Foundations Investment Advisors, LLC 0.08% of their portfolio PHOENIX, AZ 129,027129.0k $6.8m $6.8m 0.08% Added +1.9k +1,920
30 Sequoia Financial Advisors, LLC 0.04% of their portfolio Akron, OH 127,176127.2k $6.7m $6.7m 0.04% Added +8.2k +8,231
31 SLT Holdings LLC 4.62% of their portfolio SCOTTSDALE, AZ 124,037124.0k $6.5m $6.5m 4.62% Added +1.3k +1,262
32 LAKEWOOD CAPITAL MANAGEMENT, LP 0.42% of their portfolio New York, NY 123,500123.5k $6.5m $6.5m 0.42% Unchanged
33 Pasadena Private Wealth, LLC 0.86% of their portfolio PASADENA, CA 117,623117.6k $6.2m $6.2m 0.86% Reduced -1.6k -1,643
34 IEQ CAPITAL, LLC 0.03% of their portfolio Foster City, CA 117,106117.1k $6.2m $6.2m 0.03% Unchanged
35 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 115,300115.3k $6.0m $6.0m 0.01% Reduced -69.3k -69,347
36 Fielder Capital Group LLC 1.28% of their portfolio NASHVILLE, TN 111,292111.3k $5.9m $5.9m 1.28% Reduced -1.5k -1,468
37 ONCE CAPITAL MANAGEMENT, LLC 1.52% of their portfolio NEW YORK, NY 107,700107.7k $5.7m $5.7m 1.52% Unchanged
38 BLAIR WILLIAM & CO/IL 0.02% of their portfolio CHICAGO, IL 107,079107.1k $5.6m $5.6m 0.02% Reduced -250 -250
39 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 106,452106.5k $5.6m $5.6m 0.01% New
40 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 105,842105.8k $5.6m $5.6m 0.02% Added +5.1k +5,105
41 Birch Hill Investment Advisors LLC 0.24% of their portfolio Boston, MA 102,850102.8k $5.4m $5.4m 0.24% Unchanged
42 Citrine Capital LLC 2.33% of their portfolio SAN FRANCISCO, CA 101,811101.8k $5.4m $5.4m 2.33% Unchanged
43 ICONIQ Capital, LLC 0.12% of their portfolio SAN FRANCISCO, CA 101,575101.6k $5.4m $5.4m 0.12% Unchanged
44 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $5.3m $5.3m 0.00% Unchanged
45 Red Door Wealth Management, LLC 0.52% of their portfolio Memphis, TN 95,61095.6k $5.0m $5.0m 0.52% Reduced -80 -80
46 Larson Financial Group LLC 0.15% of their portfolio ST LOUIS, MO 90,98291.0k $4.8m $4.8m 0.15% Reduced -1.2k -1,174
47 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 86,49686.5k $4.6m $4.6m 0.00% Reduced -6.9k -6,945
48 TRAPHAGEN INVESTMENT ADVISORS LLC 0.36% of their portfolio ORADELL, NJ 84,55684.6k $4.5m $4.5m 0.36% Reduced -696 -696
49 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 83,31083.3k $4.4m $4.4m 0.00% Reduced -4.2k -4,213
50 Claro Advisors Inc. 0.53% of their portfolio BOSTON, MA 82,84582.8k $4.4m $4.4m 0.53% Reduced -7.3k -7,345
51 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 81,18881.2k $4.3m $4.3m 0.01% Reduced -968 -968
52 Advisory Services Network, LLC 0.05% of their portfolio ATLANTA, GA 78,17278.2k $4.1m $4.1m 0.05% Added +1.8k +1,765
53 Van Hulzen Asset Management, LLC 0.30% of their portfolio EL DORADO HILLS, CA 77,63477.6k $4.1m $4.1m 0.30% Reduced -300 -300
54 Intellectus Partners, LLC 0.82% of their portfolio SAN FRANCISCO, CA 76,47076.5k $4.0m $4.0m 0.82% Added +204 +204
55 SCS Capital Management LLC 0.04% of their portfolio BOSTON, MA 75,85775.9k $4.0m $4.0m 0.04% Reduced -100 -100
56 MERCER GLOBAL ADVISORS INC /ADV 0.01% of their portfolio DENVER, CO 73,73273.7k $3.9m $3.9m 0.01% Added +1.1k +1,148
57 Haven Private, LLC 1.68% of their portfolio ORLANDO, FL 73,16273.2k $3.9m $3.9m 1.68% Reduced -275 -275
58 Farther Finance Advisors, LLC 0.04% of their portfolio SAN FRANCISCO, CA 72,63472.6k $3.9m $3.9m 0.04% Added +564 +564
59 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 72,38372.4k $3.8m $3.8m 0.00% Added +2.8k +2,815
60 Variant Private Wealth, LLC 4.58% of their portfolio TYSONS, VA 71,64071.6k $3.8m $3.8m 4.58% Reduced -26 -26
61 Guild Investment Management, Inc. 2.55% of their portfolio WESTLAKE VILLAGE, CA 67,64067.6k $3.6m $3.6m 2.55% Added +315 +315
62 NorthCoast Asset Management LLC 0.08% of their portfolio STAMFORD, CT 64,32264.3k $3.4m $3.4m 0.08% Added +100 +100
63 MONECO ADVISORS, LLC 0.26% of their portfolio FAIRFIELD, CT 63,34263.3k $3.3m $3.3m 0.26% Reduced -929 -929
64 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 60,95061.0k $3.2m $3.2m 0.01% Reduced -59.1k -59,150
65 NewEdge Wealth, LLC 0.04% of their portfolio STAMFORD, CT 60,45260.5k $3.2m $3.2m 0.04% Reduced -403 -403
66 Keystone Financial Group 0.23% of their portfolio LEXINGTON, KY 57,94257.9k $3.4m $3.4m 0.23% Added +1.6k +1,630
67 Pekin Hardy Strauss, Inc. 0.31% of their portfolio CHICAGO, IL 56,92456.9k $3.0m $3.0m 0.31% Reduced -1.5k -1,495
68 Smithfield Trust Co 0.13% of their portfolio PITTSBURGH, PA 56,19556.2k $3.0m $3.0m 0.13% Unchanged
69 SELDON CAPITAL LP 1.09% of their portfolio SAN FRANCISCO, CA 56,10056.1k $3.0m $3.0m 1.09% Reduced -8.1k -8,107
70 Legacy Wealth Asset Management, LLC 0.71% of their portfolio WOODBURY, MN 55,46055.5k $2.9m $2.9m 0.71% Reduced -849 -849
71 INDEPENDENT FINANCIAL GROUP, LLC 0.06% of their portfolio SAN DIEGO, CA 52,34852.3k $2.8m $2.8m 0.06% Reduced -1.6k -1,581
72 KESTRA PRIVATE WEALTH SERVICES, LLC 0.03% of their portfolio AUSTIN, TX 52,29852.3k $2.8m $2.8m 0.03% Reduced -2.7k -2,710
73 NTV Asset Management LLC 0.30% of their portfolio Charleston, WV 51,29451.3k $2.7m $2.7m 0.30% Reduced -1.2k -1,191
74 Convergence Financial, LLC 0.29% of their portfolio COLUMBIA, MO 51,26751.3k $2.7m $2.7m 0.29% Reduced -193 -193
75 Verde Capital Management 0.57% of their portfolio CLARKSTON, MI 50,73450.7k $2.7m $2.7m 0.57% Reduced -588 -588
76 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 50,41650.4k $2.7m $2.7m 0.00% Reduced -1.2k -1,200
77 Ridgepath Capital Management LLC 1.32% of their portfolio Knoxville, TN 50,32450.3k $2.7m $2.7m 1.32% New
78 SMITH, MOORE & CO. 0.18% of their portfolio CLAYTON, MO 48,06148.1k $2.5m $2.5m 0.18% Added +36.8k +36,845
79 Bleakley Financial Group, LLC 0.04% of their portfolio PARSIPPANY, NJ 47,81947.8k $2.5m $2.5m 0.04% Reduced -7.5k -7,544
80 Merit Financial Group, LLC 0.02% of their portfolio ALPHARETTA, GA 47,30647.3k $2.5m $2.5m 0.02% Reduced -112 -112
81 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 46,24446.2k $2.4m $2.4m 0.00% Reduced -16.5k -16,547
82 BECK CAPITAL MANAGEMENT, LLC 0.55% of their portfolio AUSTIN, TX 45,61845.6k $2.4m $2.4m 0.55% Reduced -4.2k -4,227
83 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 45,45145.5k $2.4m $2.4m 0.00% Reduced -2.2k -2,162
84 Wealthspire Advisors, LLC 0.02% of their portfolio NEW YORK, NY 44,75144.8k $2.4m $2.4m 0.02% Added +2.4k +2,356
85 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 43,72343.7k $2.3m $2.3m 0.00% Reduced -3.1k -3,140
86 EFG International AG 0.05% of their portfolio Zurich, V8 43,55043.5k $2.3m $2.3m 0.05% Reduced -1.5k -1,500
87 WESCAP Management Group, Inc. 0.45% of their portfolio Glendale, CA 43,32143.3k $2.3m $2.3m 0.45% Reduced -25.9k -25,855
88 CERTIOR FINANCIAL GROUP, LLC 1.44% of their portfolio KING OF PRUSSIA, PA 42,99043.0k $2.3m $2.3m 1.44% Reduced -686 -686
89 FAGAN ASSOCIATES, INC. 0.31% of their portfolio TROY, NY 42,37942.4k $2.2m $2.2m 0.31% Reduced -674 -674
90 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 42,35042.4k $903.5k $903.5k 0.00% Reduced -87.2k -87,225
91 HFG Wealth Management, LLC 1.21% of their portfolio The Woodlands, TX 41,65241.7k $2.2m $2.2m 1.21% Reduced -1.4k -1,368
92 Interchange Capital Partners, LLC 0.82% of their portfolio PITTSBURGH, PA 40,49340.5k $2.6m $2.6m 0.82% Added +7.3k +7,311
93 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 39,59639.6k $2.1m $2.1m 0.00% Added +1.1k +1,060
94 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 39,07239.1k $2.1m $2.1m 0.00% Added +39.0k +38,972
95 Prosperity Financial Group, Inc. 0.75% of their portfolio San Ramon, CA 38,71238.7k $2.0m $2.0m 0.75% Reduced -343 -343
96 Brookstone Capital Management 0.02% of their portfolio WHEATON, IL 38,37838.4k $2.0m $2.0m 0.02% Reduced -2.1k -2,128
97 MGO ONE SEVEN LLC 0.04% of their portfolio Beachwood, OH 38,24138.2k $2.0m $2.0m 0.04% Reduced -1.1k -1,055
98 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 36,21236.2k $1.9m $1.9m 0.01% Added +13.7k +13,666
99 TigerOak Management, L.L.C. 0.60% of their portfolio NASHVILLE, TN 36,13236.1k $1.9m $1.9m 0.60% Reduced -300 -300
100 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 35,41235.4k $1.9m $1.9m 0.01% Reduced -7.2k -7,240