Vault-13

GRAYSCALE BITCOIN TRUST ETF GBTC

SHS REP COM UT · ETP · CUSIP 389637109

597 institutional holders -58 vs Q1 2026
27,893,36827.9m shares reported held*
$1.3bnreported value*
31 new 92 added 213 reduced 80 sold out net sold ≈ $145.1m (-3.2m 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 ($110.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $45.69. Options: 14 managers hold calls ($142.1m notional), 10 hold puts ($40.6m).

Trends to Q2 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: 655Q2 26: 597597Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 2026597

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 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 25Q1 26: 169 bought or addedQ1 26: 380 cut or sold outQ2 26: 123 bought or addedQ2 26: 293 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024177290
Q4 2024299262
Q1 2025216322
Q2 2025233302
Q3 2025246277
Q4 2025205357
Q1 2026169380
Q2 2026123293

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ3 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 0.17Q2 26 calls: $142.1mQ2 26 puts: $40.6mQ2 26P/C 0.29
Numbers
QuarterCallsPutsP/C
Q3 2025$209.5m$57.7m0.28
Q4 2025$231.3m$42.3m0.18
Q1 2026$129.8m$21.8m0.17
Q2 2026$142.1m$40.6m0.29

Biggest buyers

CITADEL ADVISORS LLC New +314,985+315.0k
Cambridge Investment Research Advisors, Inc. Added +235,787+235.8k
Quadrature Capital Ltd Added +184,609+184.6k
WealthCare Asset Management, LLC New +95,422+95.4k
Mariner, LLC Added +91,599+91.6k
Virtu Financial LLC Added +78,099+78.1k
JANE STREET GROUP, LLC Added +76,391+76.4k
Arax Advisory Partners Added +61,301+61.3k
Convergence Financial, LLC Added +51,267+51.3k
STATE OF MICHIGAN RETIREMENT SYSTEM New +37,418+37.4k

Biggest sellers

HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -1,864,892-1.9m
Greenwich Wealth Management LLC Reduced -615,989-616.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -331,126-331.1k
Vident Advisory, LLC Reduced -301,348-301.3k
Fiduciary Alliance LLC Sold out -146,098-146.1k
IEQ CAPITAL, LLC Reduced -96,271-96.3k
Wealthfront Advisers LLC Reduced -75,540-75.5k
RENAISSANCE TECHNOLOGIES LLC Sold out -60,950-61.0k
SELDON CAPITAL LP Sold out -56,100-56.1k
Qube Research & Technologies Ltd Reduced -54,834-54.8k

Biggest calls

ALKEON CAPITAL MANAGEMENT LLC Added $54.6m1.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $25.3m555.9k shares
Vident Advisory, LLC New $15.9m349.0k shares
JANE STREET GROUP, LLC Added $13.2m289.3k shares
IMC-Chicago, LLC Reduced $10.3m225.9k shares
CITADEL ADVISORS LLC Reduced $9.4m206.5k shares
SIMPLEX TRADING, LLC Reduced $5.6m122.2k shares
Optiver Holding B.V. Added $4.6m101.9k shares
Walleye Trading LLC Added $1.5m32.5k shares
GROUP ONE TRADING LLC Added $1.4m30.4k shares

Biggest puts

Vident Advisory, LLC New $15.9m349.0k shares
CITADEL ADVISORS LLC Added $7.6m167.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.9m151.1k shares
IMC-Chicago, LLC Reduced $3.6m79.6k shares
Optiver Holding B.V. Added $2.2m48.8k shares
SIMPLEX TRADING, LLC Added $1.6m35.6k shares
JANE STREET GROUP, LLC Reduced $1.4m31.5k shares
OLD MISSION CAPITAL LLC New $956.3k354.4k shares
Walleye Trading LLC Reduced $295.9k6.5k shares
GROUP ONE TRADING LLC Reduced $91.0k2.0k 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 since 1 Apr 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 since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 6.27% of their portfolio NEW YORK, NY 12,139,99012.1m $552.6m $552.6m 6.27% Reduced -1.9m -1,864,892
2 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 876,469876.5k $39.9m $39.9m 0.01% Reduced -31.9k -31,871
3 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 602,864602.9k $27.4m $27.4m 0.03% Reduced -11.2k -11,209
4 Cambridge Investment Research Advisors, Inc. 0.03% of their portfolio FAIRFIELD, IA 489,056489.1k $22.3m $22.3m 0.03% Added +235.8k +235,787
5 Virtu Financial LLC 0.52% of their portfolio New York, NY 360,930360.9k $16.4m $16.4m 0.52% Added +78.1k +78,099
6 MAD RIVER INVESTORS 6.13% of their portfolio BOSTON, MA 360,139360.1k $16.4m $16.4m 6.13% Unchanged
7 EagleClaw Capital Managment, LLC 2.19% of their portfolio BOSTON, MA 358,216358.2k $16.3m $16.3m 2.19% Added +2.4k +2,425
8 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 340,363340.4k $15.5m $15.5m 0.01% Added +76.4k +76,391
9 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 314,985315.0k $14.3m $14.3m 0.01% New
10 Moors & Cabot, Inc. 0.54% of their portfolio BOSTON, MA 303,753303.8k $13.8m $13.8m 0.54% Reduced -7.6k -7,640
11 Mariner, LLC 0.01% of their portfolio Overland Park, KS 278,538278.5k $12.7m $12.7m 0.01% Added +91.6k +91,599
12 KINGSWOOD WEALTH ADVISORS, LLC 0.51% of their portfolio SAN DIEGO, CA 278,391278.4k $12.7m $12.7m 0.51% Reduced -1.6k -1,569
13 Wealthfront Advisers LLC 0.02% of their portfolio Palo Alto, CA 265,593265.6k $12.1m $12.1m 0.02% Reduced -75.5k -75,540
14 One Charles Private Wealth Services, LLC 2.72% of their portfolio HINGHAM, MA 259,750259.8k $11.8m $11.8m 2.72% Reduced -17.2k -17,242
15 Beaumont Financial Advisors, LLC 0.72% of their portfolio NEEDHAM, MA 249,612249.6k $11.4m $11.4m 0.72% Reduced -9.1k -9,122
16 Cresset Asset Management, LLC 0.04% of their portfolio Chicago, IL 231,216231.2k $10.5m $10.5m 0.04% Reduced -12.5k -12,496
17 Quadrature Capital Ltd 0.08% of their portfolio LONDON, X0 193,414193.4k $8.8m $8.8m 0.08% Added +184.6k +184,609
18 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 190,971191.0k $8.7m $8.7m 0.01% Reduced -25.5k -25,531
19 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 168,831168.8k $7.7m $7.7m 0.01% Reduced -10.0k -9,972
20 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 164,245164.2k $7.5m $7.5m 0.01% Reduced -10.2k -10,232
21 RBF Capital, LLC 0.29% of their portfolio RENO, NV 150,000150.0k $6.8m $6.8m 0.29% Unchanged
22 Atlas Wealth Partners, LLC 6.94% of their portfolio WYOMISSING, PA 139,612139.6k $6.4m $6.4m 6.94% Reduced -700 -700
23 Lido Advisors, LLC 0.02% of their portfolio Los Angeles, CA 138,522138.5k $6.3m $6.3m 0.02% Reduced -26.9k -26,947
24 Sloy Dahl & Holst, LLC 0.74% of their portfolio Vancouver, WA 131,538131.5k $6.0m $6.0m 0.74% Reduced -1.9k -1,900
25 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 131,082131.1k $6.0m $6.0m 0.00% Reduced -709 -709
26 LAKEWOOD CAPITAL MANAGEMENT, LP 0.29% of their portfolio New York, NY 123,500123.5k $5.6m $5.6m 0.29% Unchanged
27 Foundations Investment Advisors, LLC 0.06% of their portfolio PHOENIX, AZ 121,134121.1k $5.5m $5.5m 0.06% Reduced -7.9k -7,893
28 Pasadena Private Wealth, LLC 0.68% of their portfolio PASADENA, CA 117,609117.6k $5.4m $5.4m 0.68% Reduced -14 -14
29 SLT Holdings LLC 3.40% of their portfolio SCOTTSDALE, AZ 116,930116.9k $5.3m $5.3m 3.40% Reduced -7.1k -7,107
30 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 113,584113.6k $5.6m $5.6m 0.01% Reduced -1.7k -1,716
31 Fielder Capital Group LLC 1.10% of their portfolio NASHVILLE, TN 111,292111.3k $5.1m $5.1m 1.10% Unchanged
32 ONCE CAPITAL MANAGEMENT, LLC 0.96% of their portfolio NEW YORK, NY 107,700107.7k $4.9m $4.9m 0.96% Unchanged
33 Larson Financial Group LLC 0.13% of their portfolio ST LOUIS, MO 107,435107.4k $4.9m $4.9m 0.13% Added +16.5k +16,453
34 BLAIR WILLIAM & CO/IL 0.01% of their portfolio CHICAGO, IL 106,864106.9k $4.9m $4.9m 0.01% Reduced -215 -215
35 Birch Hill Investment Advisors LLC 0.19% of their portfolio Boston, MA 102,850102.8k $4.7m $4.7m 0.19% Unchanged
36 Convergence Financial, LLC 0.37% of their portfolio COLUMBIA, MO 102,534102.5k $4.7m $4.7m 0.37% Added +51.3k +51,267
37 ICONIQ Capital, LLC 0.13% of their portfolio SAN FRANCISCO, CA 101,575101.6k $4.6m $4.6m 0.13% Unchanged
38 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $4.6m $4.6m 0.00% Unchanged
39 Sequoia Financial Advisors, LLC 0.02% of their portfolio Akron, OH 96,21396.2k $4.4m $4.4m 0.02% Reduced -31.0k -30,963
40 WealthCare Asset Management, LLC 1.82% of their portfolio SPRINGFIELD, MO 95,42295.4k $4.3m $4.3m 1.82% New
41 Red Door Wealth Management, LLC 0.39% of their portfolio Memphis, TN 94,98795.0k $4.3m $4.3m 0.39% Reduced -623 -623
42 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 94,96695.0k $4.3m $4.3m 0.01% Reduced -10.9k -10,876
43 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 89,67389.7k $4.1m $4.1m 0.00% Added +8.5k +8,485
44 TRAPHAGEN INVESTMENT ADVISORS LLC 0.27% of their portfolio ORADELL, NJ 83,31483.3k $3.8m $3.8m 0.27% Reduced -1.2k -1,242
45 Claro Advisors Inc. 0.40% of their portfolio BOSTON, MA 82,83682.8k $3.8m $3.8m 0.40% Reduced -9 -9
46 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 78,17078.2k $3.6m $3.6m 0.00% Reduced -8.3k -8,326
47 Intellectus Partners, LLC 0.60% of their portfolio SAN FRANCISCO, CA 76,42676.4k $3.5m $3.5m 0.60% Reduced -44 -44
48 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 76,28476.3k $3.5m $3.5m 0.00% Added +2.6k +2,552
49 Advisory Services Network, LLC 0.04% of their portfolio ATLANTA, GA 76,12176.1k $3.5m $3.5m 0.04% Reduced -2.1k -2,051
50 Citrine Capital LLC 1.28% of their portfolio SAN FRANCISCO, CA 75,95276.0k $3.5m $3.5m 1.28% Reduced -25.9k -25,859
51 SCS Capital Management LLC 0.03% of their portfolio BOSTON, MA 75,85775.9k $3.5m $3.5m 0.03% Unchanged
52 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 75,77475.8k $3.4m $3.4m 0.00% Reduced -331.1k -331,126
53 Farther Finance Advisors, LLC 0.03% of their portfolio SAN FRANCISCO, CA 73,58273.6k $3.3m $3.3m 0.03% Added +948 +948
54 Van Hulzen Asset Management, LLC 0.24% of their portfolio EL DORADO HILLS, CA 72,89272.9k $3.3m $3.3m 0.24% Reduced -4.7k -4,742
55 Haven Private, LLC 1.25% of their portfolio ORLANDO, FL 72,26172.3k $3.3m $3.3m 1.25% Reduced -901 -901
56 Variant Private Wealth, LLC 3.66% of their portfolio TYSONS, VA 71,51871.5k $3.3m $3.3m 3.66% Reduced -122 -122
57 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 71,31971.3k $3.2m $3.2m 0.00% Reduced -12.0k -11,991
58 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 69,66369.7k $3.2m $3.2m 0.00% Reduced -2.7k -2,720
59 Arax Advisory Partners 0.02% of their portfolio NEW YORK, NY 68,22468.2k $3.1m $3.1m 0.02% Added +61.3k +61,301
60 Guild Investment Management, Inc. 2.10% of their portfolio WESTLAKE VILLAGE, CA 67,63067.6k $3.1m $3.1m 2.10% Reduced -10 -10
61 NorthCoast Asset Management LLC 0.06% of their portfolio STAMFORD, CT 64,32264.3k $2.9m $2.9m 0.06% Unchanged
62 NewEdge Wealth, LLC 0.03% of their portfolio STAMFORD, CT 60,45260.5k $2.8m $2.8m 0.03% Unchanged
63 Keystone Financial Group 0.16% of their portfolio LEXINGTON, KY 59,35559.4k $2.7m $2.7m 0.16% Added +1.4k +1,413
64 Pekin Hardy Strauss, Inc. 0.23% of their portfolio CHICAGO, IL 56,92456.9k $2.6m $2.6m 0.23% Unchanged
65 Legacy Wealth Asset Management, LLC 0.55% of their portfolio WOODBURY, MN 55,14955.1k $2.5m $2.5m 0.55% Reduced -311 -311
66 Brookstone Capital Management 0.03% of their portfolio WHEATON, IL 55,08555.1k $2.5m $2.5m 0.03% Added +16.7k +16,707
67 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 51,61851.6k $2.3m $2.3m 0.00% Reduced -54.8k -54,834
68 KESTRA PRIVATE WEALTH SERVICES, LLC 0.03% of their portfolio AUSTIN, TX 50,73250.7k $2.3m $2.3m 0.03% Reduced -1.6k -1,566
69 BROWN ADVISORY INC 0.00% of their portfolio BALTIMORE, MD 50,41650.4k $2.3m $2.3m 0.00% Unchanged
70 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 49,75549.8k $2.3m $2.3m 0.01% Added +16.0k +15,971
71 NTV Asset Management LLC 0.22% of their portfolio Charleston, WV 48,27848.3k $2.2m $2.2m 0.22% Reduced -3.0k -3,016
72 INDEPENDENT FINANCIAL GROUP, LLC 0.04% of their portfolio SAN DIEGO, CA 48,25348.3k $2.2m $2.2m 0.04% Reduced -4.1k -4,095
73 SMITH, MOORE & CO. 0.14% of their portfolio CLAYTON, MO 47,56147.6k $2.2m $2.2m 0.14% Reduced -500 -500
74 Wealthspire Advisors, LLC 0.01% of their portfolio NEW YORK, NY 47,48847.5k $2.2m $2.2m 0.01% Added +2.7k +2,737
75 Verde Capital Management 0.38% of their portfolio CLARKSTON, MI 44,95145.0k $2.0m $2.0m 0.38% Reduced -5.8k -5,783
76 Merit Financial Group, LLC 0.01% of their portfolio ALPHARETTA, GA 44,85544.9k $2.0m $2.0m 0.01% Reduced -2.5k -2,451
77 EFG International AG 0.04% of their portfolio Zurich, V8 43,55043.5k $2.0m $2.0m 0.04% Unchanged
78 WESCAP Management Group, Inc. 0.37% of their portfolio Glendale, CA 43,32143.3k $2.0m $2.0m 0.37% Unchanged
79 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 42,35842.4k $1.9m $1.9m 0.00% Reduced -1.4k -1,365
80 FAGAN ASSOCIATES, INC. 0.23% of their portfolio TROY, NY 41,82241.8k $1.9m $1.9m 0.23% Reduced -557 -557
81 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 39,92939.9k $1.8m $1.8m 0.00% Reduced -6.3k -6,315
82 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 38,98439.0k $1.8m $1.8m 0.00% Reduced -612 -612
83 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 38,46238.5k $1.8m $1.8m 0.01% Added +2.2k +2,250
84 Prosperity Financial Group, Inc. 0.54% of their portfolio San Ramon, CA 38,40038.4k $1.7m $1.7m 0.54% Reduced -312 -312
85 Global Retirement Partners, LLC 0.03% of their portfolio San Rafael, CA 38,15138.2k $1.7m $1.7m 0.03% First filing
86 STATE OF MICHIGAN RETIREMENT SYSTEM 0.01% of their portfolio EAST LANSING, MI 37,41837.4k $1.7m $1.7m 0.01% New
87 Bleakley Financial Group, LLC 0.02% of their portfolio PARSIPPANY, NJ 36,48936.5k $1.7m $1.7m 0.02% Reduced -11.3k -11,330
88 TigerOak Management, L.L.C. 0.46% of their portfolio NASHVILLE, TN 36,13136.1k $1.6m $1.6m 0.46% Reduced -1 -1
89 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 35,29135.3k $1.6m $1.6m 0.00% Reduced -7.1k -7,059
90 Cyndeo Wealth Partners, LLC 0.08% of their portfolio ST. PETERSBURG, FL 35,13035.1k $1.6m $1.6m 0.08% Reduced -269 -269
91 Fiduciary Trust Co 0.02% of their portfolio Boston, MA 35,11535.1k $1.6m $1.6m 0.02% Unchanged
92 WealthPlan Investment Management, LLC 0.08% of their portfolio OMAHA, NE 35,07635.1k $1.6m $1.6m 0.08% Added +2.0k +1,997
93 Curi Capital, LLC 0.02% of their portfolio CHICAGO, IL 34,81534.8k $1.6m $1.6m 0.02% Added +3.7k +3,727
94 Sowell Financial Services LLC 0.05% of their portfolio NORTH LITTLE ROCK, AR 34,32034.3k $1.6m $1.6m 0.05% Reduced -204 -204
95 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 34,02734.0k $1.5m $1.5m 0.00% Added +4.6k +4,588
96 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 33,92133.9k $1.5m $1.5m 0.00% Reduced -11.5k -11,530
97 MGO ONE SEVEN LLC 0.03% of their portfolio Beachwood, OH 33,76433.8k $1.5m $1.5m 0.03% Reduced -4.5k -4,477
98 Compass Ion Advisors, LLC 0.13% of their portfolio CONSHOHOCKEN, PA 33,18833.2k $1.5m $1.5m 0.13% Reduced -94 -94
99 QTR Family Wealth, LLC 0.52% of their portfolio LAKE MARY, FL 32,60032.6k $1.5m $1.5m 0.52% Added +7.5k +7,540
100 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 32,41832.4k $1.5m $1.5m 0.00% Added +23.2k +23,250