Vault-13

GRAYSCALE BITCOIN MINI TR ET BTC

SHS NEW · ETP · CUSIP 389930207

458 institutional holders +53 vs Q1 2025
16,273,09116.3m shares reported held*
$775.6mreported value*
76 new 133 added 69 reduced 28 sold out net bought ≈ $138.6m (+2.9m 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. Holder counts are more reliable. Implied quarter-end price ≈ $47.66. Options: 7 managers hold calls ($29.9m notional), 7 hold puts ($9.0m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 24: 2Q4 24: 365Q1 25: 405Q2 25: 458458Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 20242
Q4 2024365
Q1 2025405
Q2 2025458

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 24: 327 bought or addedQ4 24: 2 cut or sold outQ4 24Q1 25: 193 bought or addedQ1 25: 111 cut or sold outQ1 25Q2 25: 209 bought or addedQ2 25: 97 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 20243272
Q1 2025193111
Q2 202520997

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $10.5mQ4 24 puts: $6.6mQ4 24P/C 0.62Q1 25 calls: $15.0mQ1 25 puts: $7.4mQ1 25P/C 0.49Q2 25 calls: $29.9mQ2 25 puts: $9.0mQ2 25P/C 0.30
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$10.5m$6.6m0.62
Q1 2025$15.0m$7.4m0.49
Q2 2025$29.9m$9.0m0.30

Biggest buyers

Ovata Capital Management Ltd New +567,872+567.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +280,895+280.9k
Beacon Harbor Wealth Advisors, Inc. New +238,189+238.2k
KALEIDOSCOPE CAPITAL LP Added +227,405+227.4k
MILLENNIUM MANAGEMENT LLC Added +204,785+204.8k
Cresset Asset Management, LLC New +167,231+167.2k
Elequin Capital, LP Added +135,156+135.2k
Metavasi Capital LP New +101,756+101.8k
ParaFi Capital LP Added +100,000+100.0k
Pasadena Private Wealth, LLC Added +89,029+89.0k

Biggest sellers

DRW Securities, LLC Sold out -126,531-126.5k
Global Endowment Management, LP Sold out -39,593-39.6k
JANE STREET GROUP, LLC Reduced -20,937-20.9k
FINANCIAL COUNSELORS INC Sold out -15,905-15.9k
Virtu Financial LLC Reduced -14,800-14.8k
Gainplan LLC Reduced -13,581-13.6k
AVANTAX ADVISORY SERVICES, INC. Sold out -13,019-13.0k
Claris Financial LLC Sold out -11,663-11.7k
TOWNSQUARE CAPITAL LLC Sold out -11,350-11.3k
Gallacher Capital Management LLC Sold out -9,581-9.6k

Biggest calls

CITADEL ADVISORS LLC Added $11.6m243.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $9.9m207.6k shares
IMC-Chicago, LLC Added $5.6m117.0k shares
JANE STREET GROUP, LLC Added $1.7m35.8k shares
SIMPLEX TRADING, LLC Reduced $897.0k18.8k shares
GROUP ONE TRADING LLC Added $205.3k4.3k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.2m66.1k shares
IMC-Chicago, LLC Reduced $2.3m47.3k shares
CITADEL ADVISORS LLC Reduced $1.5m31.8k shares
JANE STREET GROUP, LLC Added $1.0m21.0k shares
SIMPLEX TRADING, LLC Reduced $940.0k19.7k shares
GROUP ONE TRADING LLC Added $95.5k2.0k 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 1.74% of their portfolio NEW YORK, NY 3,072,3693.1m $146.7m $146.7m 1.74% Added +11.7k +11,733
2 MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 1,999,6432.0m $95.5m $95.5m 0.09% Added +204.8k +204,785
3 Sloy Dahl & Holst, LLC 4.35% of their portfolio Vancouver, WA 655,939655.9k $31.3m $31.3m 4.35% Added +16.8k +16,798
4 Ovata Capital Management Ltd 5.87% of their portfolio HONG KONG, K3 567,872567.9k $27.1m $27.1m 5.87% New
5 EMORY UNIVERSITY 92.41% of their portfolio ATLANTA, GA 535,781535.8k $25.6m $25.6m 92.41% Unchanged
6 ParaFi Capital LP 4.55% of their portfolio NEW YORK, NY 520,000520.0k $24.8m $24.8m 4.55% Added +100.0k +100,000
7 KALEIDOSCOPE CAPITAL LP 9.59% of their portfolio BOSTON, MA 506,000506.0k $24.2m $24.2m 9.59% Added +227.4k +227,405
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio BALA CYNWYD, PA 359,162359.2k $17.1m $17.1m 0.03% Added +280.9k +280,895
9 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 302,970303.0k $14.5m $14.5m 0.02% Added +10.5k +10,489
10 Tidal Investments LLC 0.09% of their portfolio Milwaukee, WI 298,376298.4k $14.2m $14.2m 0.09% Added +9.2k +9,197
11 Multicoin Capital Management, LLC 10.12% of their portfolio AUSTIN, TX 264,361264.4k $12.6m $12.6m 10.12% Unchanged
12 Beacon Harbor Wealth Advisors, Inc. 2.84% of their portfolio VIRGINIA BEACH, VA 238,189238.2k $11.4m $11.4m 2.84% New
13 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 233,398233.4k $11.1m $11.1m 0.02% Reduced -20.9k -20,937
14 HBK INVESTMENTS L P 0.19% of their portfolio DALLAS, TX 226,705226.7k $10.8m $10.8m 0.19% Not comparable
15 EagleClaw Capital Managment, LLC 1.54% of their portfolio BOSTON, MA 215,640215.6k $10.3m $10.3m 1.54% Added +6.1k +6,084
16 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 192,985193.0k $9.2m $9.2m 0.00% Added +6.2k +6,231
17 HFG Wealth Management, LLC 3.90% of their portfolio The Woodlands, TX 175,264175.3k $6.4m $6.4m 3.90% Reduced -4.2k -4,163
18 Reliant Wealth Planning 3.15% of their portfolio LOUISVILLE, KY 168,775168.8k $8.1m $8.1m 3.15% Added +16.9k +16,870
19 Cresset Asset Management, LLC 0.04% of their portfolio Chicago, IL 167,231167.2k $8.0m $8.0m 0.04% New
20 Pasadena Private Wealth, LLC 1.37% of their portfolio PASADENA, CA 167,227167.2k $8.0m $8.0m 1.37% Added +89.0k +89,029
21 Moors & Cabot, Inc. 0.31% of their portfolio BOSTON, MA 141,279141.3k $6.7m $6.7m 0.31% Added +2.7k +2,724
22 Elequin Capital, LP 0.90% of their portfolio NEW YORK, NY 135,924135.9k $6.5m $6.5m 0.90% Added +135.2k +135,156
23 One Charles Private Wealth Services, LLC 1.58% of their portfolio HINGHAM, MA 117,745117.7k $5.6m $5.6m 1.58% Added +4.4k +4,430
24 Beaumont Financial Advisors, LLC 0.40% of their portfolio NEEDHAM, MA 116,717116.7k $5.6m $5.6m 0.40% Reduced -4.5k -4,516
25 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 114,689114.7k $5.5m $5.5m 0.02% Added +22.2k +22,221
26 Mariner, LLC 0.01% of their portfolio Overland Park, KS 114,603114.6k $5.5m $5.5m 0.01% Added +12.5k +12,459
27 Kestra Advisory Services, LLC 0.03% of their portfolio AUSTIN, TX 108,077108.1k $5.2m $5.2m 0.03% Added +28.5k +28,487
28 Metavasi Capital LP 2.16% of their portfolio LARCHMONT, NY 101,756101.8k $4.9m $4.9m 2.16% New
29 Redhawk Wealth Advisors, Inc. 0.60% of their portfolio MINNEAPOLIS, MN 100,141100.1k $4.8m $4.8m 0.60% Added +503 +503
30 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 89,89789.9k $4.3m $4.3m 0.01% Added +6.0k +6,002
31 RIVERSEDGE ADVISORS, LLC 0.83% of their portfolio Wilmington, DE 88,93488.9k $4.2m $4.2m 0.83% Added +32.3k +32,302
32 SIMPLEX TRADING, LLC 0.11% of their portfolio CHICAGO, IL 82,68882.7k $3.9m $3.9m 0.11% Added +50.6k +50,567
33 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 79,07779.1k $3.8m $3.8m 0.01% Added +1.5k +1,529
34 MAD RIVER INVESTORS 1.67% of their portfolio BOSTON, MA 78,28678.3k $3.7m $3.7m 1.67% Unchanged
35 ShoreHaven Wealth Partners, LLC 1.49% of their portfolio Red Bank, NJ 76,20376.2k $3.6m $3.6m 1.49% Reduced -3.2k -3,233
36 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 75,58575.6k $3.6m $3.6m 0.00% Added +3.7k +3,667
37 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 74,94974.9k $3.6m $3.6m 0.00% Reduced -1.7k -1,667
38 Merit Financial Group, LLC 0.04% of their portfolio ALPHARETTA, GA 73,63973.6k $3.5m $3.5m 0.04% Added +21.8k +21,844
39 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 67,88567.9k $3.2m $3.2m 0.01% Reduced -2.6k -2,624
40 Quadcap Wealth Management, LLC 0.41% of their portfolio Frisco, TX 66,82566.8k $3.2m $3.2m 0.41% Added +18.8k +18,845
41 Spahn Wealth & Retirement LLC 1.97% of their portfolio SCOTTSDALE, AZ 64,04164.0k $3.1m $3.1m 1.97% Added +2.0k +1,970
42 KINGSWOOD WEALTH ADVISORS, LLC 0.24% of their portfolio SAN DIEGO, CA 62,84362.8k $3.0m $3.0m 0.24% Added +1.5k +1,515
43 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 62,51162.5k $3.0m $3.0m 0.01% Reduced -7.5k -7,514
44 B. Riley Wealth Advisors, Inc. 0.14% of their portfolio MEMPHIS, TN 59,46459.5k $2.8m $2.8m 0.14% Added +2.0k +2,005
45 Fielder Capital Group LLC 0.69% of their portfolio NASHVILLE, TN 54,39854.4k $2.6m $2.6m 0.69% Added +4.4k +4,448
46 Financial Security Advisor, Inc. 0.58% of their portfolio VIRGINIA BEACH, VA 52,48852.5k $2.5m $2.5m 0.58% Added +22.7k +22,714
47 Apriem Advisors 0.25% of their portfolio IRVINE, CA 49,68749.7k $2.4m $2.4m 0.25% Added +330 +330
48 Claro Advisors Inc. 0.39% of their portfolio BOSTON, MA 49,56249.6k $2.4m $2.4m 0.39% Added +4.7k +4,680
49 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 49,36049.4k $2.4m $2.4m 0.00% Added +20.1k +20,100
50 Pettinga Financial Advisors LLC 0.50% of their portfolio EVANSVILLE, IN 47,81647.8k $2.3m $2.3m 0.50% Reduced -1.3k -1,277
51 MEITAV INVESTMENT HOUSE LTD 0.03% of their portfolio BENE-BERAQ, L3 46,32846.3k $2.2m $2.2m 0.03% Added +18.5k +18,454
52 RPO LLC 5.11% of their portfolio Stamford, CT 45,90045.9k $2.2m $2.2m 5.11% New
53 AXXCESS WEALTH MANAGEMENT, LLC 0.05% of their portfolio CARLSBAD, CA 45,28945.3k $2.2m $2.2m 0.05% Added +24.1k +24,087
54 Balboa Wealth Partners 0.42% of their portfolio SCOTTSDALE, AZ 43,64443.6k $2.1m $2.1m 0.42% Added +823 +823
55 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 40,13440.1k $1.9m $1.9m 0.00% Added +8.6k +8,589
56 Weil Company, Inc. 0.50% of their portfolio SAN DIEGO, CA 39,87739.9k $1.9m $1.9m 0.50% Added +4.0k +4,019
57 Van Hulzen Asset Management, LLC 0.15% of their portfolio EL DORADO HILLS, CA 36,40736.4k $1.7m $1.7m 0.15% Reduced -2.1k -2,146
58 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 36,33436.3k $1.7m $1.7m 0.00% Added +5.6k +5,586
59 SJS Investment Consulting Inc. 0.27% of their portfolio SYLVANIA, OH 36,24136.2k $1.7m $1.7m 0.27% Added +10.2k +10,240
60 Consolidated Portfolio Review Corp 0.23% of their portfolio WOODBURY, NY 35,12835.1k $1.7m $1.7m 0.23% Unchanged
61 Aries Wealth Management 0.43% of their portfolio PORTLAND, ME 34,66834.7k $1.7m $1.7m 0.43% Added +2.8k +2,819
62 Foundations Investment Advisors, LLC 0.03% of their portfolio PHOENIX, AZ 34,52834.5k $1.6m $1.6m 0.03% Added +11.8k +11,779
63 SLT Holdings LLC 1.19% of their portfolio SCOTTSDALE, AZ 33,33433.3k $1.6m $1.6m 1.19% Added +11.8k +11,755
64 Aristides Capital LLC 0.50% of their portfolio LOUISVILLE, KY 32,98433.0k $1.6m $1.6m 0.50% Unchanged
65 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 32,38932.4k $1.5m $1.5m 0.01% Added +32.2k +32,190
66 BECK CAPITAL MANAGEMENT, LLC 0.38% of their portfolio AUSTIN, TX 32,11932.1k $1.5m $1.5m 0.38% Added +3.5k +3,453
67 THEORY FINANCIAL LLC 0.63% of their portfolio FORT COLLINS, CO 31,91631.9k $1.7m $1.7m 0.63% New
68 Brookstone Capital Management 0.02% of their portfolio WHEATON, IL 31,42331.4k $1.5m $1.5m 0.02% Reduced -136 -136
69 EQ WEALTH ADVISORS, LLC 1.02% of their portfolio DALLAS, TX 31,33731.3k $1.5m $1.5m 1.02% Added +9.0k +8,986
70 Birch Hill Investment Advisors LLC 0.07% of their portfolio Boston, MA 30,76130.8k $1.5m $1.5m 0.07% Unchanged
71 RBF Capital, LLC 0.07% of their portfolio RENO, NV 30,00030.0k $1.4m $1.4m 0.07% Unchanged
72 Archer Investment Management, LLC 1.01% of their portfolio AUSTIN, TX 29,12629.1k $1.4m $1.4m 1.01% Added +15.3k +15,279
73 TRAPHAGEN INVESTMENT ADVISORS LLC 0.13% of their portfolio ORADELL, NJ 28,80928.8k $1.4m $1.4m 0.13% Added +853 +853
74 Spire Wealth Management 0.05% of their portfolio MCLEAN, VA 27,89127.9k $1.3m $1.3m 0.05% Added +6.2k +6,156
75 Bleakley Financial Group, LLC 0.03% of their portfolio PARSIPPANY, NJ 25,95126.0k $1.2m $1.2m 0.03% Added +2.4k +2,372
76 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 25,84425.8k $1.2m $1.2m 0.00% Added +1.9k +1,928
77 Proficio Capital Partners LLC 0.08% of their portfolio NEWTON, MA 25,81525.8k $1.2m $1.2m 0.08% Unchanged
78 Addison Capital Co 0.42% of their portfolio Conshohocken, PA 25,31325.3k $1.2m $1.2m 0.42% Reduced -3 -3
79 KIDS CAPITAL MANAGEMENT, L.P. 1.01% of their portfolio LOS ANGELES, CA 25,00025.0k $1.2m $1.2m 1.01% New
80 LAKEWOOD CAPITAL MANAGEMENT, LP 0.09% of their portfolio New York, NY 24,70024.7k $1.2m $1.2m 0.09% Unchanged
81 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 24,04324.0k $1.1m $1.1m 0.00% Added +2.5k +2,465
82 DRIVE WEALTH MANAGEMENT, LLC 0.25% of their portfolio LEHI, UT 23,97324.0k $1.1m $1.1m 0.25% Added +882 +882
83 Joseph P. Lucia & Associates, LLC 0.46% of their portfolio Yorktown Heights, NY 23,48623.5k $1.1m $1.1m 0.46% Added +2.0k +1,986
84 Berger Financial Group, Inc 0.07% of their portfolio PLYMOUTH, MN 23,48223.5k $1.1m $1.1m 0.07% Added +10.4k +10,354
85 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 23,39523.4k $1.1m $1.1m 0.01% Added +51 +51
86 Farther Finance Advisors, LLC 0.02% of their portfolio SAN FRANCISCO, CA 22,92322.9k $1.1m $1.1m 0.02% Added +10.7k +10,697
87 IEQ CAPITAL, LLC 0.01% of their portfolio Foster City, CA 22,79322.8k $1.1m $1.1m 0.01% New
88 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 22,07322.1k $1.1m $1.1m 0.01% Added +9.1k +9,108
89 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 21,91121.9k $1.0m $1.0m 0.01% Added +1.9k +1,868
90 ONCE CAPITAL MANAGEMENT, LLC 0.32% of their portfolio NEW YORK, NY 21,54021.5k $1.0m $1.0m 0.32% Unchanged
91 Gainplan LLC 0.46% of their portfolio BLOOMFIELD HILLS, MI 21,10321.1k $1.0m $1.0m 0.46% Reduced -13.6k -13,581
92 Red Door Wealth Management, LLC 0.11% of their portfolio Memphis, TN 20,04020.0k $956.9k $956.9k 0.11% Reduced -31 -31
93 Upper Left Wealth Management, LLC 0.62% of their portfolio TAMPA, FL 19,52419.5k $932.3k $932.3k 0.62% Added +951 +951
94 Citrine Capital LLC 0.49% of their portfolio SAN FRANCISCO, CA 19,31219.3k $922.1k $922.1k 0.49% Reduced -83 -83
95 McKinley Carter Wealth Services, Inc. 0.05% of their portfolio WHEELING, WV 19,17619.2k $915.7k $915.7k 0.05% Added +11.8k +11,757
96 Bristlecone Advisors, LLC 0.08% of their portfolio BELLEVUE, WA 18,87218.9k $901.1k $901.1k 0.08% New
97 BLUE SQUARE ASSET MANAGEMENT, LLC 0.42% of their portfolio NEW YORK, NY 18,71418.7k $893.6k $893.6k 0.42% Reduced -516 -516
98 Johnson & White Wealth Management, LLC 0.45% of their portfolio YORK, PA 18,59818.6k $888.0k $888.0k 0.45% Added +9.2k +9,174
99 Larson Financial Group LLC 0.03% of their portfolio ST LOUIS, MO 18,24018.2k $871.0k $871.0k 0.03% Reduced -549 -549
100 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 18,08718.1k $863.7k $863.7k 0.00% Added +5.7k +5,658