Vault-13

GRAYSCALE BITCOIN MINI TR ET BTC

SHS NEW · ETP · CUSIP 389930207

496 institutional holders +38 vs Q2 2025
20,301,17020.3m shares reported held*
$1.0bnreported value*
83 new 166 added 85 reduced 37 sold out net bought ≈ $206.9m (+4.1m 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 ≈ $50.64. Options: 7 managers hold calls ($27.0m notional), 6 hold puts ($13.4m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 24: 2Q4 24: 365Q1 25: 405Q2 25: 458Q3 25: 496496Q3 24Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q3 20242
Q4 2024365
Q1 2025405
Q2 2025458
Q3 2025496

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 25Q3 25: 249 bought or addedQ3 25: 122 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20243272
Q1 2025193111
Q2 202520997
Q3 2025249122

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ4 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 0.30Q3 25 calls: $27.0mQ3 25 puts: $13.4mQ3 25P/C 0.49
Numbers
QuarterCallsPutsP/C
Q4 2024$10.5m$6.6m0.62
Q1 2025$15.0m$7.4m0.49
Q2 2025$29.9m$9.0m0.30
Q3 2025$27.0m$13.4m0.49

Biggest buyers

Steward Partners Investment Advisory, LLC Added +1,044,830+1.0m
SteelPeak Wealth, LLC New +601,963+602.0k
WELLS FARGO & COMPANY/MN Added +571,036+571.0k
MILLENNIUM MANAGEMENT LLC Added +500,522+500.5k
EMORY UNIVERSITY Added +487,636+487.6k
Elequin Capital, LP Added +225,270+225.3k
OLD MISSION CAPITAL LLC New +201,705+201.7k
RIVERSEDGE ADVISORS, LLC Added +137,354+137.4k
BECK CAPITAL MANAGEMENT, LLC Added +112,246+112.2k
R. W. Roge & Company, Inc. New +91,243+91.2k

Biggest sellers

Ovata Capital Management Ltd Sold out -567,872-567.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -309,208-309.2k
JANE STREET GROUP, LLC Reduced -174,772-174.8k
Tidal Investments LLC Reduced -104,682-104.7k
Metavasi Capital LP Sold out -101,756-101.8k
HORIZON KINETICS ASSET MANAGEMENT LLC Reduced -71,902-71.9k
Aristides Capital LLC Sold out -32,984-33.0k
HFG Wealth Management, LLC Reduced -26,895-26.9k
DRIVE WEALTH MANAGEMENT, LLC Sold out -23,973-24.0k
Secure Asset Management, LLC Sold out -8,395-8.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $14.0m275.7k shares
CITADEL ADVISORS LLC Reduced $8.5m168.1k shares
JANE STREET GROUP, LLC Added $1.9m37.6k shares
WOLVERINE TRADING, LLC New $1.7m33.4k shares
SIMPLEX TRADING, LLC Reduced $713.0k14.1k shares
GROUP ONE TRADING LLC Added $248.1k4.9k shares
Quadcap Wealth Management, LLC New $15.2k300 shares

Biggest puts

CITADEL ADVISORS LLC Added $4.9m97.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.4m86.3k shares
JANE STREET GROUP, LLC Added $1.7m34.5k shares
SIMPLEX TRADING, LLC Added $1.5m29.4k shares
WOLVERINE TRADING, LLC New $658.7k13.0k shares
GROUP ONE TRADING LLC Added $162.0k3.2k 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 1.85% of their portfolio NEW YORK, NY 3,000,4673.0m $151.9m $151.9m 1.85% Reduced -71.9k -71,902
2 MILLENNIUM MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 2,500,1652.5m $126.6m $126.6m 0.10% Added +500.5k +500,522
3 Steward Partners Investment Advisory, LLC 0.31% of their portfolio STAMFORD, CT 1,077,2191.1m $54.5m $54.5m 0.31% Added +1.0m +1,044,830
4 EMORY UNIVERSITY 33.00% of their portfolio ATLANTA, GA 1,023,4171.0m $51.8m $51.8m 33.00% Added +487.6k +487,636
5 Sloy Dahl & Holst, LLC 3.62% of their portfolio Vancouver, WA 674,710674.7k $34.2m $34.2m 3.62% Added +18.8k +18,771
6 SteelPeak Wealth, LLC 1.02% of their portfolio WOODLAND HILLS, CA 601,963602.0k $30.5m $30.5m 1.02% New
7 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 571,697571.7k $28.9m $28.9m 0.01% Added +571.0k +571,036
8 KALEIDOSCOPE CAPITAL LP 7.86% of their portfolio BOSTON, MA 543,346543.3k $27.5m $27.5m 7.86% Added +37.3k +37,346
9 ParaFi Capital LP 5.72% of their portfolio NEW YORK, NY 520,000520.0k $26.3m $26.3m 5.72% Unchanged
10 Elequin Capital, LP 1.56% of their portfolio NEW YORK, NY 361,194361.2k $18.3m $18.3m 1.56% Added +225.3k +225,270
11 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 317,808317.8k $16.1m $16.1m 0.02% Added +14.8k +14,838
12 EagleClaw Capital Managment, LLC 2.10% of their portfolio BOSTON, MA 297,110297.1k $15.0m $15.0m 2.10% Added +81.5k +81,470
13 Multicoin Capital Management, LLC 4.88% of their portfolio AUSTIN, TX 264,361264.4k $13.4m $13.4m 4.88% Unchanged
14 Beacon Harbor Wealth Advisors, Inc. 2.83% of their portfolio VIRGINIA BEACH, VA 239,537239.5k $12.1m $12.1m 2.83% Added +1.3k +1,348
15 HBK INVESTMENTS L P 0.17% of their portfolio DALLAS, TX 226,705226.7k $11.5m $11.5m 0.17% Unchanged
16 RIVERSEDGE ADVISORS, LLC 1.92% of their portfolio Wilmington, DE 226,288226.3k $11.5m $11.5m 1.92% Added +137.4k +137,354
17 Pasadena Private Wealth, LLC 1.62% of their portfolio PASADENA, CA 221,111221.1k $11.2m $11.2m 1.62% Added +53.9k +53,884
18 OLD MISSION CAPITAL LLC 0.36% of their portfolio CHICAGO, IL 201,705201.7k $10.2m $10.2m 0.36% New
19 Tidal Investments LLC 0.04% of their portfolio Milwaukee, WI 193,694193.7k $9.8m $9.8m 0.04% Reduced -104.7k -104,682
20 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 191,577191.6k $9.7m $9.7m 0.00% Reduced -1.4k -1,408
21 Reliant Wealth Planning 2.78% of their portfolio LOUISVILLE, KY 169,657169.7k $8.6m $8.6m 2.78% Added +882 +882
22 Cresset Asset Management, LLC 0.04% of their portfolio Chicago, IL 166,849166.8k $8.4m $8.4m 0.04% Reduced -382 -382
23 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 157,162157.2k $8.0m $8.0m 0.00% Added +82.2k +82,213
24 Redhawk Wealth Advisors, Inc. 0.89% of their portfolio MINNEAPOLIS, MN 151,358151.4k $7.7m $7.7m 0.89% Added +51.2k +51,217
25 Mariner, LLC 0.01% of their portfolio Overland Park, KS 149,085149.1k $7.5m $7.5m 0.01% Added +34.5k +34,482
26 Moors & Cabot, Inc. 0.33% of their portfolio BOSTON, MA 148,693148.7k $7.5m $7.5m 0.33% Added +7.4k +7,414
27 HFG Wealth Management, LLC 4.08% of their portfolio The Woodlands, TX 148,369148.4k $7.5m $7.5m 4.08% Reduced -26.9k -26,895
28 BECK CAPITAL MANAGEMENT, LLC 1.69% of their portfolio AUSTIN, TX 144,365144.4k $7.3m $7.3m 1.69% Added +112.2k +112,246
29 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 132,515132.5k $6.7m $6.7m 0.02% Added +17.8k +17,826
30 Beaumont Financial Advisors, LLC 0.41% of their portfolio NEEDHAM, MA 122,287122.3k $6.2m $6.2m 0.41% Added +5.6k +5,570
31 One Charles Private Wealth Services, LLC 1.58% of their portfolio HINGHAM, MA 118,474118.5k $6.0m $6.0m 1.58% Added +729 +729
32 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 106,931106.9k $5.4m $5.4m 0.02% Reduced -1.1k -1,146
33 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 102,812102.8k $5.2m $5.2m 0.01% Added +12.9k +12,915
34 SIMPLEX TRADING, LLC 0.11% of their portfolio CHICAGO, IL 95,51295.5k $4.8m $4.8m 0.11% Added +12.8k +12,824
35 R. W. Roge & Company, Inc. 2.37% of their portfolio BOHEMIA, NY 91,24391.2k $4.6m $4.6m 2.37% New
36 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 86,42886.4k $4.4m $4.4m 0.01% Added +7.4k +7,351
37 MAD RIVER INVESTORS 1.78% of their portfolio BOSTON, MA 82,17982.2k $4.2m $4.2m 1.78% Added +3.9k +3,893
38 ShoreHaven Wealth Partners, LLC 1.47% of their portfolio Red Bank, NJ 78,44978.4k $4.0m $4.0m 1.47% Added +2.2k +2,246
39 Merit Financial Group, LLC 0.04% of their portfolio ALPHARETTA, GA 78,38978.4k $4.0m $4.0m 0.04% Added +4.8k +4,750
40 Financial Security Advisor, Inc. 0.79% of their portfolio VIRGINIA BEACH, VA 73,30573.3k $3.7m $3.7m 0.79% Added +20.8k +20,817
41 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 71,74771.7k $3.6m $3.6m 0.00% New
42 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 69,46969.5k $3.5m $3.5m 0.00% Reduced -6.1k -6,116
43 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 67,39067.4k $3.6m $3.6m 0.01% Added +4.9k +4,879
44 KINGSWOOD WEALTH ADVISORS, LLC 0.20% of their portfolio SAN DIEGO, CA 65,72365.7k $3.3m $3.3m 0.20% Added +2.9k +2,880
45 Quadcap Wealth Management, LLC 0.38% of their portfolio Frisco, TX 64,35764.4k $3.3m $3.3m 0.38% Reduced -2.5k -2,468
46 THEORY FINANCIAL LLC 1.11% of their portfolio FORT COLLINS, CO 64,34564.3k $3.2m $3.2m 1.11% Added +32.4k +32,429
47 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 64,13064.1k $3.2m $3.2m 0.01% Reduced -3.8k -3,755
48 Spahn Wealth & Retirement LLC 1.88% of their portfolio SCOTTSDALE, AZ 62,73662.7k $3.2m $3.2m 1.88% Reduced -1.3k -1,305
49 B. Riley Wealth Advisors, Inc. 0.15% of their portfolio MEMPHIS, TN 61,95362.0k $3.1m $3.1m 0.15% Added +2.5k +2,489
50 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 61,74161.7k $3.1m $3.1m 0.00% Added +61.3k +61,253
51 MEITAV INVESTMENT HOUSE LTD 0.04% of their portfolio BENE-BERAQ, L3 59,66259.7k $3.0m $3.0m 0.04% Added +13.3k +13,334
52 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 58,62658.6k $3.0m $3.0m 0.00% Reduced -174.8k -174,772
53 Fielder Capital Group LLC 0.67% of their portfolio NASHVILLE, TN 58,52458.5k $3.0m $3.0m 0.67% Added +4.1k +4,126
54 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 58,46058.5k $3.0m $3.0m 0.00% Added +9.1k +9,100
55 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 57,80157.8k $2.9m $2.9m 0.00% Added +17.7k +17,667
56 AXXCESS WEALTH MANAGEMENT, LLC 0.06% of their portfolio CARLSBAD, CA 56,64156.6k $2.9m $2.9m 0.06% Added +11.4k +11,352
57 Apriem Advisors 0.25% of their portfolio IRVINE, CA 51,95452.0k $2.6m $2.6m 0.25% Added +2.3k +2,267
58 PEAK FINANCIAL ADVISORS LLC 1.23% of their portfolio DENVER, CO 50,67150.7k $2.6m $2.6m 1.23% New
59 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 49,95450.0k $2.5m $2.5m 0.00% Reduced -309.2k -309,208
60 Gallacher Capital Management LLC 0.99% of their portfolio LONE TREE, CO 49,50149.5k $2.5m $2.5m 0.99% New
61 Claro Advisors Inc. 0.37% of their portfolio BOSTON, MA 49,49649.5k $2.5m $2.5m 0.37% Reduced -66 -66
62 Pettinga Financial Advisors LLC 0.49% of their portfolio EVANSVILLE, IN 49,35249.4k $2.5m $2.5m 0.49% Added +1.5k +1,536
63 RPO LLC 2.92% of their portfolio Stamford, CT 45,90045.9k $2.3m $2.3m 2.92% Unchanged
64 Balboa Wealth Partners 0.39% of their portfolio SCOTTSDALE, AZ 44,47744.5k $2.3m $2.3m 0.39% Added +833 +833
65 SJS Investment Consulting Inc. 0.30% of their portfolio SYLVANIA, OH 43,80143.8k $2.2m $2.2m 0.30% Added +7.6k +7,560
66 Strive Asset Management, LLC 1.18% of their portfolio DALLAS, TX 43,15243.2k $2.2m $2.2m 1.18% Added +26.2k +26,211
67 Weil Company, Inc. 0.50% of their portfolio SAN DIEGO, CA 40,80240.8k $2.1m $2.1m 0.50% Added +925 +925
68 Van Hulzen Asset Management, LLC 0.15% of their portfolio EL DORADO HILLS, CA 40,59740.6k $2.1m $2.1m 0.15% Added +4.2k +4,190
69 TigerOak Management, L.L.C. 0.63% of their portfolio NASHVILLE, TN 40,04940.0k $2.0m $2.0m 0.63% Added +32.8k +32,764
70 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 39,75639.8k $2.0m $2.0m 0.00% Added +3.4k +3,422
71 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 38,63138.6k $2.0m $2.0m 0.01% Added +15.2k +15,236
72 Soltis Investment Advisors LLC 0.13% of their portfolio ST. GEORGE, UT 38,44838.4k $1.9m $1.9m 0.13% Added +29.3k +29,269
73 Aries Wealth Management 0.45% of their portfolio PORTLAND, ME 37,50337.5k $1.9m $1.9m 0.45% Added +2.8k +2,835
74 Sequoia Financial Advisors, LLC 0.01% of their portfolio Akron, OH 37,17737.2k $1.9m $1.9m 0.01% Added +26.9k +26,912
75 Consolidated Portfolio Review Corp 0.22% of their portfolio WOODBURY, NY 35,20335.2k $1.8m $1.8m 0.22% Added +75 +75
76 Brookstone Capital Management 0.02% of their portfolio WHEATON, IL 34,64334.6k $1.8m $1.8m 0.02% Added +3.2k +3,220
77 Firestone Capital Management 0.36% of their portfolio SOUTH MIAMI, FL 33,07133.1k $1.7m $1.7m 0.36% New
78 EQ WEALTH ADVISORS, LLC 1.10% of their portfolio DALLAS, TX 32,98933.0k $1.7m $1.7m 1.10% Added +1.7k +1,652
79 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 32,97933.0k $1.7m $1.7m 0.01% Added +10.9k +10,906
80 Farther Finance Advisors, LLC 0.02% of their portfolio SAN FRANCISCO, CA 32,26632.3k $1.6m $1.6m 0.02% Added +9.3k +9,343
81 TRAPHAGEN INVESTMENT ADVISORS LLC 0.14% of their portfolio ORADELL, NJ 31,27631.3k $1.6m $1.6m 0.14% Added +2.5k +2,467
82 Foundations Investment Advisors, LLC 0.02% of their portfolio PHOENIX, AZ 31,15031.1k $1.6m $1.6m 0.02% Reduced -3.4k -3,378
83 Archer Investment Management, LLC 0.96% of their portfolio AUSTIN, TX 30,76430.8k $1.6m $1.6m 0.96% Added +1.6k +1,638
84 Birch Hill Investment Advisors LLC 0.07% of their portfolio Boston, MA 30,76130.8k $1.6m $1.6m 0.07% Unchanged
85 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 30,54730.5k $1.5m $1.5m 0.00% Added +4.7k +4,703
86 RBF Capital, LLC 0.07% of their portfolio RENO, NV 30,00030.0k $1.5m $1.5m 0.07% Unchanged
87 Aptus Capital Advisors, LLC 0.01% of their portfolio FAIRHOPE, AL 29,34929.3k $1.5m $1.5m 0.01% New
88 Summit Financial, LLC 0.02% of their portfolio PARSIPPANY, NJ 29,17929.2k $1.5m $1.5m 0.02% New
89 Spire Wealth Management 0.05% of their portfolio MCLEAN, VA 28,87428.9k $1.5m $1.5m 0.05% Added +983 +983
90 RFG Advisory, LLC 0.03% of their portfolio BIRMINGHAM, AL 28,72728.7k $1.5m $1.5m 0.03% Added +24.5k +24,485
91 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 28,04228.0k $1.4m $1.4m 0.00% Added +17.3k +17,267
92 Integrated Wealth Concepts LLC 0.01% of their portfolio WALTHAM, MA 27,89927.9k $1.4m $1.4m 0.01% Added +6.0k +5,988
93 Almanack Investment Partners, LLC. 0.21% of their portfolio WAYNE, PA 26,37726.4k $1.3m $1.3m 0.21% Added +11.5k +11,471
94 Joseph P. Lucia & Associates, LLC 0.50% of their portfolio Yorktown Heights, NY 26,01426.0k $1.3m $1.3m 0.50% Added +2.5k +2,528
95 Proficio Capital Partners LLC 0.09% of their portfolio NEWTON, MA 25,81525.8k $1.3m $1.3m 0.09% Unchanged
96 SLT Holdings LLC 0.84% of their portfolio SCOTTSDALE, AZ 25,33425.3k $1.3m $1.3m 0.84% Reduced -8.0k -8,000
97 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 25,14125.1k $1.3m $1.3m 0.00% Added +7.1k +7,054
98 Addison Capital Co 0.38% of their portfolio Conshohocken, PA 25,08725.1k $1.3m $1.3m 0.38% Reduced -226 -226
99 FLOW TRADERS U.S. LLC 0.05% of their portfolio NEW YORK, NY 25,07125.1k $1.3m $1.3m 0.05% New
100 KIDS CAPITAL MANAGEMENT, L.P. 1.00% of their portfolio LOS ANGELES, CA 25,00025.0k $1.3m $1.3m 1.00% Unchanged