Vault-13

GRAYSCALE BITCOIN MINI TR ET BTC

SHS NEW · ETP · CUSIP 389930207

515 institutional holders +19 vs Q3 2025
29,242,84529.2m shares reported held*
$1.1bnreported value*
51 new 166 added 115 reduced 60 sold out net bought ≈ $155.8m (+4.0m 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 ≈ $38.76. Options: 5 managers hold calls ($27.1m notional), 5 hold puts ($12.4m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 24: 2Q4 24: 365Q1 25: 405Q2 25: 458Q3 25: 496Q4 25: 515515Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 20242
Q4 2024365
Q1 2025405
Q2 2025458
Q3 2025496
Q4 2025515

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 25Q4 25: 217 bought or addedQ4 25: 175 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 20243272
Q1 2025193111
Q2 202520997
Q3 2025249122
Q4 2025217175

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ1 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 0.49Q4 25 calls: $27.1mQ4 25 puts: $12.4mQ4 25P/C 0.46
Numbers
QuarterCallsPutsP/C
Q1 2025$15.0m$7.4m0.49
Q2 2025$29.9m$9.0m0.30
Q3 2025$27.0m$13.4m0.49
Q4 2025$27.1m$12.4m0.46

Biggest buyers

JANE STREET GROUP, LLC Added +1,364,947+1.4m
WELLS FARGO & COMPANY/MN Added +900,987+901.0k
Paragon Advisors, LLC New +669,058+669.1k
MILLENNIUM MANAGEMENT LLC Added +667,553+667.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +369,361+369.4k
Steward Partners Investment Advisory, LLC Added +220,174+220.2k
ASSETMARK, INC Added +188,468+188.5k
Sloy Dahl & Holst, LLC Added +132,586+132.6k
Exit Wealth Advisors, LLC. New +120,890+120.9k
Stonebrook Private Inc. New +109,453+109.5k

Biggest sellers

Elequin Capital, LP Sold out -361,194-361.2k
Beacon Harbor Wealth Advisors, Inc. Sold out -239,537-239.5k
HBK INVESTMENTS L P Sold out -226,705-226.7k
OLD MISSION CAPITAL LLC Sold out -201,705-201.7k
Cresset Asset Management, LLC Sold out -166,849-166.8k
Redhawk Wealth Advisors, Inc. Sold out -151,358-151.4k
BECK CAPITAL MANAGEMENT, LLC Reduced -106,662-106.7k
SIMPLEX TRADING, LLC Sold out -95,512-95.5k
KALEIDOSCOPE CAPITAL LP Reduced -86,255-86.3k
Tidal Investments LLC Reduced -61,287-61.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $10.0m258.5k shares
IMC-Chicago, LLC New $8.7m224.2k shares
CITADEL ADVISORS LLC Reduced $4.3m111.5k shares
JANE STREET GROUP, LLC Added $2.9m75.5k shares
GROUP ONE TRADING LLC Added $1.2m30.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.4m164.0k shares
IMC-Chicago, LLC New $3.0m77.3k shares
CITADEL ADVISORS LLC Reduced $2.4m61.2k shares
JANE STREET GROUP, LLC Reduced $611.9k15.8k shares
GROUP ONE TRADING LLC Reduced $42.6k1.1k 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 Bullish 64.80% of their portfolio GEORGE TOWN, E9 4,523,9634.5m $175.2m $175.2m 64.80% First filing
2 MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 3,167,7183.2m $122.7m $122.7m 0.09% Added +667.6k +667,553
3 HORIZON KINETICS ASSET MANAGEMENT LLC 1.57% of their portfolio NEW YORK, NY 2,997,0603.0m $116.1m $116.1m 1.57% Reduced -3.4k -3,407
4 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 1,472,6841.5m $57.0m $57.0m 0.01% Added +901.0k +900,987
5 JANE STREET GROUP, LLC 0.07% of their portfolio NEW YORK, NY 1,423,5731.4m $55.1m $55.1m 0.07% Added +1.4m +1,364,947
6 Steward Partners Investment Advisory, LLC 0.28% of their portfolio STAMFORD, CT 1,297,3931.3m $50.2m $50.2m 0.28% Added +220.2k +220,174
7 EMORY UNIVERSITY 25.24% of their portfolio ATLANTA, GA 1,023,4171.0m $39.6m $39.6m 25.24% Unchanged
8 Sloy Dahl & Holst, LLC 3.75% of their portfolio Vancouver, WA 807,296807.3k $31.3m $31.3m 3.75% Added +132.6k +132,586
9 Paragon Advisors, LLC 7.04% of their portfolio COLLEGE STATION, TX 669,058669.1k $25.9m $25.9m 7.04% New
10 SteelPeak Wealth, LLC 0.76% of their portfolio WOODLAND HILLS, CA 599,356599.4k $23.2m $23.2m 0.76% Reduced -2.6k -2,607
11 ParaFi Capital LP 5.64% of their portfolio NEW YORK, NY 520,000520.0k $20.1m $20.1m 5.64% Unchanged
12 KALEIDOSCOPE CAPITAL LP 6.76% of their portfolio BOSTON, MA 457,091457.1k $17.7m $17.7m 6.76% Reduced -86.3k -86,255
13 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 419,315419.3k $16.2m $16.2m 0.02% Added +369.4k +369,361
14 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 347,474347.5k $13.5m $13.5m 0.01% Added +29.7k +29,666
15 Pasadena Private Wealth, LLC 1.64% of their portfolio PASADENA, CA 310,465310.5k $12.0m $12.0m 1.64% Added +89.4k +89,354
16 EagleClaw Capital Managment, LLC 1.69% of their portfolio BOSTON, MA 301,190301.2k $11.7m $11.7m 1.69% Added +4.1k +4,080
17 Multicoin Capital Management, LLC 8.95% of their portfolio AUSTIN, TX 264,361264.4k $10.2m $10.2m 8.95% Unchanged
18 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 201,221201.2k $7.8m $7.8m 0.00% Added +9.6k +9,644
19 RIVERSEDGE ADVISORS, LLC 1.24% of their portfolio Wilmington, DE 196,580196.6k $7.6m $7.6m 1.24% Reduced -29.7k -29,708
20 ASSETMARK, INC 0.01% of their portfolio CONCORD, CA 188,510188.5k $7.3m $7.3m 0.01% Added +188.5k +188,468
21 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 185,011185.0k $7.2m $7.2m 0.02% Added +52.5k +52,496
22 Mariner, LLC 0.01% of their portfolio Overland Park, KS 180,422180.4k $7.0m $7.0m 0.01% Added +31.3k +31,337
23 Reliant Wealth Planning 2.00% of their portfolio LOUISVILLE, KY 165,433165.4k $6.4m $6.4m 2.00% Reduced -4.2k -4,224
24 HFG Wealth Management, LLC 3.40% of their portfolio The Woodlands, TX 159,218159.2k $6.2m $6.2m 3.40% Added +10.8k +10,849
25 Moors & Cabot, Inc. 0.25% of their portfolio BOSTON, MA 152,061152.1k $5.9m $5.9m 0.25% Added +3.4k +3,368
26 Apriem Advisors 0.52% of their portfolio IRVINE, CA 145,667145.7k $5.6m $5.6m 0.52% Added +93.7k +93,713
27 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 135,560135.6k $5.3m $5.3m 0.01% Added +77.1k +77,100
28 Tidal Investments LLC 0.02% of their portfolio Milwaukee, WI 132,407132.4k $5.1m $5.1m 0.02% Reduced -61.3k -61,287
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 123,270123.3k $4.8m $4.8m 0.00% Added +51.5k +51,523
30 One Charles Private Wealth Services, LLC 1.23% of their portfolio HINGHAM, MA 122,551122.6k $4.7m $4.7m 1.23% Added +4.1k +4,077
31 Exit Wealth Advisors, LLC. 2.77% of their portfolio ATLANTA, GA 120,890120.9k $4.7m $4.7m 2.77% New
32 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 120,093120.1k $4.7m $4.7m 0.01% Added +17.3k +17,281
33 VVR Holdings LLC 2.33% of their portfolio BELLINGHAM, WA 115,552115.6k $4.5m $4.5m 2.33% First filing
34 Kestra Advisory Services, LLC 0.02% of their portfolio AUSTIN, TX 109,553109.6k $4.2m $4.2m 0.02% Added +2.6k +2,622
35 Stonebrook Private Inc. 0.89% of their portfolio NORTHVILLE, MI 109,453109.5k $4.2m $4.2m 0.89% New
36 MSRH, LLC 4.46% of their portfolio New York, NY 103,200103.2k $4.0m $4.0m 4.46% First filing
37 Beaumont Financial Advisors, LLC 0.25% of their portfolio NEEDHAM, MA 99,00499.0k $3.8m $3.8m 0.25% Reduced -23.3k -23,283
38 Financial Security Advisor, Inc. 0.73% of their portfolio VIRGINIA BEACH, VA 97,82697.8k $3.8m $3.8m 0.73% Added +24.5k +24,521
39 ShoreHaven Wealth Partners, LLC 1.36% of their portfolio Red Bank, NJ 97,66497.7k $3.8m $3.8m 1.36% Added +19.2k +19,215
40 DRW Securities, LLC 0.29% of their portfolio CHICAGO, IL 97,49997.5k $3.8m $3.8m 0.29% Added +92.2k +92,234
41 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 97,38097.4k $3.8m $3.8m 0.00% Reduced -59.8k -59,782
42 Merit Financial Group, LLC 0.03% of their portfolio ALPHARETTA, GA 96,54696.5k $3.7m $3.7m 0.03% Added +18.2k +18,157
43 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 85,57685.6k $3.7m $3.7m 0.00% Reduced -852 -852
44 Fielder Capital Group LLC 0.68% of their portfolio NASHVILLE, TN 82,53682.5k $3.2m $3.2m 0.68% Added +24.0k +24,012
45 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 79,61779.6k $3.1m $3.1m 0.00% Added +54.5k +54,476
46 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 79,22879.2k $3.1m $3.1m 0.00% Added +9.8k +9,759
47 MAD RIVER INVESTORS 1.37% of their portfolio BOSTON, MA 77,64777.6k $3.0m $3.0m 1.37% Reduced -4.5k -4,532
48 R. W. Roge & Company, Inc. 1.48% of their portfolio BOHEMIA, NY 77,43877.4k $3.0m $3.0m 1.48% Reduced -13.8k -13,805
49 MEITAV INVESTMENT HOUSE LTD 0.03% of their portfolio BENE-BERAQ, L3 73,74673.7k $2.9m $2.9m 0.03% Added +14.1k +14,084
50 Quadcap Wealth Management, LLC 0.32% of their portfolio Frisco, TX 71,30571.3k $2.8m $2.8m 0.32% Added +6.9k +6,948
51 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 71,05271.1k $2.8m $2.8m 0.00% Added +60.1k +60,088
52 Proficio Capital Partners LLC 0.19% of their portfolio NEWTON, MA 70,77670.8k $2.7m $2.7m 0.19% Added +45.0k +44,961
53 KINGSWOOD WEALTH ADVISORS, LLC 0.13% of their portfolio SAN DIEGO, CA 70,03170.0k $2.7m $2.7m 0.13% Added +4.3k +4,308
54 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 69,70569.7k $2.9m $2.9m 0.00% Added +2.3k +2,315
55 AXXCESS WEALTH MANAGEMENT, LLC 0.05% of their portfolio CARLSBAD, CA 66,48866.5k $2.6m $2.6m 0.05% Added +9.8k +9,847
56 Wealthfront Advisers LLC 0.01% of their portfolio Palo Alto, CA 61,04861.0k $2.4m $2.4m 0.01% Reduced -3.1k -3,082
57 PEAK FINANCIAL ADVISORS LLC 1.06% of their portfolio DENVER, CO 60,92960.9k $2.4m $2.4m 1.06% Added +10.3k +10,258
58 RBF Capital, LLC 0.05% of their portfolio RENO, NV 60,00060.0k $2.3m $2.3m 0.05% Added +30.0k +30,000
59 THEORY FINANCIAL LLC 0.78% of their portfolio FORT COLLINS, CO 59,54259.5k $2.3m $2.3m 0.78% Reduced -4.8k -4,803
60 Van Hulzen Asset Management, LLC 0.16% of their portfolio EL DORADO HILLS, CA 57,28357.3k $2.2m $2.2m 0.16% Added +16.7k +16,686
61 Ethos Financial Group, LLC 0.15% of their portfolio KING OF PRUSSIA, PA 53,63153.6k $2.1m $2.1m 0.15% Added +43.2k +43,168
62 Spahn Wealth & Retirement LLC 1.28% of their portfolio SCOTTSDALE, AZ 53,39853.4k $2.1m $2.1m 1.28% Reduced -9.3k -9,338
63 McKinley Carter Wealth Services, Inc. 0.11% of their portfolio WHEELING, WV 52,13452.1k $2.0m $2.0m 0.11% Added +33.0k +32,958
64 Pettinga Financial Advisors LLC 0.37% of their portfolio EVANSVILLE, IN 50,59150.6k $2.0m $2.0m 0.37% Added +1.2k +1,239
65 Aries Wealth Management 0.43% of their portfolio PORTLAND, ME 50,46150.5k $2.0m $2.0m 0.43% Added +13.0k +12,958
66 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 49,54949.5k $1.9m $1.9m 0.00% Added +49.1k +49,074
67 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 49,05249.1k $1.9m $1.9m 0.00% Reduced -8.7k -8,749
68 B. Riley Wealth Advisors, Inc. 0.09% of their portfolio MEMPHIS, TN 48,84548.8k $1.9m $1.9m 0.09% Reduced -13.1k -13,108
69 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 48,79648.8k $1.9m $1.9m 0.00% Added +41.1k +41,073
70 Claro Advisors Inc. 0.25% of their portfolio BOSTON, MA 48,06148.1k $1.9m $1.9m 0.25% Reduced -1.4k -1,435
71 TigerOak Management, L.L.C. 0.54% of their portfolio NASHVILLE, TN 45,67645.7k $1.8m $1.8m 0.54% Added +5.6k +5,627
72 Weil Company, Inc. 0.41% of their portfolio SAN DIEGO, CA 45,55845.6k $1.8m $1.8m 0.41% Added +4.8k +4,756
73 THRYVE WEALTH MANAGEMENT LLC 0.85% of their portfolio IRVING, TX 44,54344.5k $1.7m $1.7m 0.85% First filing
74 Summit Financial, LLC 0.02% of their portfolio PARSIPPANY, NJ 43,78943.8k $1.7m $1.7m 0.02% Added +14.6k +14,610
75 Balboa Wealth Partners 0.26% of their portfolio SCOTTSDALE, AZ 41,23441.2k $1.6m $1.6m 0.26% Reduced -3.2k -3,243
76 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 40,77740.8k $1.6m $1.6m 0.00% Added +1.0k +1,021
77 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 40,42440.4k $1.6m $1.6m 0.00% Added +12.4k +12,382
78 Virtu Financial LLC 0.06% of their portfolio New York, NY 38,69738.7k $1.5m $1.5m 0.06% Added +33.6k +33,624
79 ATX Financial Planning, LLC 1.14% of their portfolio AUSTIN, TX 38,14338.1k $1.5m $1.5m 1.14% First filing
80 BECK CAPITAL MANAGEMENT, LLC 0.35% of their portfolio AUSTIN, TX 37,70337.7k $1.5m $1.5m 0.35% Reduced -106.7k -106,662
81 Sequoia Financial Advisors, LLC 0.01% of their portfolio Akron, OH 36,44836.4k $1.4m $1.4m 0.01% Reduced -729 -729
82 TRAPHAGEN INVESTMENT ADVISORS LLC 0.11% of their portfolio ORADELL, NJ 35,47735.5k $1.4m $1.4m 0.11% Added +4.2k +4,201
83 EQ WEALTH ADVISORS, LLC 0.80% of their portfolio DALLAS, TX 34,93034.9k $1.4m $1.4m 0.80% Added +1.9k +1,941
84 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 34,74834.7k $1.3m $1.3m 0.02% Added +17.3k +17,345
85 Firestone Capital Management 0.28% of their portfolio SOUTH MIAMI, FL 34,66334.7k $1.3m $1.3m 0.28% Added +1.6k +1,592
86 Aptus Capital Advisors, LLC 0.01% of their portfolio FAIRHOPE, AL 34,48134.5k $1.3m $1.3m 0.01% Added +5.1k +5,132
87 Foundation Wealth Management, LLC 0.85% of their portfolio Clayton, MO 33,51433.5k $1.3m $1.3m 0.85% New
88 RFG Advisory, LLC 0.02% of their portfolio BIRMINGHAM, AL 32,31032.3k $1.3m $1.3m 0.02% Added +3.6k +3,583
89 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 31,32331.3k $1.5m $1.5m 0.01% Reduced -7.3k -7,308
90 Diligent Investors, LLC 0.29% of their portfolio REDLANDS, CA 30,72330.7k $1.2m $1.2m 0.29% Added +16.9k +16,870
91 Foundations Investment Advisors, LLC 0.02% of their portfolio PHOENIX, AZ 30,25430.3k $1.2m $1.2m 0.02% Reduced -896 -896
92 Archer Investment Management, LLC 0.62% of their portfolio AUSTIN, TX 29,71429.7k $1.2m $1.2m 0.62% Reduced -1.1k -1,050
93 SLT Holdings LLC 0.77% of their portfolio SCOTTSDALE, AZ 29,69329.7k $1.2m $1.2m 0.77% Added +4.4k +4,359
94 MATAURO, LLC 0.17% of their portfolio NEW YORK, NY 29,42329.4k $1.1m $1.1m 0.17% Added +23.0k +22,955
95 Red Door Wealth Management, LLC 0.12% of their portfolio Memphis, TN 29,33929.3k $1.1m $1.1m 0.12% Added +6.4k +6,373
96 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 29,17729.2k $1.1m $1.1m 0.00% Added +28.8k +28,812
97 CENTAURUS FINANCIAL, INC. 0.05% of their portfolio ANAHEIM, CA 28,77628.8k $1.1m $1.1m 0.05% Added +6.5k +6,503
98 Birch Hill Investment Advisors LLC 0.05% of their portfolio Boston, MA 28,76128.8k $1.1m $1.1m 0.05% Reduced -2.0k -2,000
99 Benson Wealth Management INC 1.23% of their portfolio OOLTEWAH, TN, TN 28,43828.4k $1.1m $1.1m 1.23% First filing
100 RETIREMENT FINANCIAL SOLUTIONS, LLC 0.32% of their portfolio KNOXVILLE, TN 28,41728.4k $1.1m $1.1m 0.32% New