Vault-13

ISHARES BITCOIN TRUST ETF IBIT

SHS BEN INT · ETP · CUSIP 46438F101 · ISIN US46438F1012

1,667 institutional holders +35 vs Q3 2025
379,575,234379.6m shares reported held*
$18.8bnreported value*
151 new 794 added 396 reduced 239 sold out net sold ≈ $2.7bn (-55.7m 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 ($45.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.60. Options: 108 managers hold calls ($10.6bn notional), 74 hold puts ($8.3bn).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ1 24: 444Q2 24: 601Q3 24: 678Q4 24: 1,116Q1 25: 1,192Q2 25: 1,441Q3 25: 1,632Q4 25: 1,6671,667Q1 24Q3 24Q1 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 2024444
Q2 2024601
Q3 2024678
Q4 20241,116
Q1 20251,192
Q2 20251,441
Q3 20251,632
Q4 20251,667

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ2 24: 465 bought or addedQ2 24: 118 cut or sold outQ2 24Q3 24: 443 bought or addedQ3 24: 168 cut or sold outQ4 24: 822 bought or addedQ4 24: 165 cut or sold outQ4 24Q1 25: 829 bought or addedQ1 25: 357 cut or sold outQ2 25: 995 bought or addedQ2 25: 309 cut or sold outQ2 25Q3 25: 1,167 bought or addedQ3 25: 336 cut or sold outQ4 25: 945 bought or addedQ4 25: 635 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 2024465118
Q3 2024443168
Q4 2024822165
Q1 2025829357
Q2 2025995309
Q3 20251,167336
Q4 2025945635

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ1 25 calls: $3.6bnQ1 25 puts: $2.4bnQ1 25P/C 0.67Q2 25 calls: $6.7bnQ2 25 puts: $5.7bnQ2 25P/C 0.84Q3 25 calls: $14.6bnQ3 25 puts: $10.1bnQ3 25P/C 0.69Q4 25 calls: $10.6bnQ4 25 puts: $8.3bnQ4 25P/C 0.78
Numbers
QuarterCallsPutsP/C
Q1 2025$3.6bn$2.4bn0.67
Q2 2025$6.7bn$5.7bn0.84
Q3 2025$14.6bn$10.1bn0.69
Q4 2025$10.6bn$8.3bn0.78

Biggest buyers

MILLENNIUM MANAGEMENT LLC Added +13,814,418+13.8m
JANE STREET GROUP, LLC Added +7,105,206+7.1m
Mubadala Investment Co PJSC Added +3,975,351+4.0m
CITADEL ADVISORS LLC Added +2,743,406+2.7m
BlackRock, Inc. Added +2,378,510+2.4m
MORGAN STANLEY Added +2,374,482+2.4m
Consolidated Portfolio Review Corp Added +2,134,334+2.1m
Texas Capital Bank Wealth Management Services Inc Added +2,011,070+2.0m
NEOS Investment Management LLC Added +2,004,557+2.0m
Daiwa Securities Group Inc. New +1,895,000+1.9m

Biggest sellers

Brevan Howard Capital Management LP Reduced -31,203,990-31.2m
GOLDMAN SACHS GROUP INC Reduced -13,278,280-13.3m
Symmetry Investments LP Reduced -9,327,643-9.3m
JPMORGAN CHASE & CO Reduced -7,540,766-7.5m
Clear Street Group Inc. Reduced -7,080,668-7.1m
FARALLON CAPITAL MANAGEMENT, L.L.C. Reduced -4,855,600-4.9m
Sculptor Capital LP Sold out -3,292,068-3.3m
DRW Securities, LLC Reduced -3,123,355-3.1m
IMC-Chicago, LLC Reduced -2,945,662-2.9m
BSN CAPITAL PARTNERS Ltd Sold out -2,800,000-2.8m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.0bn41.1m shares
JANE STREET GROUP, LLC Reduced $2.0bn40.1m shares
CITADEL ADVISORS LLC Added $1.8bn36.5m shares
SIMPLEX TRADING, LLC Added $888.2m17.9m shares
IMC-Chicago, LLC New $753.0m15.2m shares
JPMORGAN CHASE & CO Added $409.4m8.2m shares
Brevan Howard Capital Management LP Added $400.1m8.1m shares
EXCHANGE TRADED CONCEPTS, LLC Reduced $224.9m4.5m shares
Marex Group Ltd Added $221.1m4.5m shares
Belvedere Trading LLC Added $180.5m3.6m shares

Biggest puts

JANE STREET GROUP, LLC Added $1.6bn31.7m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $958.9m19.3m shares
GOLDMAN SACHS GROUP INC Reduced $827.0m16.7m shares
CITADEL ADVISORS LLC Added $642.9m12.9m shares
IMC-Chicago, LLC New $493.9m9.9m shares
SIMPLEX TRADING, LLC Reduced $430.0m8.7m shares
BARCLAYS PLC Added $285.0m5.7m shares
LMR Partners LLP Added $276.0m5.6m shares
Brevan Howard Capital Management LP Added $248.2m5.0m shares
Hudson Bay Capital Management LP Reduced $228.9m4.6m 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 MILLENNIUM MANAGEMENT LLC 1.22% of their portfolio NEW YORK, NY 34,333,52434.3m $1.7bn $1.7bn 1.22% Added +13.8m +13,814,418
2 GOLDMAN SACHS GROUP INC 0.15% of their portfolio NEW YORK, NY 20,685,04420.7m $1.0bn $1.0bn 0.15% Reduced -13.3m -13,278,280
3 JANE STREET GROUP, LLC 1.20% of their portfolio NEW YORK, NY 20,315,78020.3m $1.0bn $1.0bn 1.20% Added +7.1m +7,105,206
4 Avenir Tech Ltd 88.34% of their portfolio CENTRAL, HONG KONG, K3 18,287,32318.3m $908.0m $908.0m 88.34% Reduced -9.8k -9,784
5 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 13,440,65913.4m $667.3m $667.3m 0.04% Added +2.4m +2,374,482
6 BlackRock, Inc. 0.01% of their portfolio New York, NY 12,771,33612.8m $634.1m $634.1m 0.01% Added +2.4m +2,378,510
7 Mubadala Investment Co PJSC 3.61% of their portfolio Abu Dhabi, C0 12,702,32312.7m $630.7m $630.7m 3.61% Added +4.0m +3,975,351
8 Capula Management Ltd 3.06% of their portfolio Grand Cayman, E9 9,481,2339.5m $470.7m $470.7m 3.06% Reduced -676 -676
9 Laurore Ltd 100.00% of their portfolio HONG KONG, K3 8,786,2798.8m $436.2m $436.2m 100.00% First filing
10 Al Warda Investments RSC Ltd 100.00% of their portfolio ABU DHABI, C0 8,218,7128.2m $408.1m $408.1m 100.00% Added +255.3k +255,319
11 Schonfeld Strategic Advisors LLC 2.02% of their portfolio NEW YORK, NY 8,100,5898.1m $402.2m $402.2m 2.02% Added +1.3m +1,318,191
12 Weiss Asset Management LP 5.49% of their portfolio BOSTON, MA 7,801,9837.8m $387.4m $387.4m 5.49% Reduced -2.3m -2,256,670
13 Marex Group Ltd 4.11% of their portfolio London, X0 7,648,7707.6m $379.8m $379.8m 4.11% Added +1.7m +1,675,499
14 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 6,579,2626.6m $326.7m $326.7m 0.06% Reduced -308.8k -308,801
15 Galaxy Group Investments LLC 41.97% of their portfolio NEW YORK, NY 6,090,2066.1m $302.4m $302.4m 41.97% Added +1.1m +1,065,965
16 Brevan Howard Capital Management LP 5.27% of their portfolio ST. HELIER, Y9 5,548,7585.5m $275.5m $275.5m 5.27% Reduced -31.2m -31,203,990
17 HARVARD MANAGEMENT CO INC 12.78% of their portfolio BOSTON, MA 5,353,6125.4m $265.8m $265.8m 12.78% Reduced -1.5m -1,460,000
18 BARCLAYS PLC 0.11% of their portfolio LONDON, X0 5,286,0365.3m $262.5m $262.5m 0.11% Added +978.9k +978,895
19 MACQUARIE GROUP LTD 1.11% of their portfolio Sydney, NSW 2000, C3 5,126,1435.1m $254.5m $254.5m 1.11% Added +721.4k +721,351
20 D. E. Shaw & Co., Inc. 0.18% of their portfolio New York, NY 4,699,2974.7m $233.3m $233.3m 0.18% Reduced -2.4m -2,364,322
21 CITADEL ADVISORS LLC 0.14% of their portfolio MIAMI, FL 4,027,1324.0m $199.9m $199.9m 0.14% Added +2.7m +2,743,406
22 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.27% of their portfolio BALA CYNWYD, PA 3,927,8093.9m $195.0m $195.0m 0.27% Added +1.6m +1,624,929
23 59 North Capital Management, LP 6.06% of their portfolio Houston, TX 3,921,0343.9m $194.7m $194.7m 6.06% Added +1.3m +1,319,501
24 MARSHALL WACE, LLP 0.16% of their portfolio LONDON, X0 3,447,7493.4m $171.2m $171.2m 0.16% Added +1.8m +1,802,259
25 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 3,027,6143.0m $150.3m $150.3m 0.01% Reduced -7.5m -7,540,766
26 LPL Financial LLC 0.04% of their portfolio FORT MILL, SC 2,979,3253.0m $147.9m $147.9m 0.04% Added +500.1k +500,120
27 HRTG GPE, LLC 14.36% of their portfolio WILSON, WY 2,270,3272.3m $112.7m $112.7m 14.36% Added +941.4k +941,418
28 Pine Ridge Advisers LLC 7.62% of their portfolio NEW YORK, NY 2,227,3802.2m $110.6m $110.6m 7.62% Added +42.8k +42,780
29 NEOS Investment Management LLC 0.62% of their portfolio Westport, CT 2,150,6072.2m $106.8m $106.8m 0.62% Added +2.0m +2,004,557
30 MARINER INVESTMENT GROUP LLC 6.25% of their portfolio NEW YORK, NY 2,146,5362.1m $106.6m $106.6m 6.25% Added +131.4k +131,442
31 Consolidated Portfolio Review Corp 9.19% of their portfolio WOODBURY, NY 2,142,1852.1m $106.4m $106.4m 9.19% Added +2.1m +2,134,334
32 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.55% of their portfolio SAN FRANCISCO, CA 2,137,1002.1m $106.1m $106.1m 0.55% Reduced -4.9m -4,855,600
33 Texas Capital Bank Wealth Management Services Inc 5.82% of their portfolio Dallas, TX 2,032,6482.0m $100.9m $100.9m 5.82% Added +2.0m +2,011,070
34 Symmetry Investments LP 17.64% of their portfolio ST HELIER, Y9 1,907,0971.9m $94.7m $94.7m 17.64% Reduced -9.3m -9,327,643
35 Daiwa Securities Group Inc. 0.31% of their portfolio CHIYODA-KU,TOKYO, M0 1,895,0001.9m $94.1m $94.1m 0.31% New
36 NINE MASTS CAPITAL Ltd 16.16% of their portfolio CENTRAL, K3 1,889,2141.9m $93.8m $93.8m 16.16% New
37 Verition Fund Management LLC 0.50% of their portfolio GREENWICH, CT 1,856,8591.9m $92.2m $92.2m 0.50% Added +74.2k +74,232
38 Pinpoint Asset Management (Singapore) Pte. Ltd. 18.49% of their portfolio SINGAPORE, U0 1,787,5711.8m $88.8m $88.8m 18.49% Unchanged
39 IMC-Chicago, LLC 1.49% of their portfolio CHICAGO, IL 1,708,3671.7m $84.8m $84.8m 1.49% Reduced -2.9m -2,945,662
40 Copperwood Asset Management LP 100.00% of their portfolio HOUSTON, TX 1,678,4671.7m $83.3m $83.3m 100.00% First filing
41 WINTON GROUP Ltd 2.75% of their portfolio LONDON, X0 1,603,6531.6m $79.6m $79.6m 2.75% Added +343.9k +343,910
42 Graham Capital Management, L.P. 2.65% of their portfolio ROWAYTON, CT 1,547,8551.5m $76.9m $76.9m 2.65% Reduced -764.6k -764,557
43 Private Advisor Group, LLC 0.35% of their portfolio MORRISTOWN, NJ 1,500,5781.5m $74.5m $74.5m 0.35% Added +586.8k +586,832
44 Walleye Trading LLC 1.18% of their portfolio NEW YORK, NY 1,482,5781.5m $73.6m $73.6m 1.18% Added +287.5k +287,530
45 ParaFi Capital LP 20.52% of their portfolio NEW YORK, NY 1,475,0461.5m $73.2m $73.2m 20.52% Added +46 +46
46 Nearwater Capital Markets, Ltd 1.18% of their portfolio NEW YORK, NY 1,384,8001.4m $68.8m $68.8m 1.18% Added +784.8k +784,800
47 Corient Private Wealth LP 0.04% of their portfolio MIAMI, FL 1,354,3041.4m $63.4m $63.4m 0.04% Added +874.1k +874,111
48 Verde Servicos Internacionais S.A. 21.16% of their portfolio SAO PAULO, D5 1,327,1661.3m $65.9m $65.9m 21.16% Reduced -486.3k -486,283
49 Fortress Investment Group LLC 15.48% of their portfolio NEW YORK, NY 1,325,0001.3m $65.8m $65.8m 15.48% Unchanged
50 Balyasny Asset Management L.P. 0.12% of their portfolio Chicago, IL 1,299,8661.3m $64.5m $64.5m 0.12% Reduced -244.6k -244,638
51 Betterment LLC 0.11% of their portfolio NEW YORK, NY 1,194,9891.2m $59.3m $59.3m 0.11% Added +109.4k +109,430
52 Cerity Partners LLC 0.08% of their portfolio NEW YORK, NY 1,154,6771.2m $57.3m $57.3m 0.08% Reduced -416.9k -416,880
53 Ovata Capital Management Ltd 6.87% of their portfolio HONG KONG, K3 1,142,8051.1m $56.6m $56.6m 6.87% Unchanged
54 Hudson Bay Capital Management LP 0.32% of their portfolio STAMFORD, CT 1,140,5351.1m $56.6m $56.6m 0.32% Reduced -1.3m -1,266,043
55 Walleye Capital LLC 0.32% of their portfolio NEW YORK, NY 1,129,0401.1m $56.1m $56.1m 0.32% Added +664.1k +664,119
56 Wealthfront Advisers LLC 0.12% of their portfolio Palo Alto, CA 1,116,5011.1m $55.4m $55.4m 0.12% Added +339.3k +339,270
57 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 1,034,4131.0m $51.4m $51.4m 0.06% Added +43.4k +43,412
58 Cresset Asset Management, LLC 0.20% of their portfolio Chicago, IL 966,305966.3k $48.0m $48.0m 0.20% Added +174.4k +174,357
59 Mariner, LLC 0.05% of their portfolio Overland Park, KS 927,991928.0k $46.1m $46.1m 0.05% Added +235.1k +235,076
60 Logan Stone Capital, LLC 11.00% of their portfolio CHICAGO, IL 898,383898.4k $44.6m $44.6m 11.00% Added +665.0k +664,985
61 Allen Investment Management, LLC 0.49% of their portfolio NEW YORK, NY 895,936895.9k $44.5m $44.5m 0.49% Added +100.6k +100,623
62 Quantitative Investment Management, LLC 4.22% of their portfolio CHARLOTTESVILLE, VA 874,627874.6k $43.4m $43.4m 4.22% New
63 Harvest Portfolios Group Inc. 0.74% of their portfolio Oakville, A6 859,466859.5k $42.7m $42.7m 0.74% Added +129.1k +129,052
64 HighTower Advisors, LLC 0.05% of their portfolio CHICAGO, IL 858,078858.1k $42.6m $42.6m 0.05% Reduced -43.9k -43,886
65 HORIZON KINETICS ASSET MANAGEMENT LLC 0.54% of their portfolio NEW YORK, NY 796,863796.9k $39.6m $39.6m 0.54% Reduced -30.0k -30,038
66 Simplify Asset Management Inc. 0.65% of their portfolio Las Vegas, NV 795,000795.0k $39.5m $39.5m 0.65% Added +159.0k +159,000
67 Financial Engines Advisors L.L.C. 0.07% of their portfolio SANTA CLARA, CA 786,166786.2k $39.0m $39.0m 0.07% Added +176.8k +176,763
68 DRW Securities, LLC 2.80% of their portfolio CHICAGO, IL 740,959741.0k $36.8m $36.8m 2.80% Reduced -3.1m -3,123,355
69 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 725,144725.1k $36.0m $36.0m 0.10% Reduced -10.8k -10,837
70 Engineers Gate Manager LP 0.42% of their portfolio NEW YORK, NY 721,796721.8k $35.8m $35.8m 0.42% Added +471.7k +471,740
71 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 719,008719.0k $35.7m $35.7m 0.00% Added +91.6k +91,559
72 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 690,413690.4k $16.3m $16.3m 0.02% Added +508.1k +508,134
73 US BANCORP \DE\ 0.04% of their portfolio MINNEAPOLIS, MN 690,208690.2k $34.3m $34.3m 0.04% Added +306.1k +306,107
74 Belvedere Trading LLC 6.30% of their portfolio CHICAGO, IL 685,732685.7k $34.0m $34.0m 6.30% Reduced -1.6m -1,624,692
75 ALLEN OPERATIONS LLC 4.16% of their portfolio NEW YORK, NY 670,200670.2k $33.3m $33.3m 4.16% Unchanged
76 Tidal Investments LLC 0.14% of their portfolio Milwaukee, WI 669,514669.5k $33.2m $33.2m 0.14% Reduced -295.6k -295,560
77 CANTOR FITZGERALD, L. P. 0.92% of their portfolio NEW YORK, NY 624,078624.1k $31.0m $31.0m 0.92% Reduced -880.7k -880,668
78 TITAN GLOBAL CAPITAL MANAGEMENT USA LLC 4.41% of their portfolio NEW YORK, NY 620,804620.8k $30.8m $30.8m 4.41% Added +12.5k +12,517
79 COMMONWEALTH EQUITY SERVICES, LLC 0.04% of their portfolio WALTHAM, MA 614,300614.3k $30.5m $30.5m 0.04% Reduced -21.0k -20,965
80 Sanctuary Advisors, LLC 0.17% of their portfolio INDIANAPOLIS, IN 610,256610.3k $30.3m $30.3m 0.17% Added +81.7k +81,669
81 Yarbrough Capital, LLC 0.93% of their portfolio FRANKLIN, TN 600,825600.8k $29.8m $29.8m 0.93% Added +76.6k +76,612
82 IEQ CAPITAL, LLC 0.09% of their portfolio Foster City, CA 596,279596.3k $29.6m $29.6m 0.09% Added +269.9k +269,892
83 ACORN FINANCIAL ADVISORY SERVICES INC /ADV 4.36% of their portfolio Reston, VA 594,361594.4k $29.5m $29.5m 4.36% Added +30.9k +30,852
84 MML INVESTORS SERVICES, LLC 0.07% of their portfolio SPRINGFIELD, MA 585,118585.1k $29.1m $29.1m 0.07% Added +126.7k +126,717
85 TUDOR INVESTMENT CORP ET AL 0.16% of their portfolio STAMFORD, CT 576,523576.5k $28.6m $28.6m 0.16% Reduced -2.4m -2,369,799
86 Oxler Private Wealth LLC 7.96% of their portfolio Rye Brook, NY 553,454553.5k $27.5m $27.5m 7.96% Added +52.2k +52,183
87 ARP Global Capital Ltd 8.28% of their portfolio DUBAI, C0 552,408552.4k $27.4m $27.4m 8.28% First filing
88 UBS Group AG 0.01% of their portfolio ZURICH, V8 548,614548.6k $27.2m $27.2m 0.01% Added +413.6k +413,621
89 Foundations Investment Advisors, LLC 0.35% of their portfolio PHOENIX, AZ 544,159544.2k $27.0m $27.0m 0.35% Added +76.2k +76,160
90 NewEdge Wealth, LLC 0.30% of their portfolio STAMFORD, CT 543,422543.4k $27.0m $27.0m 0.30% Added +276.0k +275,969
91 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 530,051530.1k $26.3m $26.3m 0.01% Added +119.1k +119,091
92 Trans-Canada Capital Inc. 1.51% of their portfolio MONTREAL, A8 528,900528.9k $26.3m $26.3m 1.51% Reduced -1.4m -1,362,901
93 KALEIDOSCOPE CAPITAL LP 10.01% of their portfolio BOSTON, MA 527,752527.8k $26.2m $26.2m 10.01% Reduced -112.6k -112,552
94 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 523,235523.2k $26.0m $26.0m 0.01% Reduced -119.1k -119,111
95 Pilgrim Partners Asia Pte Ltd 12.27% of their portfolio SINGAPORE, U0 513,300513.3k $25.5m $25.5m 12.27% Reduced -59.4k -59,417
96 Financial Sense Advisors, Inc. 4.66% of their portfolio SAN DIEGO, CA 502,413502.4k $24.9m $24.9m 4.66% Reduced -28.6k -28,642
97 PPSC Investment Service Corp 1.75% of their portfolio TOKYO, M0 472,000472.0k $23.4m $23.4m 1.75% Added +48.0k +48,000
98 Intesa Sanpaolo S.p.A. 1.51% of their portfolio TURIN, L6 470,409470.4k $23.4m $23.4m 1.51% First filing
99 PBCay One RSC Ltd 4.03% of their portfolio AL MARYAH ISLAND, C0 460,600460.6k $22.9m $22.9m 4.03% First filing
100 Spear Holdings RSC Ltd 4.03% of their portfolio AL MARYAH ISLAND, C0 460,600460.6k $22.9m $22.9m 4.03% New