Who Owns Grayscale Bitcoin Trust ETF (GBTC)?Hedge Fund & Institutional Holders

$55.39+0.50 (+0.91%)TechnologyNYSE_ARCA

Institutional Holders

50

as of Q4 2025

Total Institutional Value

$InfinityT

% of Float Held

—

QoQ Change in Holders

+12 / -2

Price History

$47.49$60.23$72.96$85.70$98.43Sep 24Jun 25Mar 26

GBTC — Biggest New Institutional Buyers This Quarter

FundActionShares AddedValue Added
Wealthfront Advisers LLCNew Position+355K+$24.2B
SUSQUEHANNA INTERNATIONAL GROUP, LLPIncreased+365K+$21.0B
KINGSWOOD WEALTH ADVISORS, LLCNew Position+284K+$19.4B
COMMONWEALTH EQUITY SERVICES, LLCNew Position+207K+$14.0B
DRW Securities, LLCIncreased+215K+$13.4B
SLT Holdings LLCNew Position+123K+$8.4B
Fielder Capital Group LLCNew Position+113K+$7.7B
Birch Hill Investment Advisors LLCNew Position+103K+$7.0B
Citrine Capital LLCNew Position+102K+$7.0B
RENAISSANCE TECHNOLOGIES LLCIncreased+88K+$5.1B
Haven Private, LLCNew Position+73K+$5.0B
CITADEL ADVISORS LLCNew Position+84K+$5.0B
Palumbo Wealth Management LLCNew Position+67K+$4.6B
MONECO ADVISORS, LLCNew Position+64K+$4.4B
BLUE SQUARE ASSET MANAGEMENT, LLCNew Position+60K+$4.1B

GBTC — Institutions Reducing or Closing Positions

FundActionShares SoldValue Sold
HORIZON KINETICS ASSET MANAGEMENT LLCDecreased-68K-$308.2B
Multicoin Capital Management, LLCDecreased-1.0M-$98.0B
LPL Financial LLCDecreased-43K-$91.5B
HighTower Advisors, LLCDecreased-6K-$56.2B
JANE STREET GROUP, LLCDecreased-222K-$22.0B
OLD MISSION CAPITAL LLCDecreased-83K-$12.2B
Jump Financial, LLCClosed Position-129K-$11.6B
Brookstone Capital ManagementDecreased-81K-$10.9B
Cresset Asset Management, LLCDecreased-49K-$10.3B
Larson Financial Group LLCDecreased-7K-$8.9B
MAD RIVER INVESTORSDecreased-500-$7.8B
Moors & Cabot, Inc.Decreased-382-$7.4B
One Charles Private Wealth Services, LLCDecreased-11K-$6.9B
Consolidated Portfolio Review CorpClosed Position-73K-$6.5B
ROYAL BANK OF CANADADecreased-48K-$6.0B

Top Institutional Holders(Q4 2025)

#FundSharesValue% of PortfolioType
1HORIZON KINETICS ASSET MANAGEMENT LLC14,113,593$964.8B13.05%Share
2SUSQUEHANNA INTERNATIONAL GROUP, LLP1,027,200$70.0B0.01%Call
3ALKEON CAPITAL MANAGEMENT LLC920,000$62.0B0.10%Call
4SUSQUEHANNA INTERNATIONAL GROUP, LLP503,006$34.0B0.00%Share
5MAD RIVER INVESTORS360,454$24.6B11.22%Share
6Wealthfront Advisers LLC354,702$24.2B0.05%Share
7IMC-Chicago, LLC352,800$24.1B0.01%Call
8Moors & Cabot, Inc.315,519$21.0B0.90%Share
9Multicoin Capital Management, LLC302,251$20.7B18.06%Share
10KINGSWOOD WEALTH ADVISORS, LLC283,835$19.4B0.94%Share
11One Charles Private Wealth Services, LLC278,603$19.0B4.92%Share
12CITADEL ADVISORS LLC256,000$17.0B0.00%Call
13Focus Partners Wealth221,130$16.0B0.02%Share
14Cresset Asset Management, LLC243,904$16.0B0.07%Share
15OLD MISSION CAPITAL LLC221,544$15.1B0.35%Share
16DRW Securities, LLC232,691$15.0B0.40%Share
17SIMPLEX TRADING, LLC224,900$15.0B0.01%Call
18COMMONWEALTH EQUITY SERVICES, LLC207,463$14.0B0.02%Share
19SUSQUEHANNA INTERNATIONAL GROUP, LLP202,400$13.0B0.00%Put
20RBF Capital, LLC150,000$10.0B0.44%Share
21LAKEWOOD CAPITAL MANAGEMENT, LP123,500$8.4B0.56%Share
22SLT Holdings LLC122,775$8.4B5.40%Share
23RENAISSANCE TECHNOLOGIES LLC120,100$8.0B0.01%Share
24Fielder Capital Group LLC112,760$7.7B1.64%Share
25Once Capital Management, LLC107,700$7.4B1.51%Share
26IMC-Chicago, LLC102,900$7.0B0.00%Put
27Birch Hill Investment Advisors LLC102,850$7.0B0.29%Share
28BLAIR WILLIAM & CO/IL107,329$7.0B0.02%Share
29Citrine Capital LLC101,811$7.0B3.23%Share
30MILLENNIUM MANAGEMENT LLC100,000$6.0B0.00%Share
31CITADEL ADVISORS LLC97,800$6.0B0.00%Put
32TRAPHAGEN INVESTMENT ADVISORS LLC85,252$5.8B0.48%Share
33Van Hulzen Asset Management, LLC77,934$5.3B0.39%Share
34SCS Capital Management LLC75,957$5.2B0.06%Share
35Haven Private, LLC73,437$5.0B2.20%Share
36CITADEL ADVISORS LLC83,822$5.0B0.00%Share
37Farther Finance Advisors, LLC72,070$4.9B0.05%Share
38Palumbo Wealth Management LLC67,259$4.6B1.13%Share
39Ascension Capital Advisors, Inc.65,907$4.5B1.55%Share
40MONECO ADVISORS, LLC64,271$4.4B0.35%Share
41Kovitz Investment Group Partners, LLC64,222$4.4B0.10%Share
42SELDON CAPITAL LP64,207$4.4B1.52%Share
43BLUE SQUARE ASSET MANAGEMENT, LLC60,217$4.1B1.83%Share
44OSAIC HOLDINGS, INC.66,886$4.0B0.01%Share
45SIMPLEX TRADING, LLC66,000$4.0B0.00%Put
46MERCER GLOBAL ADVISORS INC /ADV72,584$4.0B0.01%Share
47Keystone Financial Group56,312$3.8B0.28%Share
48Legacy Wealth Asset Management, LLC56,309$3.8B0.95%Share
49Convergence Financial, LLC51,460$3.5B0.51%Share
50Verde Capital Management51,322$3.5B0.75%Share

GBTC Institutional Ownership History

QuarterHoldersTotal ValueChange
Q4 2025707$1.6T+277
Q3 2025430$2.2T-269
Q2 2025699$2.5T-3
Q1 2025702$1.9T+107
Q4 2024595$63.9T+196
Q3 2024399$123.5T-19
Q2 2024418$125.8T+16
Q1 2024402$243.8T—

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As of Q4 2025, 50 institutional investors hold GBTC (Grayscale Bitcoin Trust ETF). The largest holder is HORIZON KINETICS ASSET MANAGEMENT LLC with $964.8B in shares. This quarter, 12 institutions opened new positions and 2 closed their positions.

Frequently Asked Questions

How many hedge funds own GBTC?

As of Q4 2025, 50 institutional investors report holding GBTC (Grayscale Bitcoin Trust ETF) in their 13F filings.

Who is the largest institutional holder of GBTC?

The largest institutional holder of GBTC is HORIZON KINETICS ASSET MANAGEMENT LLC with $964.8B in shares.

Is institutional ownership of GBTC increasing or decreasing?

This quarter, 12 institutions opened new positions in GBTC and 2 closed their positions.