MAD RIVER INVESTORS GBTC — GRAYSCALE BITCOIN TR BTC

Ownership history in MAD RIVER INVESTORS  ·  9 quarters on record

AI Ownership Summary

MAD RIVER INVESTORS reported GRAYSCALE BITCOIN TR BTC (GBTC) in 9 quarterly 13F filings from 2024 Q1 through 2026 Q1. Peak portfolio weight reached 17.53% in 2024 Q1. The latest visible filing shows GBTC at 6.84% of the fund.

This page tracks quarterly shares, estimated market value, portfolio weight, filing dates, and disclosure-aligned stock prices directly from SEC EDGAR 13F filings.

What this GBTC ownership page tells you

This page is designed to answer the real investor question behind a 13F filing: how meaningful was MAD RIVER INVESTORS's position in GRAYSCALE BITCOIN TR BTC, and how did that conviction change over time? You can read the holding window, peak weight, latest reported size, disclosure timing, and quarter-by-quarter changes without piecing the story together from raw SEC rows.

Freshest filing
Latest Reported Filing
2026 Q1

GBTC was reported at 6.84% of portfolio in the most recent visible filing.

High-water mark
Peak Conviction
17.53% in 2024 Q1

Peak weight helps separate a token disclosure from a real conviction holding the fund genuinely cared about.

Time in book
Holding Window
2024 Q1 to 2026 Q1

Longer holding windows often tell a very different story from short-lived tactical trades or one-quarter experiments.

Decision context
Why It Matters
Position size beats headlines

Knowing that a fund owned a stock is useful. Knowing whether it was a 0.20% placeholder or a true high-conviction position is where the signal actually starts.

GBTC stock page MAD RIVER INVESTORS fund profile MAD RIVER INVESTORS full holdings
How MAD RIVER INVESTORS held GBTC — position size vs. price
% of Fund (quarterly)    GBTC price (quarter-end, indexed to 100)    SPY (indexed to 100)    QQQ (indexed to 100)
📋 Quarterly Holdings History 9 quarters  ▾
Quarter Action Sold % After 3M Timing Shares Change Chg % % of Fund Mkt Value Filed Price (Filed)
2026 Q1 REDUCED — — — 360,139 -315 -0.1% 6.84% $19.0M 2026-04-23 $60.48
2025 Q4 REDUCED — — — 360,454 -500 -0.1% 11.22% $24.6M 2026-02-06 $54.63
2025 Q3 REDUCED — — — 360,954 -11,427 -3.1% 13.86% $32.4M 2025-10-14 $88.29
2025 Q2 REDUCED — — — 372,381 -100 -0.0% 14.15% $31.6M 2025-07-08 $85.64
2025 Q1 REDUCED — — — 372,481 -13,325 -3.5% 10.28% $24.3M 2025-04-22 $72.29
2024 Q4 REDUCED — — — 385,806 -3,939 -1.0% 13.27% $28.6M 2025-01-16 $79.56
2024 Q3 ADDED — — — 389,745 +82,187 +26.7% 10.92% $19.7M 2024-10-22 $53.64
2024 Q2 REDUCED 23.1% +5.0% ❌ 307,558 -92,167 -23.1% 10.97% $16.4M 2024-08-02 $49.87
2024 Q1 INITIATED — — — 399,725 — — 17.53% $25.3M 2024-04-19 $51.77

🏢 Other funds also holding GBTC

As of 2026 Q1 — sorted by position size

MSRH, LLC 32.21% HORIZON KINETICS ASSET MANAGEMENT LLC 3Y 7Y 8.0% Atlas Wealth Partners, LLC 3Y 7.61% Variant Private Wealth, LLC 4.58% SLT Holdings LLC 4.43% One Charles Private Wealth Services, LLC 3Y 3.66% EagleClaw Capital Managment, LLC 3Y 7Y 2.63% Guild Investment Management, Inc. 3Y 7Y 2.55% Citrine Capital LLC 2.33% Benson Wealth Management INC 1.93%

FAQ About MAD RIVER INVESTORS and GBTC

These are the practical questions this page is built to answer before you even open the full history table.

How long has MAD RIVER INVESTORS reported owning GBTC?

MAD RIVER INVESTORS reported GBTC across 9 quarterly 13F filings, from 2024 Q1 through 2026 Q1.

What was the largest reported GBTC position in MAD RIVER INVESTORS's portfolio?

The largest reported portfolio weight for GBTC was 17.53% in 2024 Q1.

What is the latest reported GBTC position on this page?

The most recent filing on this page is 2026 Q1, when MAD RIVER INVESTORS reported 360,139 shares, equal to 6.84% of portfolio, with an estimated market value of $19.0M.

What does the chart on this GBTC ownership page compare?

The chart compares MAD RIVER INVESTORS's quarterly GBTC portfolio weight with the stock's indexed share price, so you can see whether the fund was building, trimming, or holding the position as price moved.

How well did MAD RIVER INVESTORS time their GBTC position?

Based on 13F filing dates vs. subsequent GBTC price moves, MAD RIVER INVESTORS correctly timed 3 out of 8 reported position changes (38%). The annualised alpha on GBTC relative to SPY over the holding period was -10.7%.

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