Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

GRAYSCALE BITCOIN TRUST ETF (GBTC)

707 + Investors. Track Smart Money conviction in GBTC. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -42
Streak
1Q ▼
Buyers last Q
41%

Smart Money Signals — GBTC

Based on 695 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their GBTC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 94% of 3.0Y peak

94% of all-time peak
695 funds currently hold this stock — 94% of the 3.0-year high of 737 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding GBTC is almost the same as a year ago (-13 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 41% buying

246 buying350 selling
Last quarter: 350 funds reduced or exited vs 246 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈

More new buyers each quarter (+8 vs last Q)

new funds entering per quarter
Funds opening a new GBTC position: 52 → 99 → 75 → 83. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄

Mostly new holders — 17% entered in last year

■ 6% conviction (2yr+) ■ 76% medium ■ 17% new
Only 45 funds (6%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
💎

Buying through price weakness — shares -2%, value -24%

Value
-23%
Shares
-2%
Last quarter: funds added -2% more shares while total portfolio value only changed -24%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~83 new funds/quarter

169 → 52 → 99 → 75 → 83 new funds/Q
New funds entering each quarter: 52 → 99 → 75 → 83. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊

Mixed cohorts — 6% veterans, 28% new entrants

■ 6% veterans ■ 66% 1-2yr ■ 28% new
Of 707 current holders: 44 (6%) held 2+ years, 466 held 1–2 years, 197 (28%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋

Smaller funds dominant — 3% AUM from top-100

3% from top-100 AUM funds
14 of 695 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
3.6
out of 10
Low Exit Risk
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Hedge Fund Ownership: GBTC

How many hedge funds hold GBTC — quarterly history vs. share price
Quarterly hedge fund ownership of GBTC vs. share price

Market Analysis: GBTC

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: GBTC

-- --
Smart Money Signal ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

46 top-rated funds 9 high-conviction
Consensus
7.3
/ 10
breadth
×
Elite
3.6
/ 10
conviction
Hedge Fund Positioning: GBTC
2026 Q1 Stats Unlock in 22 days 707 + Investors

Track Smart Money conviction in GBTC. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 707 753 -6.11%
13F Shares 35M 36M -2.38%
Total Value $2.62B $3.43B -23.64%
New Positions 83 78 +5
Increased Positions 173 182 -9
Closed Positions 127 61 +66
Reduced Positions 244 233 +11
Total Calls 10 12 -16.67%
Total Puts 5 7 -28.57%
PUT/CALL Ratio 0.5 0.58 Bullish

Statistics: GBTC

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

707 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in GBTC. Verified SEC 13F-HR filings.

Top 25 institutional holders of GBTC — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 MSRH, LLC 32.21% 422,078 $28.9M
2 MAD RIVER INVESTORS 6.84% 360,139 $19.0M
3 SLT Holdings LLC 4.43% 124,037 $6.5M
4 Guild Investment Management, Inc. 2.55% 67,640 $3.6M
5 Citrine Capital LLC 2.33% 101,811 $5.4M
6 CERTIOR FINANCIAL GROUP, LLC 1.44% 42,990 $2.3M
7 HFG Wealth Management, LLC 1.21% 41,652 $2.2M
8 Aurora Private Wealth, Inc. 1.09% 22,401 $2K
9 OakTrust Wealth Advisors, LLC 0.89% 18,627 $983K
10 Pasadena Private Wealth, LLC 0.86% 117,623 $6.2M
11 Intellectus Partners, LLC 0.82% 76,470 $4.0M
12 Interchange Capital Partners, LLC 0.82% 40,493 $2.6M
13 Legacy Wealth Asset Management, LLC 0.71% 55,460 $2.9M
14 QTR Family Wealth, LLC 0.60% 25,060 $1.4M
15 TigerOak Management, L.L.C. 0.60% 36,132 $1.9M
16 Upper Left Wealth Management, LLC 0.60% 19,261 $1.0M
17 Verde Capital Management 0.57% 50,734 $2.7M
18 EPIQ PARTNERS, LLC 0.57% 23,145 $1.2M
19 Runnymede Capital Advisors, Inc. 0.55% 12,120 $639K
20 Claro Advisors Inc. 0.53% 82,845 $4.4M
21 Red Door Wealth Management, LLC 0.52% 95,610 $5.0M
22 BLUE SQUARE ASSET MANAGEMENT, LLC 0.52% 20,606 $1.1M
23 Fiduciary Alliance LLC 0.51% 146,098 $8.5M
24 STEPHEN J. GARRY & ASSOCIATES, LLC 0.43% 10,116 $534K
25 Hartmann Taylor Wealth Management, LLC 0.39% 11,155 $589K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — GRAYSCALE BITCOIN TRUST ETF (GBTC)

What does the Smart Money Trend signal show for GBTC?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their GBTC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for GBTC?

More sellers than buyers — 41% buying: Last quarter: 350 funds reduced or exited vs 246 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for GBTC holders?

Smaller funds dominant — 3% AUM from top-100: 14 of 695 holders rank in the top 100 by AUM, but together hold only 3% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held GBTC?

Mostly new holders — 17% entered in last year: Only 45 funds (6%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.