Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Grayscale Bitcoin Trust ETF (GBTC)

595 + 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
↓ -53
Streak
3Q ▼
Buyers last Q
31%

Smart Money Signals — GBTC

Based on 607 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, 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 — 79% of 3.0Y peak

79% of all-time peak
607 funds currently hold this stock — 79% of the 3.0-year high of 772 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 19% fewer funds vs a year ago

fund count last 6Q
141 fewer hedge funds hold GBTC compared to a year ago (-19% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴

Heavy selling pressure — only 31% buying

142 buying313 selling
Last quarter: 313 funds sold vs only 142 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️

Fewer new buyers each quarter (-24 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 87 → 84 → 69 → 45. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

61% of holders stayed for 2+ years

■ 61% conviction (2yr+) ■ 25% medium ■ 14% new
370 out of 607 hedge funds have held GBTC for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares -7%, value -29%

Value
-29%
Shares
-6%
Last quarter: funds added -7% more shares while total portfolio value only changed -29%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊

Peak discovery — momentum slowing

104 → 87 → 84 → 69 → 45 new funds/Q
New funds entering each quarter: 87 → 84 → 69 → 45. GBTC is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 55% veterans vs 20% newcomers

■ 55% veterans ■ 25% 1-2yr ■ 20% new
Entry-cohort mix of 620 holders: 341 (55%) are 2+ year veterans, 155 entered 1–2 years ago, and 124 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋

Smaller funds dominant — 6% AUM from top-100

6% from top-100 AUM funds
20 of 602 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
3.3
out of 10
Low Exit Risk
Exit risk score 3.3/10 — 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.

Institutional Sentiment Summary — GBTC

In 2026 Q2, 142 hedge funds were net buyers of GBTC (45 opened a new position, 97 added to an existing one), while 313 reduced or exited (215 trimmed, 98 sold completely) — a 31% buyer ratio, indicating net institutional distribution. This extends a 3-quarter selling streak, suggesting sustained institutional caution. Net fund flow last quarter: -53 funds (more exits than new entries). Total institutional holders: 607.

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

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Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

21 top-rated funds 4 high-conviction
Consensus
5.8
/ 10
breadth
×
Elite
3.4
/ 10
conviction
Hedge Fund Positioning: GBTC
595 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 595 660 -9.85%
13F Shares 32M 34M -7.0%
Total Value $1.38B $1.95B -29.3%
New Positions 44 69 -25
Increased Positions 95 122 -27
Closed Positions 104 134 -30
Reduced Positions 209 252 -43
Total Calls 10 9 11.11%
Total Puts 6 4 50.0%
PUT/CALL Ratio 0.6 0.44 Bullish

Statistics: GBTC

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Institutional Holders (2026 Q2)

595 + investors

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

QUARTER:
Top 25 GBTC holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Atlas Wealth Partners, LLC 6.94% 139,612 $6.4M
2 Horizon Kinetics Asset Management LLC 6.27% 12,139,990 $552.6M
3 Mad River Investors 6.11% 360,139 $16.4M
4 Variant Private Wealth, LLC 3.66% 71,518 $3.3M
5 SLT Holdings LLC 3.32% 116,930 $5.3M
6 One Charles Private Wealth Services, LLC 2.72% 259,750 $11.8M
7 EagleClaw Capital Managment, LLC 2.19% 358,216 $16.3M
8 Guild Investment Management, Inc. 2.10% 67,630 $3.1M
9 WealthCare Asset Management, LLC 1.80% 95,422 $4.3M
10 Citrine Capital LLC 1.28% 75,952 $3.5M
11 Haven Private, LLC 1.25% 72,261 $3.3M
12 Benson Wealth Management INC 1.13% 24,643 $1.1M
13 Fielder Capital Group LLC 1.10% 111,292 $5.1M
14 Alamea Verwaltungs GmbH 0.82% 22,446 $1.0M
15 Illumine Investment Management, LLC 0.79% — $1.2M
16 White Knight Strategic Wealth Advisors, LLC 0.75% 23,579 $1.1M
17 Sloy Dahl & Holst, LLC 0.74% 131,538 $6.0M
18 Ballast Financial Advisors LLC 0.73% 17,761 $808K
19 OakTrust Wealth Advisors, LLC 0.73% 18,627 $848K
20 Beaumont Financial Advisors, LLC 0.72% 249,612 $11.4M
21 Pasadena Private Wealth, LLC 0.68% 117,609 $5.4M
22 Certior Financial Group, LLC 0.67% 26,973 $1.2M
23 Integras Partners LLC 0.62% 24,512 $1.1M
24 Intellectus Partners, LLC 0.60% 76,426 $3.5M
25 Legacy Wealth Asset Management, LLC 0.55% 55,149 $2.5M
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 — 3 quarters in a row: For 3 consecutive quarters, 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?

Heavy selling pressure — only 31% buying: Last quarter: 313 funds sold vs only 142 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.

What is the fund quality score for GBTC holders?

Smaller funds dominant — 6% AUM from top-100: 20 of 602 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held GBTC?

61% of holders stayed for 2+ years: 370 out of 607 hedge funds have held GBTC for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

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.

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