Who owns Grayscale Bitcoin Trust ETF (GBTC)
Which tracked institutional funds hold GBTC, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See GBTC company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-02). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on GBTC is one-sided between 2026-Q1 and 2026-Q2: 23 added or opened and 132 trimmed or exited — on balance reducing.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
GBTC’s largest tracked holder by dollar value, HORIZON KINETICS ASSET MANAGEMENT LLC, sizes it at 6.3% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 6.2pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in GBTC divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 577 tracked filers holding GBTC, 125 increased or opened the position and 320 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in GBTC between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 7
- WealthCare Asset Management, LLC$4M
- Global Retirement Partners, LLC$2M
- STATE OF MICHIGAN RETIREMENT SYSTEM$2M
- NewEdge Advisors, LLC$1M
- Savvy Advisors, Inc.$1M
- Laird Norton Wetherby Trust Company, LLC$1,000K
Full exits 29
- HighTower Advisors, LLC$32M
- Greenwich Wealth Management LLC$31M
- MSRH, LLC$22M
- Virtu Financial LLC$15M
- Cambridge Investment Research Advisors, Inc.$13M
- Fiduciary Alliance LLC$9M
Largest adds
- Quadrature Capital Ltd$8M
- Mariner, LLC$3M
- Arax Advisory Partners$3M
- Convergence Financial, LLC$2M
- JANE STREET GROUP, LLC$2M
- Bluespring Wealth Management, LLC$1M
Largest trims
- HORIZON KINETICS ASSET MANAGEMENT LLC$186M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$18M
- Vident Advisory, LLC$16M
- CITADEL ADVISORS LLC$11M
- LPL Financial LLC$8M
- Wealthfront Advisers LLC$6M
Institutional holders
One row per tracked fund, most shares held first (every row is from one quarter; reported value breaks ties). “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding.
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC trimmed | 12,139,990 | $553M | 53.6% | 2026-Q2 |
| LPL Financial LLC trimmed | 876,469 | $40M | 3.9% | 2026-Q2 |
| MAD RIVER INVESTORS | 360,139 | $16M | 1.6% | 2026-Q2 |
| EagleClaw Capital Managment, LLC added | 358,216 | $16M | 1.6% | 2026-Q2 |
| JANE STREET GROUP, LLC added | 340,363 | $15M | 1.5% | 2026-Q2 |
| CITADEL ADVISORS LLC trimmed | 314,985 | $14M | 1.4% | 2026-Q2 |
| Moors & Cabot, Inc. trimmed | 303,753 | $14M | 1.3% | 2026-Q2 |
| Mariner, LLC added | 278,538 | $13M | 1.2% | 2026-Q2 |
| KINGSWOOD WEALTH ADVISORS, LLC trimmed | 278,391 | $13M | 1.2% | 2026-Q2 |
| Wealthfront Advisers LLC trimmed | 265,593 | $12M | 1.2% | 2026-Q2 |
| One Charles Private Wealth Services, LLC trimmed | 259,750 | $12M | 1.1% | 2026-Q2 |
| Beaumont Financial Advisors, LLC trimmed | 249,612 | $11M | 1.1% | 2026-Q2 |
| Cresset Asset Management, LLC trimmed | 231,216 | $11M | 1.0% | 2026-Q2 |
| Quadrature Capital Ltd added | 193,414 | $9M | 0.9% | 2026-Q2 |
| Focus Partners Wealth trimmed | 190,971 | $9M | 0.8% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 168,831 | $8M | 0.7% | 2026-Q2 |
| Cetera Investment Advisers trimmed | 164,245 | $7M | 0.7% | 2026-Q2 |
| RBF Capital, LLC | 150,000 | $7M | 0.7% | 2026-Q2 |
| Atlas Wealth Partners, LLC trimmed | 139,612 | $6M | 0.6% | 2026-Q2 |
| Lido Advisors, LLC trimmed | 138,522 | $6M | 0.6% | 2026-Q2 |
| Sloy Dahl & Holst, LLC trimmed | 131,538 | $6M | 0.6% | 2026-Q2 |
| Creative Planning trimmed | 131,082 | $6M | 0.6% | 2026-Q2 |
| LAKEWOOD CAPITAL MANAGEMENT, LP | 123,500 | $6M | 0.5% | 2026-Q2 |
| Foundations Investment Advisors, LLC trimmed | 121,134 | $6M | 0.5% | 2026-Q2 |
| Pasadena Private Wealth, LLC trimmed | 117,609 | $5M | 0.5% | 2026-Q2 |
| SLT Holdings LLC trimmed | 116,930 | $5M | 0.5% | 2026-Q2 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC trimmed | 113,584 | $6M | 0.5% | 2026-Q2 |
| Fielder Capital Group LLC | 111,292 | $5M | 0.5% | 2026-Q2 |
| ONCE CAPITAL MANAGEMENT, LLC | 107,700 | $5M | 0.5% | 2026-Q2 |
| Larson Financial Group LLC added | 107,435 | $5M | 0.5% | 2026-Q2 |
| BLAIR WILLIAM & CO/IL trimmed | 106,864 | $5M | 0.5% | 2026-Q2 |
| Birch Hill Investment Advisors LLC | 102,850 | $5M | 0.5% | 2026-Q2 |
| Convergence Financial, LLC added | 102,534 | $5M | 0.5% | 2026-Q2 |
| ICONIQ Capital, LLC | 101,575 | $5M | 0.4% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC | 100,000 | $5M | 0.4% | 2026-Q2 |
| Sequoia Financial Advisors, LLC trimmed | 96,213 | $4M | 0.4% | 2026-Q2 |
| WealthCare Asset Management, LLC new | 95,422 | $4M | 0.4% | 2026-Q2 |
| Red Door Wealth Management, LLC trimmed | 94,987 | $4M | 0.4% | 2026-Q2 |
| Kestra Advisory Services, LLC trimmed | 94,966 | $4M | 0.4% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 89,673 | $4M | 0.4% | 2026-Q2 |
| TRAPHAGEN INVESTMENT ADVISORS LLC trimmed | 83,314 | $4M | 0.4% | 2026-Q2 |
| Claro Advisors Inc. trimmed | 82,836 | $4M | 0.4% | 2026-Q2 |
| MORGAN STANLEY trimmed | 78,170 | $4M | 0.3% | 2026-Q2 |
| Intellectus Partners, LLC trimmed | 76,426 | $3M | 0.3% | 2026-Q2 |
| MERCER GLOBAL ADVISORS INC /ADV added | 76,284 | $3M | 0.3% | 2026-Q2 |
| Advisory Services Network, LLC trimmed | 76,121 | $3M | 0.3% | 2026-Q2 |
| Citrine Capital LLC trimmed | 75,952 | $3M | 0.3% | 2026-Q2 |
| SCS Capital Management LLC | 75,857 | $3M | 0.3% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 75,774 | $3M | 0.3% | 2026-Q2 |
| Farther Finance Advisors, LLC added | 73,582 | $3M | 0.3% | 2026-Q2 |
| Van Hulzen Asset Management, LLC trimmed | 72,892 | $3M | 0.3% | 2026-Q2 |
| Haven Private, LLC trimmed | 72,261 | $3M | 0.3% | 2026-Q2 |
| Variant Private Wealth, LLC trimmed | 71,518 | $3M | 0.3% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC trimmed | 71,319 | $3M | 0.3% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 69,663 | $3M | 0.3% | 2026-Q2 |
| Arax Advisory Partners added | 68,224 | $3M | 0.3% | 2026-Q2 |
| Guild Investment Management, Inc. trimmed | 67,630 | $3M | 0.3% | 2026-Q2 |
| NorthCoast Asset Management LLC | 64,322 | $3M | 0.3% | 2026-Q2 |
| NewEdge Wealth, LLC | 60,452 | $3M | 0.3% | 2026-Q2 |
| Keystone Financial Group added | 59,355 | $3M | 0.3% | 2026-Q2 |
| Pekin Hardy Strauss, Inc. | 56,924 | $3M | 0.3% | 2026-Q2 |
| Legacy Wealth Asset Management, LLC trimmed | 55,149 | $3M | 0.2% | 2026-Q2 |
| Brookstone Capital Management added | 55,085 | $3M | 0.2% | 2026-Q2 |
| Qube Research & Technologies Ltd trimmed | 51,618 | $2M | 0.2% | 2026-Q2 |
| KESTRA PRIVATE WEALTH SERVICES, LLC trimmed | 50,732 | $2M | 0.2% | 2026-Q2 |
| BROWN ADVISORY INC | 50,416 | $2M | 0.2% | 2026-Q2 |
| Integrated Wealth Concepts LLC added | 49,755 | $2M | 0.2% | 2026-Q2 |
| NTV Asset Management LLC trimmed | 48,278 | $2M | 0.2% | 2026-Q2 |
| INDEPENDENT FINANCIAL GROUP, LLC trimmed | 48,253 | $2M | 0.2% | 2026-Q2 |
| SMITH, MOORE & CO. trimmed | 47,561 | $2M | 0.2% | 2026-Q2 |
| Wealthspire Advisors, LLC added | 47,488 | $2M | 0.2% | 2026-Q2 |
| Verde Capital Management trimmed | 44,951 | $2M | 0.2% | 2026-Q2 |
| Merit Financial Group, LLC trimmed | 44,855 | $2M | 0.2% | 2026-Q2 |
| EFG International AG | 43,550 | $2M | 0.2% | 2026-Q2 |
| WESCAP Management Group, Inc. | 43,321 | $2M | 0.2% | 2026-Q2 |
| PNC Financial Services Group, Inc. trimmed | 42,358 | $2M | 0.2% | 2026-Q2 |
| FAGAN ASSOCIATES, INC. trimmed | 41,822 | $2M | 0.2% | 2026-Q2 |
| Corient Private Wealth LP trimmed | 40,281 | $2M | 0.2% | 2026-Q2 |
| Cerity Partners LLC trimmed | 39,929 | $2M | 0.2% | 2026-Q2 |
| CAPTRUST FINANCIAL ADVISORS trimmed | 38,984 | $2M | 0.2% | 2026-Q2 |
| Beacon Pointe Advisors, LLC added | 38,462 | $2M | 0.2% | 2026-Q2 |
| Prosperity Financial Group, Inc. trimmed | 38,400 | $2M | 0.2% | 2026-Q2 |
| Global Retirement Partners, LLC trimmed | 38,151 | $2M | 0.2% | 2026-Q2 |
| STATE OF MICHIGAN RETIREMENT SYSTEM new | 37,418 | $2M | 0.2% | 2026-Q2 |
| Bleakley Financial Group, LLC trimmed | 36,489 | $2M | 0.2% | 2026-Q2 |
| TigerOak Management, L.L.C. trimmed | 36,131 | $2M | 0.2% | 2026-Q2 |
| Cyndeo Wealth Partners, LLC trimmed | 35,130 | $2M | 0.2% | 2026-Q2 |
| Fiduciary Trust Co | 35,115 | $2M | 0.2% | 2026-Q2 |
| WealthPlan Investment Management, LLC added | 35,076 | $2M | 0.2% | 2026-Q2 |
| Curi Capital, LLC added | 34,815 | $2M | 0.2% | 2026-Q2 |
| Sowell Financial Services LLC trimmed | 34,320 | $2M | 0.2% | 2026-Q2 |
| Pathstone Holdings, LLC added | 34,027 | $2M | 0.2% | 2026-Q2 |
| US BANCORP \DE\ trimmed | 33,921 | $2M | 0.1% | 2026-Q2 |
| MGO ONE SEVEN LLC trimmed | 33,764 | $2M | 0.1% | 2026-Q2 |
| Compass Ion Advisors, LLC trimmed | 33,188 | $2M | 0.1% | 2026-Q2 |
| QTR Family Wealth, LLC added | 32,600 | $1M | 0.1% | 2026-Q2 |
| Quantinno Capital Management LP added | 32,418 | $1M | 0.1% | 2026-Q2 |
| NewEdge Advisors, LLC trimmed | 32,107 | $1M | 0.1% | 2026-Q2 |
| McKinley Carter Wealth Services, Inc. | 32,107 | $1M | 0.1% | 2026-Q2 |
| UNITED CAPITAL FINANCIAL ADVISORS, LLC added | 31,996 | $1M | 0.1% | 2026-Q2 |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.