ISHARES BITCOIN TRUST ETF

The iShares Bitcoin Trust ETF (IBIT) shows 131 institutional holders in this quarter's 13F data, and the numbers imply the fund's price fell roughly 13.4%, from about $38.42 to about $33.29 per share — a decline consistent across multiple independent holders' figures. Against that backdrop, real share-count activity among the largest holders leans toward buying. Gainplan LLC more than quadrupled its position (+322.6%, from 18,871 to 79,748 shares, +$1.93 million even after the price drop), Gradient Investments more than doubled its stake (+104.5%, to 94,782 shares, +$1.37 million), Key Client Fiduciary Advisors nearly doubled its position (+98.5%, to 46,632 shares), and Blue Square Asset Management grew 88.8% (to 46,534 shares). Two holders made substantial real cuts: Magnus Financial Group reduced its share count 36.0% (from 630,574 to 403,891, -$10.78 million, the largest dollar reduction in the dataset) and Strong Tower Advisory Services cut 39.9% (to 228,483 shares, -$6.99 million). Two new holders, GK Wealth Management ($2.23 million) and KMG Fiduciary Partners ($1.59 million), also entered. With the price decline explaining most negative dollar changes across the holder list, the more informative signal is that share-count buying — real accumulation independent of price — was more widespread among the top 20 holders than share-count selling.