Murray Stahl's GBTC Position Overview
Murray Stahl (via Horizon Kinetics Asset Management LLC) currently holds 14.2M shares of Grayscale Bitcoin Trust ETF (GBTC) worth $1.27 B, representing 15.52% of the portfolio. First purchased in 2022-Q4, this medium-term investment has been held for 12 quarters.
Based on 13F filings, Murray Stahl has maintained a strategic position in GBTC, demonstrating sustained confidence in this investment. Largest addition occurred in Q3 2024, adding 290.6K shares. Largest reduction occurred in Q1 2024, reducing 630.5K shares.
Analysis based on 13F filings available since 2013 Q2
Murray Stahl's Grayscale Bitcoin Trust ETF (GBTC) Holding Value Over Time
Track share changes against reported price movement
Quarterly Grayscale Bitcoin Trust ETF (GBTC) Trades by Murray Stahl
| Period | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2022 | +15.81 M | New Buy | 15.81 M | $8.29 |
| Q1 2023 | +27,640 | Add 0.17% | 15.84 M | $16.36 |
| Q2 2023 | -45,646 | Reduce 0.29% | 15.8 M | $19.19 |
| Q3 2023 | -12,295 | Reduce 0.08% | 15.78 M | $19.19 |
| Q4 2023 | -179,003 | Reduce 1.13% | 15.6 M | $34.62 |
| Q1 2024 | -630,521 | Reduce 4.04% | 14.97 M | $63.17 |
| Q2 2024 | -56,739 | Reduce 0.38% | 14.92 M | $53.24 |
| Q3 2024 | +290,612 | Add 1.95% | 15.21 M | $50.50 |
| Q4 2024 | -39,897 | Reduce 0.26% | 15.17 M | $74.02 |
| Q1 2025 | -471,650 | Reduce 3.11% | 14.7 M | $65.17 |
| Q2 2025 | -145,322 | Reduce 0.99% | 14.55 M | $84.83 |
| Q3 2025 | -369,991 | Reduce 2.54% | 14.18 M | $89.77 |
Murray Stahl's Grayscale Bitcoin Trust ETF Investment FAQs
Murray Stahl first purchased Grayscale Bitcoin Trust ETF (GBTC) in Q4 2022, acquiring 15,814,012 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Murray Stahl has held Grayscale Bitcoin Trust ETF (GBTC) for 12 quarters since Q4 2022. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Murray Stahl's largest addition to Grayscale Bitcoin Trust ETF (GBTC) was in Q4 2022, adding 15,814,012 shares worth $131.1 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
According to the latest 13F filing for Q3 2025, Murray Stahl's firm, Horizon Kinetics Asset Management LLC, owns 14,181,200 shares of Grayscale Bitcoin Trust ETF (GBTC), valued at approximately $1.27 B. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
As of the Q3 2025 filing, Grayscale Bitcoin Trust ETF (GBTC) represents approximately 15.52% of Murray Stahl's publicly disclosed stock portfolio, making it one of their key holdings. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Murray Stahl's peak holding in Grayscale Bitcoin Trust ETF (GBTC) was 15,841,652 shares, as reported at the end of Q1 2023. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.