The Grayscale Bitcoin Trust (OTC: GBTC) is a security that solely invests in, and derives value from,

the price of Bitcoin. According to the most recent update at Fintel.io (July 11), these are the top 10

institutional holders in the trust, and the number of shares they own.

10 – Discovery Portfolio Class A Shares, MACGX: 803,792 shares

9 – International Opportunity Portfolio Class I, MIOIX: 1,024,960 shares

8 – International Advantage Portfolio Class I, MFAIX: 1,337,540 shares

7 – Morgan Stanley Insight Fund A, CPOAX: 1,401,386 shares

6 – Global Opportunity Portfolio Class I, MGGIX: 1,690,985

5 – Kinetics Paradigm Portfolio: 1,946,400 shares

4 – Kinetics Internet Portfolio: 2,146,599 shares

3 – Growth Portfolio Class I, MSEQX: 4,226,776 shares

2 – ARK Next Generation Internet ETF, ARKW: 6,151,375 shares

1 – ARK Investment Management LLC: 6,786,143 shares