- FBTC position surged: Jane Street reported 7,010,008 Fidelity Bitcoin ETF shares at September 30, up 690.5% from June 30.
- IBIT shares fell: The firm held 20,221,140 BlackRock ETF shares, down 18.7%, though their reported value rose to $957.3 million.
- JPMorgan added exposure: Its IBIT position rose 9.6% to 11,408,930 shares, while its Strategy stock holding also increased.
Jane Street Group sharply increased its Fidelity Wise Origin Bitcoin Fund (FBTC) position in the third quarter while reducing its iShares Bitcoin Trust ETF (IBIT) share count. Its Q3 2026 filing shows FBTC shares rising nearly eightfold to 7.01 million and IBIT shares falling 18.7% to 20.22 million. The reported values and contrasting positions offer a detailed snapshot of institutional holdings, but do not show each firm’s complete or current Bitcoin exposure.
What Happened
Jane Street filed its Form 13F-HR for the quarter ended September 30, 2026, with the Securities and Exchange Commission on November 12. The filing reports long share positions summed across the firm’s reporting managers. Its previous filing covered June 30 and was submitted August 14.
Across FBTC, IBIT and the ARK 21Shares Bitcoin ETF (ARKB), Jane Street’s reported share holdings were valued at $1.79 billion on September 30, compared with $926.0 million on June 30. IBIT remained its largest spot Bitcoin ETF position by value at $957.3 million, despite the decline in shares.
Fund flows have kept diverging between the two largest funds since the quarter ended, with Bitcoin trading near $65,400 on November 14. A recent weekly report described Bitcoin ETF outflows led by IBIT, while another reported Fidelity inflows offsetting IBIT.
Jane Street’s Bitcoin ETF Positions: Q2 vs Q3 2026
| Fund | Shares Jun 30 | Shares Sep 30 | Change in shares | Value Sep 30 |
|---|---|---|---|---|
| FBTC | 886,736 | 7,010,008 | +690.5% | $509.2 million |
| IBIT | 24,878,191 | 20,221,140 | -18.7% | $957.3 million |
| ARKB | 2,700,151 | 11,689,194 | +332.9% | $323.7 million |
| Total | — | — | — | $1.79 billion |
At June 30, the three positions together were valued at $926.0 million. FBTC increased about 7.9 times in shares, while ARKB rose about 4.3 times. The table compares reported share counts at quarter end; it does not indicate the timing of trades within the quarter.
Jane Street also reported 4,119,097 Strategy (MSTR) class A shares at September 30, up from 2,677,622 at June 30. Strategy recently added 1,036 BTC as it repurchased STRC shares, a separate company update from the positions disclosed in Jane Street’s filing.
Why Did the IBIT Position Grow in Value While Shares Fell?
The filing’s values imply an IBIT price of about $33.29 per share on June 30 and $47.34 on September 30, an increase of about 42%. That price effect outweighed the 18.7% reduction in Jane Street’s share count: the position’s reported value rose 15.6%, from $828.2 million to $957.3 million.
At the implied September 30 value per share, retaining the June 30 share count would have put the position at about $1.18 billion. This is a calculation from the filing’s reported values and share counts, not a separate estimate of transactions or investment intent.
The same filing lists options on IBIT. At September 30, Jane Street reported calls on 34,966,200 underlying shares with a value of $1.66 billion and puts on 45,321,500 shares valued at $2.15 billion. At June 30, it reported calls on 34,033,900 shares and puts on 34,804,000 shares.
What Did JPMorgan Report?
JPMorgan Chase & Co. also filed its Q3 2026 13F on November 12. It reported 11,408,930 IBIT shares worth $539.98 million at September 30, up 9.6% from 10,407,635 shares worth $355.7 million at June 30.
The bank reported 848,932 shares of Strategy common stock, a 36% increase from 624,387. Its IBIT options included calls on 3,703,200 shares and puts on 2,915,000 shares. JPMorgan’s FBTC position was 4,095 shares.
What This Means for Bitcoin ETF Holders
A 13F is a dated snapshot of reportable positions on September 30, 2026. Holdings may have changed since then. The filings cover long US-listed equity positions and listed options; they do not show short positions, futures or swaps, so they cannot establish a manager’s net Bitcoin exposure.
Jane Street is a market maker and an authorized participant for spot Bitcoin ETFs. Its ETF holdings can therefore reflect trading inventory and hedged positions rather than a directional view. Large banks’ reported positions can also include holdings on behalf of clients and trading desks. Neither a share increase nor a decrease, by itself, explains the purpose of a position.
For readers comparing hypothetical outcomes across different prices, iCoin Market offers a crypto profit calculator. The filing data describes institutional positions at a past date and does not determine how any individual holding performs.
What to Watch Next
- Additional Q3 2026 manager filings are due by Monday, November 16, the deadline following the 45-day filing period because November 14 falls on a Saturday.
- Jane Street’s next 13F will cover positions at December 31, 2026, with Q4 filings due in mid-February 2027.
- Future filings can show whether reported FBTC, IBIT, ARKB and Strategy share counts changed from the September 30 snapshot.
- Jane Street’s Q3 filing also reports IBIT calls and puts; the disclosure includes listed options but not the firm’s full net exposure.
Sources: Jane Street Group Form 13F-HR for Q3 2026 (SEC EDGAR); JPMorgan Chase & Co. Form 13F-HR for Q3 2026 (SEC EDGAR). Figures are iCoin Market calculations from the filings’ information tables.
