JPMorgan increases Strategy stake by 36%, holds $540 million in IBIT

On November 13, The Block reported that a 13F filing submitted by JPMorgan shows the bank increased its third-quarter holdings in Strategy (MSTR) by 36%, raising positions to 848,932 shares, valued at approximately $131.3 million as of September 30 prices; previously, it held 624,387 shares worth around $57.87 million at the end of the second quarter.

The same filing shows that JPMorgan holds 11.40893 million shares of BlackRock iShares Bitcoin Trust (IBIT), valued at approximately $540 million, an increase of about 1 million shares, or 9.6%, from the second quarter. Including approximately $5.76 million in Grayscale Bitcoin Mini Trust, about $3 million in Bitwise Bitcoin ETF, and others, its total spot Bitcoin ETF holdings amount to roughly $549 million, excluding options positions.

This is merely a snapshot as of September 30. With Strategy’s stock price at approximately $114.6 on Thursday, the value of the aforementioned holdings has since dropped to about $97 million; MSCI will remove Strategy from its US index, as well as the World and ACWI indices, after the close on November 30. The filing also indicates that JPMorgan holds 3.7032 million IBIT call options (worth approximately $175 million), 2.915 million put options (worth approximately $138 million), and 1.1485 million Strategy put options (worth approximately $178 million); as 13F filings do not specify whether these are hedges, market-making inventories, or client positions, they should not be interpreted as directional bets.