JPMorgan Lifts Strategy Stake 36% and Holds $540M in BlackRock’s Bitcoin ETF

JPMorgan Chase raised its stake in Strategy (MSTR) by 36% in the third quarter, according to a filing with US regulators on Thursday.
The bank’s Form 13F lists 848,932 Strategy shares as of September 30, up from 624,387 at the end of June. That position was worth $131.3 million at quarter end, against $57.9 million three months earlier.
The same report shows 11,408,930 shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth $540 million. JPMorgan’s June filing listed 10,407,635 IBIT shares, valued at $355.7 million.
Managers file a 13F within 45 days of each quarter’s end, according to the SEC. The filing covers the stocks and funds over which a manager has investment discretion. JPMorgan’s filing lists 17 affiliated managers and 35,990 entries worth $1.84 trillion.
Broker-Dealer Holds Most IBIT Shares
J.P. Morgan Securities LLC, the bank’s US broker-dealer, held 11,198,915 of those IBIT shares. The same unit held 370,680 Strategy shares, up from 11,876 in June. J.P. Morgan Investment Management, the asset management arm, held 255,248 Strategy shares, up from 230,657.
UK-based J.P. Morgan Securities plc cut its Strategy holding to 7,767 shares from 228,348 over the quarter.
Crypto commentators accused JPMorgan last November of holding a large short position in Strategy after its analysts warned of index-exclusion selling. SEC guidance tells 13F filers to leave out short positions, along with any options they write.
The filing does list options the US broker-dealer held, including puts on 1,148,500 Strategy shares, up from 715,700 in June, and its Strategy calls covered 349,500 shares. On IBIT, the unit held calls on 3,703,200 shares and puts on 2,915,000.
ETHA Holding Falls to 399 Shares
JPMorgan reported 399 shares of the iShares Ethereum Trust (ETHA) at the end of September. It had held 1,169,431 shares of the Ether fund at the end of June. It still holds calls on 998,000 ETHA shares and puts on 825,000.
JPMorgan’s stake in BitMine rose to 3,116,508 shares from 255,112, and it held 2,789,016 of them, along with puts on 4,642,500 shares.  It’s worth knowing that the Tom Lee-Chariot company reported 6,070,092 ETH in its treasury as of November 8.
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