Key Takeaways
- • JPMorgan Chase raised its stake in Strategy (MSTR) by 36% in the third quarter, from 624,387 shares at end-June to 848,932 shares at September 30, 2026, per its Form 13F filing.
- • The position was worth $131.3 million at quarter-end, up from $57.9 million three months earlier.
- • JPMorgan's holding of 11,408,930 shares of BlackRock's iShares Bitcoin Trust (IBIT) was valued at $540 million, up from 10,407,635 shares valued at $355.7 million in June.
- • The bank's US broker-dealer, J.P. Morgan Securities LLC, held 11,198,915 of the IBIT shares and 370,680 Strategy shares, up from 11,876 in June.
- • JPMorgan's iShares Ethereum Trust (ETHA) position fell to 399 shares at end-September from 1,169,431 in June.
Summary
JPMorgan Chase increased its holding in Strategy (MSTR) by 36% during the third quarter, according to a Form 13F filing with US regulators made public on Thursday. The bank's reported Strategy shares rose to 848,932 as of September 30 from 624,387 at the end of June, a position valued at $131.3 million at quarter-end compared with $57.9 million three months earlier.
The filing also shows a larger exposure to BlackRock's iShares Bitcoin Trust (IBIT). JPMorgan reported 11,408,930 IBIT shares worth $540 million, against 10,407,635 shares valued at $355.7 million in June. Under SEC rules, managers file a 13F within 45 days of quarter-end, and the report covers securities over which the manager holds investment discretion. JPMorgan's filing lists 17 affiliated managers and 35,990 entries worth $1.84 trillion in total.
The bulk of the activity sits within J.P. Morgan Securities LLC, the bank's US broker-dealer, which held 11,198,915 of the IBIT shares and 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. By contrast, UK-based J.P. Morgan Securities plc reduced its Strategy holding to 7,767 shares from 228,348.
The filing also details options positions, including puts on 1,148,500 Strategy shares (up from 715,700 in June) and calls covering 349,500 Strategy shares. On IBIT, the broker-dealer held calls on 3,703,200 shares and puts on 2,915,000. Per the article, 13F rules exclude short positions and options written by the filer, a point that drew commentary last November when crypto observers accused JPMorgan of holding a large short position in Strategy after its analysts warned of index-exclusion selling.
Elsewhere in the filing, JPMorgan reported just 399 shares of the iShares Ethereum Trust (ETHA) at end-September, down from 1,169,431 in June, while still holding calls on 998,000 ETHA shares and puts on 825,000. Its stake in BitMine rose to 3,116,508 shares from 255,112, of which it held 2,789,016 directly alongside puts on 4,642,500 shares. The article notes BitMine, the Tom Lee-chaired company, reported 6,070,092 ETH in its treasury as of November 8.
The filing also shows a larger exposure to BlackRock's iShares Bitcoin Trust (IBIT). JPMorgan reported 11,408,930 IBIT shares worth $540 million, against 10,407,635 shares valued at $355.7 million in June. Under SEC rules, managers file a 13F within 45 days of quarter-end, and the report covers securities over which the manager holds investment discretion. JPMorgan's filing lists 17 affiliated managers and 35,990 entries worth $1.84 trillion in total.
The bulk of the activity sits within J.P. Morgan Securities LLC, the bank's US broker-dealer, which held 11,198,915 of the IBIT shares and 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. By contrast, UK-based J.P. Morgan Securities plc reduced its Strategy holding to 7,767 shares from 228,348.
The filing also details options positions, including puts on 1,148,500 Strategy shares (up from 715,700 in June) and calls covering 349,500 Strategy shares. On IBIT, the broker-dealer held calls on 3,703,200 shares and puts on 2,915,000. Per the article, 13F rules exclude short positions and options written by the filer, a point that drew commentary last November when crypto observers accused JPMorgan of holding a large short position in Strategy after its analysts warned of index-exclusion selling.
Elsewhere in the filing, JPMorgan reported just 399 shares of the iShares Ethereum Trust (ETHA) at end-September, down from 1,169,431 in June, while still holding calls on 998,000 ETHA shares and puts on 825,000. Its stake in BitMine rose to 3,116,508 shares from 255,112, of which it held 2,789,016 directly alongside puts on 4,642,500 shares. The article notes BitMine, the Tom Lee-chaired company, reported 6,070,092 ETH in its treasury as of November 8.
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