TLDR
- JPMorgan increased its Strategy share holdings by nearly 36% during the third quarter.
- The bank reported 848,932 Strategy shares worth approximately $131.3 million at September’s end.
- BlackRock’s IBIT accounted for 11.41 million shares worth nearly $540 million.
- JPMorgan’s IBIT share holdings increased 9.6% compared with the previous quarter.
- Strategy put options referenced 1.15 million shares, exceeding the reported common-stock position.
JPMorgan Chase reported 848,932 Strategy shares and nearly $540 million in BlackRock’s Bitcoin ETF for September. Its November 12 SEC filing shows Strategy holdings increased 36% during the third quarter. However, the same disclosure also reveals substantial options exposure linked to both investments.
The bank’s filing covers positions held through September 30, not transactions made this week. It also combines investments reported across several affiliated managers.
Strategy Shares Increase While Put Positions Expand
JPMorgan’s Strategy position rose from 624,387 shares in June to 848,932 shares in September. That represents an increase of 224,545 shares, according to the two quarterly SEC filings.
The September holding carried a reported value of $131.3 million, compared with $57.9 million in June. Therefore, its valuation rose much faster than the number of shares held.
The filings imply quarter-end share prices of approximately $154.67 and $92.68, respectively. Changes in market prices account for part of the reported increase in dollar value.
Separately, JPMorgan disclosed put options referencing 1,148,500 Strategy shares, up from 715,700 in June. The September filing also lists call options tied to 349,500 shares.
Using underlying share values, the SEC table assigns $177.64 million to Strategy puts. Calls carry $54.06 million. Neither figure represents option premiums paid.
The put position covered more underlying shares than JPMorgan’s reported Strategy common-stock holding. However, the filing does not establish whether the options represented hedges, directional trades, or client positions.
BlackRock Bitcoin ETF Holding Reaches $540 Million
JPMorgan also reported 11,408,930 shares of BlackRock’s iShares Bitcoin Trust ETF, known as IBIT. Those shares carried a September valuation of $539.98 million.
In June, its IBIT holdings totaled 10,407,635 shares worth $355.73 million. The share count therefore increased 9.6%, while the disclosed valuation climbed approximately 52%.
The difference reflects both additional shares and changes in the fund’s market price. IBIT provides exchange-traded Bitcoin exposure rather than direct ownership of Bitcoin by shareholders.
JPMorgan separately reported IBIT call options covering 3,703,200 shares and puts covering 2,915,000 shares. Reported option values reflect the underlying securities, not premiums paid for individual contracts.
Filing Does Not Reveal JPMorgan’s Net Bitcoin Bet
The filing identifies 17 additional managers included in JPMorgan’s consolidated report. Consequently, these positions cannot automatically be treated as investments made solely for the bank’s balance sheet.
Form 13F records quarter-end reportable securities, but it does not establish the complete economic exposure. Its figures cannot confirm the bank’s current positions or explain the purpose of each trade.
