JPMorgan Raises Strategy Stake and IBIT Holdings

JPMorgan Chase increased its holdings of Strategy shares and BlackRock’s iShares Bitcoin Trust during the third quarter, according to a Form 13F filed November 12. At September 30, the bank reported 848,932 Strategy shares worth about $131.3 million and 11,408,930 IBIT shares valued at approximately $540 million.

The Strategy holding rose by 224,545 shares, or about 36%, from the 624,387 shares reported at June 30. JPMorgan’s IBIT position increased by 1,001,295 shares, a 9.6% rise from 10,407,635. The fund position’s reported value was about $355.7 million at the end of June.

The filing records positions at the end of the quarter, not current holdings. Applying Strategy’s Thursday closing price of $114.41 to the September 30 share count puts the reported stake’s value at about $97.1 million, roughly $34 million below its quarter-end value. That calculation uses the reported share count; the filing does not show whether JPMorgan subsequently bought or sold shares.

The disclosure also lists options tied to Strategy: puts referencing 1,148,500 shares and calls referencing 349,500 shares. It does not establish whether those options were hedges, directional trades or positions held...