Jane Street Lifts Its Strategy (MSTR) Stake 54% to 4.1 Million Shares
Jane Street Group increased its Strategy (MSTR) holdings by 53.8% to 4.1 million shares in the third quarter, according to a Form 13F filed November 12.
The trading firm now holds 4,119,097 shares of Strategy, valued at $471 million as of Thursday's close. This represents a substantial increase from the 2,677,622 shares reported at June 30, which were worth $232.8 million at that time.
The position, dated September 30, does not reflect any trading activity Jane Street may have conducted since then. The firm filed the report about four days ahead of the November 16 deadline, with the SEC accepting it at 4:04 p.m. Eastern on Thursday.
Complex Options Position
Jane Street's options positions dwarf its direct stock holdings. The filing reveals call options covering 13,573,000 Strategy shares and put options covering 13,991,800 shares, each more than three times the size of the common stake. These options were valued at $2.08 billion and $2.14 billion respectively using the September 30 share price of $153.09.
Some of the stock holdings likely serve as a hedge for the options and market-making book rather than representing a straightforward bullish bet on the company. The 13F filing does not specify the exact portion used for hedging purposes.
Other Major Investors Adjust
Among other early filers, Capital International Investors raised its stake 4.5% to 36,467,109 shares, while Invesco increased its position by 10.9% to 10,362,698 shares. Conversely, Renaissance Technologies cut its position by 41% to 1,515,560 shares and exited its spot bitcoin ETF holdings.
JPMorgan Chase lifted its Strategy stake 36% to 848,932 shares and held 11.4 million IBIT shares worth about $460 million. Bank of New York Mellon increased its stake in Strive (ASST). These positions, like Jane Street's, reflect holdings as of September 30.
Index Changes Coming
The September 30 snapshot precedes MSCI's decision to remove Strategy from its USA index, a step that will force index funds to sell by November 30. The filing also predates the stock's 25% decline since quarter-end.
Major institutional managers including Goldman Sachs, Morgan Stanley, Millennium, and Mubadala are yet to file their quarterly 13Fs by the November 16 deadline. These filings will show where other large holders stood on September 30, not their current positions.
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