JPMorgan Lifts Strategy Stake 36% and Holds $540M in BlackRock’s Bitcoin ETF
JPMorgan Chase raised its stake in BlackRock’s iShares Bitcoin Trust to $540 million in the third quarter, according to a regulatory filing.
The filing with the US Securities and Exchange Commission shows JPMorgan’s US broker-dealer, J.P. Morgan Securities LLC, held 11,198,915 shares of the iShares Bitcoin Trust.
The bank’s asset management arm, J.P. Morgan Investment Management, also increased its Strategy stake to 255,248 shares from 230,657. Meanwhile, the UK-based J.P. Morgan Securities plc reduced its Strategy holding to 7,767 shares from 228,348.
The bank’s total crypto exposure includes a 399-share position in the iShares Ethereum Trust, a significant drop from 1,169,431 shares in June. It also holds a 3,116,508-share stake in BitMine, up from 255,112.
Options and Exposure
The filing details options held by the US broker-dealer, including puts on 1,148,500 Strategy shares, up from 715,700 in June. It also held calls on 349,500 Strategy shares and 3,703,200 IBIT shares. On the Ethereum Trust, it held calls on 998,000 shares and puts on 825,000.
Crypto commentators accused JPMorgan last November of holding a large short position in Strategy after its analysts warned of index-exclusion selling.
Next Steps
Managers must file a 13F within 45 days of each quarter’s end, covering stocks and funds over which they have investment discretion. JPMorgan’s filing lists 17 affiliated managers and 35,990 entries worth $1.84 trillion.
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