Bitcoin Magazine
Jane Street Lifts Its Strategy (MSTR) Stake 54% to 4.1 Million Shares
A Form 13F submitted on Thursday reveals that Jane Street Group expanded its Strategy (MSTR) holdings by 53.8% during the third quarter, reaching 4,119,097 shares. Because the position is dated as of September 30, the filing does not reflect any trading activity the firm may have undertaken since that time.
These contextual details are just as significant as the growth of the position. Operating as a major trading institution and one of the principal market makers across equities, exchange-traded funds, and options, Jane Street’s identical filing reports call options representing 13,573,000 Strategy shares alongside put options covering 13,991,800 shares—each exceeding three times the scale of its common stock holding. A portion of these equities likely functions as a hedge for its market-making operations and options inventory rather than representing an outright directional investment in the enterprise, though the 13F does not specify exact amounts.
Based on the September 30 valuation of $153.09 per share, the stock holding was valued at $630.6 million within the report. Strategy shares have declined by approximately 25% since then; evaluated at Thursday’s closing price of $114.41, those exact 4,119,097 shares equal roughly $471 million.
The Class A equity position grew by 1,441,475 shares compared to the 2,677,622 shares Jane Street disclosed on June 30, at which point the identical holding carried a value of $232.8 million. Submitted approximately four days ahead of the November 16 deadline, the report was officially accepted by the SEC on Thursday at 4:04 p.m. Eastern Time.
Call and put positions that dwarf Strategy’s stock
The options figures, which were already substantial during the second quarter, experienced further expansion. The call options representing 13,573,000 shares held a reported value of $2.08 billion in the updated document, while the put options covering 13,991,800 shares—itemized across two separate rows—were valued at $2.14 billion. These valuations rely on the same September 30 equity price applied to the common stock entries, as 13F documents disclose the volume of underlying shares controlled by options rather than the cash premiums expended for the contracts.
As a consolidated holdings report, the document aggregates positions spanning seven additional included entities, such as Jane Street Capital, Jane Street Options, and Jane Street Global Trading. Consequently, the Strategy entries may encompass inventory distributed throughout the broader corporate group instead of a singular proprietary position. Authorized Signatory Jeremy Kahn executed the filing in New York on November 12. The accompanying table itemizes 14,764 total entries carrying an aggregate value of $1.19 trillion.
Other early 13Fs so far, with bigger names still to file
Among the primary wave of 13F disclosures released on Thursday, Jane Street’s 53.8% expansion marked the most pronounced percentage increase among major Strategy holdings. Capital International Investors, functioning as a unit of Capital Group, elevated its stake by 4.5% to reach 36,467,109 shares, representing an approximate value of $4.17 billion based on Thursday’s close. Invesco expanded its holdings by 10.9% to total 10,362,698 shares, valued at roughly $1.19 billion. Conversely, Renaissance Technologies reduced its stake by 41% down to 1,515,560 shares—worth approximately $173 million—while liquidating the spot bitcoin ETF positions it had disclosed midway through the year, which included BlackRock’s iShares Bitcoin Trust.
In a previously publicized disclosure, JPMorgan Chase increased its Strategy investment by 36% to 848,932 shares while maintaining 11.4 million IBIT shares valued at roughly $460 million at Thursday’s market close. Meanwhile, the Bank of New York Mellon utilized another early 13F to increase its position in Strive (ASST). Similar to Jane Street’s figures, these share totals reflect positions held as of September 30.
Institutional investors exercising investment authority over $100 million or more in 13F securities are required to report these holdings within 45 days following the conclusion of each quarter. Because this timeframe extended to Saturday, November 14, the official deadline fell on Monday, leaving major quarterly filings from institutions such as Goldman Sachs, Morgan Stanley, Millennium, and Mubadala scheduled for submission.
Additionally, the September 30 data snapshot predates MSCI’s recent determination to eliminate Strategy from its USA index—a development that will compel index funds to liquidate holdings prior to November 30—along with the equity’s downward price movement following the quarter’s close. The final submissions arriving on Monday will illustrate the positioning of other prominent institutional holders as of that specific historical date rather than their current standing.
Frequently Asked Questions
What is a 13F filing?
A 13F is a quarterly report required by the SEC for institutional investment managers with over $100 million in qualifying assets, detailing their stock holdings.
Did Jane Street’s stake change after September 30?
The reported 4.1 million shares reflect holdings as of September 30 and do not account for any trades made after that date.
Why does Jane Street hold large options positions?
As a major market maker, Jane Street holds large call and put options, and much of its stock position may act as a hedge.
