Jane Street substantially reallocated its Bitcoin ETF portfolio in the third quarter, nearly eightfolding its position in Fidelity's spot Bitcoin exchange-traded fund while paring back holdings in BlackRock's competing product.
The trading firm held 7.01 million shares of Fidelity Wise Origin Bitcoin Fund (FBTC) as of September 30, up from approximately 887,000 shares at the end of June. The position was valued at $509 million on the quarter's final day.
Conversely, Jane Street's stake in BlackRock's iShares Bitcoin Trust ETF (IBIT) declined to 20.22 million shares from 24.88 million, representing a 19% reduction in share count. Despite the smaller position, the reported value increased to $957 million from $828 million, reflecting higher share prices during the quarter.
Jane Street was the largest reported institutional holder of IBIT at the end of June following a 324% increase in shares during the second quarter. IBIT remains the world's largest spot Bitcoin ETF with $56 billion in net assets.
The firm also added approximately 9 million shares of the ARK 21Shares Bitcoin ETF (ARKB), valued at roughly $249 million, and more than doubled its Ethereum ETF holdings in BlackRock's iShares Ethereum Trust (ETHA) by adding 7.83 million shares worth about $158 million.
Other Institutional Moves
JPMorgan Chase increased its IBIT position by 9.6% in Q3, adding about 1 million shares to reach 11.41 million, bringing its reported stake to approximately $540 million. The bank nearly eliminated its direct ETHA holdings, reducing shares from 1.17 million to just 399.
JPMorgan also raised its Bitcoin treasury company holdings by 36% to nearly 849,000 shares, valued at approximately $131 million by quarter's end.
Laurore, listed with a Hong Kong business address in SEC filings, reduced its IBIT holdings by 33%, cutting its position by 1.6 million shares to 3.25 million, worth about $154 million as of September 30.
