JPMorgan Chase increased its MicroStrategy (MSTR) position by 36% during the third quarter, raising its stake to 848,932 shares valued at $131.3 million as of September 30, according to a Form 13F filing disclosed Thursday. The position grew by 224,545 shares from the previous quarter's holding of 624,387 shares worth $57.87 million.
The value increase was driven partly by share price appreciation. MicroStrategy's implied price rose from $92.68 at June 30 to $154.67 at September 30, more than doubling the stake's dollar value despite the 36% share count increase.
JPMorgan's bitcoin exposure extends beyond MicroStrategy. The bank held 11,408,930 shares of BlackRock's iShares Bitcoin Trust (IBIT) worth approximately $539.98 million at quarter-end, up 9.6% from 10,407,635 shares worth $355.73 million three months earlier. Additional spot bitcoin ETF positions included 155,785 shares of Grayscale's Bitcoin Mini Trust worth $5.76 million and 66,264 shares of the Bitwise Bitcoin ETF worth $3.00 million, bringing total spot bitcoin ETF holdings to roughly $549 million.
The filing also revealed options positions held separately from the share totals. JPMorgan reported IBIT call options covering 3,703,200 shares valued at $175.27 million and put options covering 2,915,000 shares valued at $137.97 million. MicroStrategy options included put options covering 1,148,500 shares valued at $177.64 million and call options covering 349,500 shares valued at $54.06 million.
JPMorgan's bitcoin-related equity holdings extended to other companies in the sector. The bank held 1,581,814 shares of Coinbase (COIN) worth $300.58 million, a 13% increase from June, and 128,788 shares of Strive (ASST) worth $3.77 million, representing a 179% increase in share count.
The filing captures holdings as of September 30 and does not reflect subsequent market movements. MicroStrategy shares have declined since the quarter-end snapshot, trading near $114.60 on the day of the filing's disclosure, which would value the reported stake at approximately $97 million. Bitcoin traded near $71,300 at the same time.
