Jane Street’s Bitcoin ETF Rebalancing

Jane Street, a major market-making and quantitative trading firm, filed its third-quarter holdings with the Securities and Exchange Commission on November 12. The updates reveal a clear shift in its Bitcoin ETF exposure during the period.

The firm’s stake in Fidelity’s Wise Origin Bitcoin Fund rose sharply to 7,010,005 shares by September 30. This represented an increase from 886,657 shares at the close of the second quarter, an almost eightfold gain. The position was valued at $509.2 million at quarter-end, up from $45.3 million three months earlier.

At the same time, Jane Street reduced its holdings in BlackRock’s iShares Bitcoin Trust ETF to 20,221,140 shares. That marked a 19 percent drop from 24,878,191 shares reported at the end of June. The lower share count came even as the reported value climbed to $957.3 million, driven by price appreciation.

IBIT remains the largest spot Bitcoin ETF by assets, with BlackRock reporting $56.3 billion in net assets as of November 12. The scale of the fund’s liquidity likely explains why large institutions continue to maintain significant positions even after trimming exposure.

Broader Adjustments Across Issuers

Jane Street’s filings also showed moves in other crypto-related vehicles. The firm added nearly 9 million shares of the ARK 21Shares Bitcoin ETF, bringing its total to 11,689,039 shares valued at $323.7 million. Separately, it more than doubled its position in BlackRock’s iShares Ethereum Trust ETF, increasing by 7.83 million shares to 15,438,249, worth about $310.6 million.

These changes reflect ongoing efforts by large market participants to manage risk, execution costs, and liquidity across multiple Bitcoin and Ethereum ETF products rather than concentrating on a single issuer.

Activity by Other Institutions

Other major filers reported similar patterns of rebalancing. JPMorgan Chase increased its IBIT holdings by 9.6 percent to 11,410,000 shares, valued at approximately $540 million. The bank nearly eliminated its direct stake in BlackRock’s ETHA ETF, cutting the position to just 399 shares from 1.17 million at the end of June. JPMorgan also raised its holdings in Bitcoin treasury company Strategy by 36 percent to 849,000 shares, worth $131 million.

In contrast, Laurore, a firm with a Hong Kong business address, reduced its IBIT position by 33 percent to 3,246,279 shares valued at about $154 million. The move followed the company’s earlier disclosure of a $436 million IBIT stake at the end of 2025.

Implications for Spot Bitcoin ETF Market

The filings come amid elevated market volatility. Bitcoin traded around $69,000 to $69,300 in the days following the disclosures, while Ethereum moved near $1,950. The third-quarter 13F updates provide a snapshot of institutional positioning at quarter-end but do not reveal ongoing trading activity or future intentions.

Jane Street’s adjustments occurred against the backdrop of strong overall flows into spot Bitcoin ETFs, with IBIT and similar products remaining central to institutional strategies for gaining Bitcoin exposure without direct custody or futures contracts.

Analysts will watch the fourth-quarter filings for any further shifts in issuer preferences among market makers and banks. The SEC 13F process offers ongoing transparency into how large participants continue to allocate across the growing ecosystem of spot crypto ETFs.