Quantitative trading firm Jane Street disclosed holdings of more than $990 million in U.S. spot Bitcoin exchange-traded funds in its second-quarter Form 13F filing covering the period ended June 30, 2026. The position, equivalent to roughly 15,394 bitcoin at recent prices near $64,000, marks a substantial recovery from a steep reduction reported for the prior quarter.

The largest portion of the disclosed exposure sits in BlackRock’s iShares Bitcoin Trust, valued at approximately $828 million. Smaller stakes appear in Fidelity’s Wise Origin Bitcoin Fund and Grayscale’s Bitcoin Trust. Combined, the reported shares pushed the firm’s Bitcoin ETF total above the $1 billion mark at quarter-end.

Position Rebounds After 71 Percent Reduction

Jane Street’s iShares Bitcoin Trust holdings had fallen sharply in the first quarter of 2026. The firm cut its stake by 71 percent, from 20.3 million shares to 5.9 million shares worth about $225 million. Its Fidelity Wise Origin Bitcoin Fund position declined by roughly 60 percent over the same period. In that quarter the firm also added about $82 million to Ethereum ETFs.

By the end of the second quarter the Bitcoin ETF exposure had grown again. Outside estimates place the iShares Bitcoin Trust stake near 24.9 million shares, with valuations ranging from $828 million to about $990 million. The filing itself confirms continued holdings in both the BlackRock and Fidelity funds but does not detail exact share counts or acquisition timing.

Earlier, in the fourth quarter of 2025, Jane Street had added roughly $276 million to its iShares Bitcoin Trust position. The successive changes across three quarters illustrate large swings rather than a consistent directional stance.

Market-Making Role and Broader Context

Jane Street functions as a major authorized participant and liquidity provider for the spot Bitcoin ETFs that launched in early 2024. In that capacity the firm regularly creates and redeems shares to keep fund prices aligned with the underlying asset. Large fluctuations in reported holdings are consistent with inventory management and hedging activity tied to that role, rather than solely a long-term investment view.

The disclosure arrives after a difficult July for the firm. Jane Street recorded roughly $15 billion in losses that month, its first losing month in about a decade. The setback stemmed mainly from its stake in AI-focused hedge fund Situational Awareness, which faced margin calls after AI-related shares declined, along with weak positions in Asian equity markets. Despite the July result, the firm’s year-to-date net trading revenue has already exceeded $40 billion, surpassing its 2025 record of $39.6 billion.

Bitcoin itself has declined about 50 percent from its October 2025 peak above $126,000. Institutional positioning shifted during the first quarter of 2026 as the asset price fell roughly 22 percent at one stage.

Other Institutional Moves and Additional Holdings

Tudor Investment Corp. reported a more modest increase in its iShares Bitcoin Trust position during the second quarter, rising 18.9 percent to 688,529 shares valued at $22.9 million. That stake remains more than 90 percent below Tudor’s late-2024 peak near 8.05 million shares.

Jane Street’s same filing also shows a sharp expansion in XRP ETF exposure. Its stake in Bitwise’s XRP ETF grew from about 20,600 shares to more than 1.2 million, a roughly 60-fold increase, accompanied by smaller positions in XRP products from Franklin Templeton, Grayscale, Canary Capital and 21Shares.

Form 13F reports capture only long positions in eligible securities at quarter-end. They omit short sales, many derivatives and any subsequent trades. As a result the filing does not establish Jane Street’s net Bitcoin exposure or current holdings after June 30. The next round of disclosures, covering the third quarter, is due by mid-November and will provide the subsequent snapshot of reportable positions.