JPMorgan Chase disclosed expanded exposure to Strategy and spot bitcoin exchange-traded funds in its third-quarter 13F filing submitted to the U.S. Securities and Exchange Commission. The report, covering positions as of September 30, shows the bank increased its Strategy share count by 36% while also adding to its holdings in BlackRock’s iShares Bitcoin Trust.

Strategy Position Details

The filing listed 848,932 Strategy shares at quarter-end, an increase of 224,545 shares from the 624,387 reported for June 30. The position carried a reported value of $131.3 million, based on Strategy shares trading near $155 at the time. The 36% rise in share count contributed to a larger dollar value for the stake compared with the prior quarter, when the same holding was valued lower amid a lower share price.

Subsequent trading left Strategy shares near $114.41 in mid-November sessions. Applying that later price to the September 30 share count produces an implied value of roughly $97 million, about 26% below the quarter-end figure. The 13F captures only the snapshot at September 30 and does not disclose any trades made after that date.

Bitcoin ETF and Related Holdings

JPMorgan reported 11,408,930 shares of BlackRock’s iShares Bitcoin Trust, up 9.6% from 10,407,635 shares three months earlier. The IBIT position was valued at approximately $540 million at September 30. Smaller stakes in other spot bitcoin funds, including Grayscale’s Bitcoin Mini Trust and the Bitwise Bitcoin ETF, brought total reported bitcoin ETF holdings to about $549 million.

The filing also showed 1,581,814 shares of Coinbase and positions in Robinhood along with bitcoin mining companies such as Core Scientific, CleanSpark, Hut 8, MARA Holdings and Riot Platforms. These equity lines form part of the broader set of crypto-linked securities disclosed for the quarter.

Timing Relative to Index Changes

The September 30 positions predate MSCI’s confirmation that Strategy will be removed from its MSCI USA Index after the close on November 30. The stock is also set to leave the MSCI World and ACWI indexes under revised eligibility criteria for companies whose primary activity involves holding digital assets rather than operating businesses. Strategy has previously estimated that index exclusion could prompt approximately $2.8 billion in sales by tracking funds. Separate analysis has pointed to higher potential outflows if additional index providers take similar steps.

The 13F aggregates holdings across JPMorgan and affiliated managers, so the reported lines can include client accounts, fund positions and discretionary portfolios rather than solely proprietary bank capital. Institutional managers with more than $100 million in qualifying securities file these reports within 45 days of quarter-end. The current disclosure window closes in mid-November.

Bitcoin prices moved lower in the period surrounding the filing release, trading below $70,000 in some sessions and marking multi-month lows. The September 30 valuations therefore do not incorporate later price action in either Strategy shares or bitcoin itself.

Additional Context from Other Filings

Other large managers also updated Strategy positions in early 13F submissions. One trading firm reported a 54% increase to more than 4.1 million shares as of the same September 30 date, accompanied by substantial call and put option coverage that exceeded the common-stock total. Remaining major institutional reports are due by the mid-November deadline and will show positions held on the same cut-off date.

The combined Strategy and IBIT positions reported by JPMorgan totaled roughly $671 million at the September 30 valuations. All figures remain subject to subsequent portfolio adjustments not captured in the quarterly snapshot.