Jane Street Rebalances Bitcoin ETF Holdings, Shifting to Fidelity from BlackRock in Q3

Jane Street significantly adjusted its cryptocurrency exchange-traded fund (ETF) portfolio in the third quarter, substantially increasing its stake in Fidelity’s Bitcoin ETF while reducing its holdings in BlackRock’s Bitcoin ETF. This strategic reallocation offers a glimpse into the dynamic shifts occurring among institutional investors in the burgeoning spot Bitcoin ETF market.

According to filings, Jane Street’s share count in the Fidelity Wise Origin Bitcoin Fund (FBTC) saw a nearly eightfold increase during Q3. The firm ended September with 7.01 million shares of FBTC, a notable jump from approximately 887,000 shares held at the close of the second quarter. This expanded position was valued at $509 million as of September 30.

Concurrently, Jane Street trimmed its holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT). The firm’s stake decreased by 19% to 20.22 million shares by the end of Q3, down from 24.88 million shares at the end of June. Despite the reduction in share count, a higher share price for IBIT resulted in the value of Jane Street’s remaining stake increasing to $957 million from $828 million at the end of the previous quarter.

Jane Street’s activity extended beyond these two primary Bitcoin ETFs. The firm also added nearly 9 million shares of the ARK 21Shares Bitcoin ETF (ARKB) during the third quarter, a move valued at approximately $249 million. Furthermore, Jane Street more than doubled its investment in BlackRock’s iShares Ethereum Trust ETF (ETHA), acquiring an additional 7.83 million shares worth about $158 million.

These portfolio adjustments by Jane Street, a prominent trading firm, highlight the active management of cryptocurrency ETF positions by institutional players. The shift suggests a re-evaluation of asset allocation within the crypto ETF space, with a clear preference emerging for Fidelity’s offering over BlackRock’s in terms of new capital deployment for Bitcoin exposure.

Other institutional investors also made notable moves in these ETFs during Q3. JPMorgan Chase, for instance, increased its holdings in BlackRock’s IBIT by 9.6%, adding about 1 million shares to reach a total of 11.41 million shares, valued at around $540 million. However, JPMorgan Chase significantly reduced its position in BlackRock’s ETHA, decreasing its holdings from 1.17 million shares to just 399 shares.

Laurore, another entity with filings in the U.S., reduced its stake in IBIT by 33% in Q3, selling 1.6 million shares to bring its total holdings to 3.25 million shares, valued at approximately $154 million. This follows a period where Laurore had disclosed a substantial IBIT position worth $436 million at the end of 2025.

The iShares Bitcoin Trust ETF (IBIT) remains the world’s largest spot Bitcoin ETF, boasting $56 billion in net assets as of Thursday. Jane Street had previously been identified as the largest reported institutional holder of IBIT at the end of June, having significantly boosted its share count by 324% in the second quarter, according to 13F Pro.

While the exact motivations behind Jane Street’s specific allocation changes remain undisclosed, the observed rebalancing indicates a dynamic institutional landscape for Bitcoin ETFs. The firm’s actions may suggest evolving strategies in response to market developments and the performance of various ETF products.

Why This Matters

The materials describe a narrow update: Jane Street increased its share count in the Fidelity Wise Origin Bitcoin Fund (FBTC) by nearly eightfold in Q3, ending September with 7. The exact value of Jane Street’s initial holdings in FBTC at the end of June.

Broader Context

Source materials place the factual news in this context: Jane Street ended Q3 with 19% fewer shares in BlackRock’s Bitcoin ETF, and a higher share price lifted the stake’s value to $957 million.