JPMorgan Chase Boosts Holdings in MicroStrategy and Bitcoin ETF, Regulatory Filings Reveal

JPMorgan Chase significantly increased its exposure to MicroStrategy (MSTR) and BlackRock’s iShares Bitcoin Trust (IBIT) in the third quarter, according to regulatory filings with US regulators. The disclosures, covering the period up to September 30, show a substantial rise in the bank’s stake in the business intelligence firm known for its Bitcoin holdings, as well as its investment in the spot Bitcoin exchange-traded fund.

During the third quarter, JPMorgan Chase raised its stake in MicroStrategy by 36%. As of September 30, the bank held 848,932 MicroStrategy shares, an increase from the 624,387 shares reported at the end of June. The value of this MicroStrategy position grew from $57.9 million in the second quarter to $131.3 million by the close of the third quarter.

Alongside its MicroStrategy holdings, JPMorgan Chase also expanded its position in BlackRock’s iShares Bitcoin Trust (IBIT). The filings indicate the bank held 11,408,930 IBIT shares valued at $540 million as of September 30, up from 10,407,635 IBIT shares valued at $355.7 million held at the end of June.

Breakdown by JPMorgan Entities
The regulatory disclosures also provide a breakdown of holdings across various JPMorgan entities. J.P. Morgan Securities LLC, for instance, held 11,198,915 IBIT shares and 370,680 MicroStrategy shares as of September 30, a significant increase from 11,876 MicroStrategy shares in June. J.P. Morgan Investment Management reported holding 255,248 MicroStrategy shares, an increase from 230,657 shares in the prior quarter.

In contrast, the UK-based J.P. Morgan Securities plc reduced its MicroStrategy holding to 7,767 shares from 228,348 shares at the end of June.

Options and Other Holdings
The filings also reveal JPMorgan’s involvement with options on these assets. J.P. Morgan Securities LLC held puts on 1,148,500 MicroStrategy shares, an increase from 715,700 puts in June, and also held calls on 349,500 MicroStrategy shares. For IBIT, J.P. Morgan Securities LLC held calls on 3,703,200 shares and puts on 2,915,000 shares.

In addition to MicroStrategy and IBIT, JPMorgan’s filings included holdings in the iShares Ethereum Trust (ETHA) and BitMine. JPMorgan reported holding 399 shares of ETHA as of September 30, a decrease from 1,169,431 shares at the end of June. The bank’s stake in BitMine rose to 3,116,508 shares from 255,112 shares. J.P. Morgan Securities LLC also held calls on 998,000 ETHA shares and puts on 825,000 ETHA shares, as well as puts on 4,642,500 BitMine shares.

These filings are made quarterly by investment managers to the SEC, typically within 45 days of each quarter’s end. SEC guidance specifies that such filings should exclude short positions and written options. These disclosures reflect holdings over which a manager has investment discretion and do not necessarily indicate a broader company stance or endorsement of any particular asset.

Why This Matters

The materials describe a narrow update: JPMorgan Chase’s regulatory filing for the third quarter shows an increase in its stake in MicroStrategy (MSTR) by 36% and a rise in its holdings of BlackRock’s iShares Bitcoin Trust (IBIT). The exact nature and size of any short positions held by JPMorgan.

Broader Context

Source materials place the factual news in this context: Managers file a 13F within 45 days of each quarter’s end, according to the SEC.