Jane Street nearly octuples Fidelity bitcoin ETF stake, trims BlackRock's IBIT

What happened

Jane Street sharply increased its stake in the Fidelity Wise Origin Bitcoin Fund during the third quarter while reducing the number of shares it holds in BlackRock's iShares Bitcoin Trust, according to a Form 13F filed with the US Securities and Exchange Commission on November 12.

The trading firm reported 7,010,008 FBTC shares as of September 30, compared with 886,736 three months earlier. The addition of about 6.12 million shares amounts to a 691% increase, or almost 7.9 times the June figure. The Fidelity position was valued at $509.2 million at quarter-end, up from $45.3 million at the end of June.

In BlackRock's IBIT, Jane Street's share count declined to 20,221,140 from 24,878,191, a reduction of 4,657,051 shares or 18.7%. Even so, the reported value of the stake climbed to $957.3 million from $828.2 million, reflecting a higher share price for the fund over the period.

The filing also showed growth elsewhere in the firm's crypto ETF book. Its ARK 21Shares Bitcoin ETF position rose to 11,689,194 shares from 2,700,151, leaving a stake worth $323.7 million versus $52.5 million previously. Holdings in BlackRock's iShares Ethereum Trust ETF more than doubled, rising by about 7.83 million shares to 15,438,249, valued at roughly $310.6 million at the end of September.

Why it matters

The disclosure shows a large trading house redistributing its spot bitcoin ETF exposure rather than simply adding or exiting. Cointelegraph noted that IBIT remains the largest spot bitcoin ETF, listing about $56.3 billion in net assets as of November 12, so even a reduced share count still leaves Jane Street with a sizable position in the biggest fund. Crypto.news reported that the combined value of the firm's FBTC, IBIT and ARKB holdings rose to approximately $1.79 billion at the end of September from about $926 million in June, with Fidelity accounting for a much larger share of the total.

The filing also lists options tied to IBIT separately from ordinary fund shares. Jane Street reported call options referencing 34.97 million IBIT shares and put options referencing 45.32 million, figures that describe derivative exposure rather than direct ownership of the fund.

What the data shows

Other institutions reported differing moves in the same quarter. JPMorgan Chase raised its IBIT holding by 9.6%, adding roughly 1 million shares to reach 11.41 million, a position worth about $540 million. The bank cut its direct ETHA position from about 1.17 million shares at the end of June to 399 shares, and increased its stake in bitcoin treasury company Strategy by 36% to nearly 849,000 shares, valued at about $131 million.

Laurore, which lists a Hong Kong business address in its SEC filing, reduced its IBIT position by 1.6 million shares, or 33%, to 3,246,279 shares worth approximately $153.7 million. The firm had drawn attention in February 2026 after disclosing an IBIT position valued at $436 million at the end of 2025.

Crypto.news reported that Barclays increased its IBIT shares by 48% and Citigroup disclosed a new FBTC position of 1.64 million shares as of September 30, with both banks filing before Jane Street's November 12 submission.

Background

The third-quarter figures reverse part of an earlier pullback. According to crypto.news, Jane Street reduced its FBTC shareholding by around 60% in the first quarter, when it also cut its BlackRock bitcoin ETF exposure. Its second-quarter filing showed IBIT shares rising to nearly 24.88 million, worth $828.2 million at June 30, and Cointelegraph reported, citing 13F Pro, that the firm was the largest reported institutional holder of IBIT at the end of June after boosting its share count by 324% in the prior quarter.

What to watch

The next round of 13F filings will show whether the shift toward Fidelity and ARK funds continues or whether the firm rebuilds its IBIT share count. Also worth tracking is how the reported options positions on IBIT develop, since they sit alongside the fund shares in the filing and can change the firm's effective exposure without altering its disclosed share count.

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