Key Takeaways
- • JPMorgan Chase raised its Strategy (MSTR) stake 36% in Q3 2025, to 848,932 shares worth $131.3 million at Sept. 30, according to a Form 13F filing.
- • The bank held 11,408,930 shares of BlackRock's iShares Bitcoin Trust (IBIT) worth $539.98 million at Sept. 30, up 9.6% from the prior quarter.
- • Spot bitcoin ETF holdings across all funds totaled about $549 million, excluding options positions.
- • Part of the MSTR dollar increase reflected a rise in the stock price, from $92.68 at June 30 to $154.67 at Sept. 30.
- • The filing predates MSCI's removal of Strategy from its USA, World and ACWI indexes after the close on Nov. 30, and bitcoin's slide below $72,000.
Summary
JPMorgan Chase increased its position in Strategy (MSTR) by 36% during the third quarter, according to a Form 13F filing made public on Thursday, Nov. 12. The holding rose by 224,545 shares to 848,932 shares, valued at $131.3 million as of Sept. 30, compared with 624,387 shares worth $57.87 million at June 30. Because Strategy's implied share price rose from $92.68 to $154.67 over the period, the stake more than doubled in dollar terms.
The filing shows a larger position in bitcoin exchange-traded products. JPMorgan held 11,408,930 shares of BlackRock's iShares Bitcoin Trust (IBIT) valued at $539.98 million at quarter-end, an increase of 1,001,295 shares, or 9.6%, from 10,407,635 shares worth $355.73 million at June 30. Smaller spot bitcoin fund positions included 155,785 shares of Grayscale's Bitcoin Mini Trust ($5.76 million) and 66,264 shares of the Bitwise Bitcoin ETF ($3.00 million), along with minor lines in Fidelity's Wise Origin Bitcoin Fund, Grayscale's Bitcoin Trust and Invesco's Galaxy Bitcoin ETF. Combined, spot bitcoin ETF shares totaled roughly $549 million. Option positions are reported separately and are excluded from that figure.
The filing also lists options on IBIT covering 3,703,200 shares (calls, $175.27 million) and 2,915,000 shares (puts, $137.97 million). Strategy options include puts on 1,148,500 shares valued at $177.64 million and calls on 349,500 shares valued at $54.06 million. The 13F does not indicate whether these options are hedges, market-making inventory or client positions. JPMorgan also held 1,581,814 Coinbase (COIN) shares worth $300.58 million, up 13% from June, and 128,788 Strive (ASST) shares worth $3.77 million.
The holdings report consolidates positions across 17 other included managers, so the lines may reflect client, fund and discretionary holdings rather than a proprietary bet, and JPMorgan may have changed them since Sept. 30. The report lists 35,990 entries valued at $1.84 trillion and was signed by Executive Director Michael T. Lees in New York on Nov. 12.
The filing predates recent market moves. MSCI will remove Strategy from its MSCI USA Index, MSCI World and ACWI indexes after the close on Nov. 30. Strategy shares traded near $114.60 on Thursday morning, down about 6% on the day, implying roughly $97 million for the 848,932 shares, below the $131.3 million reported at quarter-end. Bitcoin traded near $71,300 that morning, below $72,000. Wells Fargo, Millennium Management and Schonfeld Strategic Advisors had not yet appeared on EDGAR as of Thursday morning, ahead of the Monday, Nov. 16 deadline for 13F filings.
The filing shows a larger position in bitcoin exchange-traded products. JPMorgan held 11,408,930 shares of BlackRock's iShares Bitcoin Trust (IBIT) valued at $539.98 million at quarter-end, an increase of 1,001,295 shares, or 9.6%, from 10,407,635 shares worth $355.73 million at June 30. Smaller spot bitcoin fund positions included 155,785 shares of Grayscale's Bitcoin Mini Trust ($5.76 million) and 66,264 shares of the Bitwise Bitcoin ETF ($3.00 million), along with minor lines in Fidelity's Wise Origin Bitcoin Fund, Grayscale's Bitcoin Trust and Invesco's Galaxy Bitcoin ETF. Combined, spot bitcoin ETF shares totaled roughly $549 million. Option positions are reported separately and are excluded from that figure.
The filing also lists options on IBIT covering 3,703,200 shares (calls, $175.27 million) and 2,915,000 shares (puts, $137.97 million). Strategy options include puts on 1,148,500 shares valued at $177.64 million and calls on 349,500 shares valued at $54.06 million. The 13F does not indicate whether these options are hedges, market-making inventory or client positions. JPMorgan also held 1,581,814 Coinbase (COIN) shares worth $300.58 million, up 13% from June, and 128,788 Strive (ASST) shares worth $3.77 million.
The holdings report consolidates positions across 17 other included managers, so the lines may reflect client, fund and discretionary holdings rather than a proprietary bet, and JPMorgan may have changed them since Sept. 30. The report lists 35,990 entries valued at $1.84 trillion and was signed by Executive Director Michael T. Lees in New York on Nov. 12.
The filing predates recent market moves. MSCI will remove Strategy from its MSCI USA Index, MSCI World and ACWI indexes after the close on Nov. 30. Strategy shares traded near $114.60 on Thursday morning, down about 6% on the day, implying roughly $97 million for the 848,932 shares, below the $131.3 million reported at quarter-end. Bitcoin traded near $71,300 that morning, below $72,000. Wells Fargo, Millennium Management and Schonfeld Strategic Advisors had not yet appeared on EDGAR as of Thursday morning, ahead of the Monday, Nov. 16 deadline for 13F filings.
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