WuBlockchain
JPMorgan's latest 13F shows the bank held 848,932 Strategy (MSTR) shares worth about $131.3 million as of September 30, up roughly 36% quarter over quarter. Alongside the stock, it disclosed put options covering 1.15 million MSTR shares with an underlying value of about $177.6 million, meaning its hedged exposure now exceeds its outright holding.
The same filing lists 11.41 million BlackRock IBIT shares worth about $540 million, up 9.6% for the quarter, plus roughly 1.58 million Coinbase shares.
Why it matters
13F filings capture assets managed across JPMorgan-affiliated investment entities, not purely proprietary positions, so the figures blend client and house allocations. Even with that caveat, a 36% quarterly jump in MSTR plus a larger IBIT book marks continued accumulation of Bitcoin proxy exposure through the largest US bank.
The put position is the nuance. JPMorgan is adding to Bitcoin-linked equity while carrying more downside protection than shares, a hedged-conviction structure rather than a naked directional bet.
Market impact
Institutional demand for Bitcoin exposure through regulated wrappers keeps widening, and IBIT remains the primary vehicle, with JPMorgan's stake alone at half a billion dollars. The next 13F cycle will show whether the put book rolls off as a hedge or grows into a fuller net-short stance on Strategy.
Source: [EDGAR Filing Documents for 0000019617-26-000404](https://www.sec.gov/Archives/edgar/data/19617/000001961726000404/0000019617-26-000404-index.htm)
Frequently asked questions
-
How many Strategy shares did JPMorgan report in its 13F?
JPMorgan disclosed 848,932 MSTR shares worth about $131.3 million as of September 30, an increase of roughly 36% quarter over quarter.
-
Why does JPMorgan's MSTR put position stand out?
Its put options covered 1.15 million MSTR shares with an underlying value of about $177.6 million, exceeding its outright holding of roughly 849,000 shares, so its hedged exposure is larger than its stock position.
-
How much BlackRock IBIT does JPMorgan hold?
The filing lists 11.41 million IBIT shares worth about $540 million, up 9.6% from the prior quarter, making it the bank's largest crypto-linked position in the filing.
-
Do these holdings represent JPMorgan's own bets?
Not solely. The 13F includes assets managed across JPMorgan-affiliated investment entities, so the figures blend client and affiliated allocations with any proprietary positioning.
-
Does JPMorgan also hold Coinbase stock?
Yes, the same 13F filing discloses roughly 1.58 million Coinbase shares alongside its MSTR and IBIT positions.
CoinDesk
Crypto News
TheBlock
CoinTelegraph
Lookonchain
WatcherGuru