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JPMorgan Chase grew its Strategy (MSTR) position by 224,545 shares in the third quarter, lifting the stake to 848,932 shares as of Sept. 30, a 36% increase from 624,387 shares at the end of June, according to its 13F filing with the SEC. The filing valued the position at roughly $131.3 million, with MSTR trading near $155 at quarter-end.
The bank also added to BlackRock's spot bitcoin ETF, taking its IBIT position to 11,408,930 shares worth about $540 million, up 9.6% from 10,407,635 shares the prior quarter. The filing lists 1,581,814 Coinbase shares, a stake in Robinhood, and positions in miners Core Scientific, MARA Holdings, Riot Platforms, Hut 8 and CleanSpark.
Why it matters
A 13F is a quarter-end snapshot, but the breadth here is the signal: JPMorgan is not just holding IBIT, it is building exposure across the entire bitcoin value chain, from the ETF to the largest treasury proxy to miners. For institutional adoption, that is a money-center bank treating bitcoin as a multi-vector allocation rather than a single-line experiment.
Market impact
The mark-to-market picture has turned since Sept. 30. Strategy closed Thursday at $114.41, down 6.5%, which would put JPMorgan's reported stake at about $97.1 million, roughly 26% below the filing's valuation. Bitcoin also fell 7% over 24 hours to $68,408, its lowest level since Aug. 20. The Q4 tape will test whether the bank keeps adding through the drawdown or trims into weakness.
Frequently asked questions
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How much did JPMorgan increase its Strategy (MSTR) stake in Q3?
JPMorgan added 224,545 MSTR shares in the third quarter, lifting its position to 848,932 shares as of Sept. 30, a 36% increase from 624,387 shares at the end of June.
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What is JPMorgan's position in BlackRock's IBIT bitcoin ETF worth?
The bank held 11,408,930 IBIT shares worth approximately $540 million as of Sept. 30, up 9.6% from 10,407,635 shares at the end of the previous quarter.
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What other crypto holdings did JPMorgan disclose in the 13F filing?
Beyond MSTR and IBIT, the filing lists 1,581,814 Coinbase shares, a stake in Robinhood, and positions in bitcoin miners Core Scientific, MARA Holdings, Riot Platforms, Hut 8 and CleanSpark.
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Why is JPMorgan's reported stake now worth less than the filing valuation?
Strategy closed Thursday at $114.41, down 6.5%, well below the roughly $155 price when the quarter ended Sept. 30. At the lower price, the stake is worth about $97.1 million, roughly 26% below the $131.3 million filing valuation.
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How did bitcoin price react around the filing?
Bitcoin (BTC) fell 7% over the previous 24 hours to $68,408, its lowest level since Aug. 20, alongside MSTR's 6.5% daily drop.
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