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Wall Street’s biggest bank has spent years sounding cautious about Bitcoin. Its latest filing shows it holding more of it, through the stock market.
<a href="https://www.thestreet.com/crypto/tag/jp-morgan-chase" rel="noopener noreferrer nofollow">JPMorgan Chase</a> reported 848,932 shares of <a href="https://www.thestreet.com/crypto/tag/strategy" rel="noopener noreferrer nofollow">Strategy</a> as of Sept. 30, according to its quarterly <a href="https://www.sec.gov/Archives/edgar/data/19617/000001961726000404/xslForm13F_X02/Information_Table_09.30.2026.xml" rel="noopener noreferrer nofollow">13F filing</a> with the SEC. Those shares were worth about $131.3 million at the end of September.
Strategy, formerly MicroStrategy, is a software company that buys and holds Bitcoin as its main business strategy. Its stock often moves with the cryptocurrency.
That’s up 36% from 624,387 shares at the end of June, <a href="https://www.theblock.co/news/business/2026-11-13-jpmorgan-reports-36-rise-in-strategy-share-holdings-and-540-million-in-blackrocks-bitcoin-etf-439671" rel="noopener noreferrer nofollow">The Block reported</a>.
<a href="https://www.thestreet.com/crypto/markets/goldman-citi-and-other-big-banks-put-270-million-behind-their-own-stablecoin" rel="noopener noreferrer nofollow">Related: Goldman, Citi and other big banks put $270 million behind their own stablecoin</a>
<h2 id="reading-a-13f-filing">Reading a 13F filing</h2>
Large investment managers file a 13F every quarter, listing the <a href="https://www.thestreet.com/crypto/tag/us-stock-market" rel="noopener noreferrer nofollow">U.S. stocks</a> and funds they manage.&nbsp;
For a bank like JPMorgan, that can include client accounts and trading positions, not just its own investments.
The filing splits JPMorgan’s Strategy stake across 12 lines from different parts of the bank.&nbsp;
It also lists options tied to Strategy stock: calls on 349,500 shares and puts on 1,148,500 shares. A call profits if the stock rises, and a put profits if it falls.&nbsp;
JPMorgan also reported about $7.8 million in face value of Strategy’s convertible bonds, debt that can be turned into stock.
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<h2 id="an-index-exit-on-the-horizon">An index exit on the horizon</h2>
JPMorgan’s bigger stake comes as Strategy prepares to leave one of Wall Street’s most-tracked stock benchmarks.
MSCI, one of the largest stock index providers, is removing Strategy from its MSCI USA Index as part of its November index review, <a href="https://www.bloomberg.com/news/articles/2026-11-11/index-provider-msci-removes-strategy-from-equity-benchmark" rel="noopener noreferrer nofollow">Bloomberg reported</a> on Nov. 11.&nbsp;
The change follows a new MSCI framework that excludes companies classified as non-operating businesses. It takes effect at the close on Nov. 30.
A non-operating company is one whose main business is holding assets rather than running an operation. Strategy’s main business is buying and holding Bitcoin.
<figure><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI0NDk4NzY2ODA2MjYzNzcy/michael-saylor-chairman-and-chief-executive-officer-at-microstrategy-speaks-during-the-dc-blockchain-summit-in-washington-dc-us-on-tuesday-may-24-2022.jpg" height="675" width="1012">
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 Michael Saylor, chairman and chief executive officer at Strategy, formerly known as MicroStrategy, speaks during the DC Blockchain Summit in Washington, D.C., US, on Tuesday, May 24, 2022. 
 Getty Images
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</figure>
Strategy had flagged the move itself. The company <a href="https://www.strategy.com/press/strategy-announces-third-quarter-2026-financial-results_10-29-2026" rel="noopener noreferrer nofollow">said </a>in its late October&nbsp;quarterly report&nbsp;that it expected its class A common stock to be excluded.
Index-tracking funds usually sell a stock once it’s removed.&nbsp;
JPMorgan <a href="https://www.theblock.co/news/business/2025-11-20-jpmorgan-strategy-billions-outflows-msci-other-indices-remove-379778" rel="noopener noreferrer nofollow">estimated in November</a> 2025&nbsp;that an MSCI exclusion could trigger as much as $2.8 billion in Strategy share sales, and potentially another $8.8 billion if other index providers followed.
That makes the bank’s own filing notable as its Strategy holdings grew 36% in the quarter, even as its analysts had warned of index-driven selling.
<h2 id="a-540-million-bitcoin-fund-stake">A $540 million Bitcoin fund stake</h2>
Apart from Strategy, JPMorgan also held 11,408,930 shares of <a href="https://www.thestreet.com/crypto/tag/blackrock" rel="noopener noreferrer nofollow">BlackRock</a>’s iShares Bitcoin Trust (IBIT), worth about $540 million, according to the report. That’s up 9.6% from the prior quarter.
IBIT is an exchange-traded fund that holds <a href="https://www.thestreet.com/crypto/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> directly. Based on the fund’s own holdings data, JPMorgan’s stake equals roughly 6,400 Bitcoin.
JPMorgan also reported 1,581,814 shares of <a href="https://www.thestreet.com/crypto/tag/coinbase" rel="noopener noreferrer nofollow">Coinbase</a>, the largest U.S. crypto exchange, worth about $300.6 million at the end of September, according to the filing.&nbsp;
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 Market value of JPMorgan's reported crypto-linked holdings as of Sept. 30, 2026.
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It also listed puts covering 1,180,000 Coinbase shares, linked to about $224.2 million worth of stock, and about $37.4 million in face value of Coinbase convertible bonds.
<h2 id="a-bank-that-has-warmed-to-crypto">A bank that has warmed to crypto</h2>
JPMorgan’s research team has grown more upbeat on crypto this year.&nbsp;
In February, analysts led by managing director Nikolaos Panigirtzoglou said they were <a href="https://www.thestreet.com/crypto/markets/jpmorgan-turns-bullish-on-crypto-in-2026-despite-crash" rel="noopener noreferrer nofollow">“positive in crypto markets for 2026,”</a> expecting institutional investors to lead the flows.&nbsp;
In May, the same team said Bitcoin was <a href="https://www.thestreet.com/crypto/markets/jpmorgan-sees-one-clear-winner-in-crypto-right-now" rel="noopener noreferrer nofollow">beating Ether and other coins</a> on nearly every institutional measure.
The filing doesn’t say why the bank’s holdings changed. It shows positions as of Sept. 30.
Prices have moved since then too. Strategy traded at $110.36 on Nov. 13, down 3.54% at the time of writing, according to Yahoo Finance <a href="https://finance.yahoo.com/quote/MSTR/" rel="noopener noreferrer nofollow">data</a>.&nbsp;
If JPMorgan still holds those shares, they would be worth about $93.7 million, roughly $37.6 million less than at the end of September.
<a href="https://www.thestreet.com/crypto/markets/jensen-huang-exit-sends-bitcoin-12-week-low" rel="noopener noreferrer nofollow">Related: Jensen Huang's exit sends Bitcoin to 12-week low</a>

JPMorgan’s latest filing reveals a bigger Bitcoin footprint

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