JPMorgan

Bitcoin ETF

Jane

Bitcoin

<p><a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a><br><img src="https://bitcoinworld.co.in/wp-content/uploads/feed-jpg/f-02376350969e4330996dc044ea11aab3.jpg" style="display: block; margin: 1em auto"><br><a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/jane-street-bitcoin-etf-q3-13f/">Jane Street’s Q3 Bitcoin ETF Book: FBTC Up 691%, IBIT Down 19%</a></p>
<p>Jane Street’s latest Form 13F, filed with the SEC on Nov. 12, disclosed a sharp reshuffle in its spot Bitcoin ETF holdings. The trading firm ended September with 7,010,008 shares of Fidelity’s Wise Origin Bitcoin Fund (FBTC), up from 886,736 shares three months earlier, according to <a href="https://bitcoinist.com/jane-street-nearly-doubled-its-bitcoin-etf-book-in-q3-what-the-filing-really-shows/" rel="noopener noreferrer nofollow">Bitcoinist</a>. Over the same period it cut its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by about 19%, from 24.88 million shares to 20.22 million.</p>
<div id="aeo-answer" class="aeo-answer-box">
 Jane Street’s Q3 13F filing showed its Fidelity FBTC shares rose about 691% to 7,010,008 shares while its BlackRock IBIT shares fell about 19% to 20.22 million. Because Jane Street is an authorized participant, the move likely reflects trading inventory rather than a direct directional bet on Bitcoin.
</div>
<h2 id="key-facts">Key facts</h2>
<ul>
 <li>Jane Street’s combined stake in three spot Bitcoin ETFs rose from about $926 million at the end of June to $1.79 billion by Sept. 30, per Bitcoinist.</li>
 <li>Its FBTC position grew about 691%, from 886,736 shares to 7,010,008 shares, valued at $509.2 million at quarter-end.</li>
 <li>Its IBIT share count fell about 19%, from 24.88 million to 20.22 million, though the position’s value rose to about $957 million.</li>
 <li>The firm also held 11.69 million shares of the ARK 21Shares Bitcoin ETF (ARKB), worth about $324 million.</li>
 <li>Cointelegraph reported JPMorgan increased its IBIT holdings by 9.6% to 11.41 million shares, a position worth around $540 million.</li>
</ul>
<h2 id="why-the-fbtc-jump-and-ibit-trim-may-not-signal-a-directional-view">Why the FBTC jump and IBIT trim may not signal a directional view</h2>
<p>Jane Street is an authorized participant for several spot Bitcoin ETFs, meaning it creates and redeems shares as clients buy and sell. Its quarter-end holdings therefore often resemble inventory rather than a long-term conviction bet. The 13F filing also excludes derivatives, short positions and hedges, so the shift from IBIT to FBTC does not by itself reveal the firm’s net view on Bitcoin.</p>
<p>What the filing does show is where client demand flowed. A near eightfold increase in FBTC inventory suggests Fidelity’s fund saw heavy trading activity through the third quarter. Bitcoinist noted the headline move is largely a reshuffle between the two largest funds.</p>
<p>The two reports differ on one detail. Bitcoinist described the total spot Bitcoin ETF book as rising from about $926 million to $1.79 billion across three funds, while Cointelegraph focused on the FBTC and IBIT positions and separately reported a near 9 million share addition (about $249 million) in ARKB and a more than doubling of holdings in BlackRock’s iShares Ethereum Trust ETF (ETHA) by 7.83 million shares (about $158 million). Both accounts are consistent on the direction of the FBTC and IBIT changes.</p>
<h2 id="banks-and-advisers-also-added-bitcoin-etf-exposure">Banks and advisers also added Bitcoin ETF exposure</h2>
<p>The more meaningful signal may come from longer-term holders. Bitcoinist reported that Barclays raised its IBIT stake by 48% in Q3, while Citigroup opened a new position of 1.64 million FBTC shares. Across the 1,389 institutions that had filed by last week, Bitwise found combined spot Bitcoin ETF holdings rose from $3.35 billion to $5.25 billion. Part of that increase came from price gains, since IBIT rose roughly 41% in the quarter.</p>
<p>Bitwise has also noted that 13F data is a floor, not a ceiling, because some institutions deliberately invest through vehicles that skip public disclosure. Cointelegraph added that JPMorgan increased its IBIT holdings by 9.6%, adding about 1 million shares to reach 11.41 million, worth around $540 million. The bank also raised its holdings in Bitcoin treasury company Strategy by 36% to nearly 849,000 shares, worth about $131 million at the end of Q3. In contrast, Laurore, which lists a Hong Kong business address, reduced its IBIT holdings by 33%, cutting 1.6 million shares to 3.25 million, worth about $154 million.</p>
<p>Jane Street was the largest reported institutional holder of IBIT at the end of June after boosting its share count by 324% in Q2, according to Cointelegraph, which cited 13F Pro.</p>
<h2 id="why-it-matters">Why it matters</h2>
<p>For readers tracking institutional adoption, the filing is a reminder that market-maker positions can look dramatic without representing a directional bet. The broader set of 13F disclosures, including Barclays, Citigroup and JPMorgan, offers a cleaner read on whether banks are building longer-term Bitcoin exposure. That distinction matters as spot Bitcoin ETFs continue to attract both trading flow and strategic allocations, a trend also visible in adjacent areas such as <a href="https://bitcoinworld.co.in/visa-stablecoin-card-payments-200-percent/" rel="noopener noreferrer nofollow">stablecoin payment growth</a>.</p>
<h2 id="market-snapshot">Market snapshot</h2>
<p>As of 14 Nov 2026 12:10 UTC, Bitcoin traded at $67,196 (₹6,334,264), down 2.9% over 24 hours and 11.4% over seven days, according to CoinPaprika data. Its market cap stood at $1.35 trillion with 24-hour volume of $20.67 billion.</p>
<h2 id="what-to-watch">What to watch</h2>
<p>The next round of 13F filings, covering the fourth quarter, will show whether banks and advisers held their positions through the recent dip. Bitcoinist noted that these filings capture positions as of Sept. 30, when Bitcoin traded far higher; the market has since turned, with Bitcoin falling below $70,000 this week amid liquidations topping $1.6 billion. Investors will also watch whether Jane Street’s FBTC inventory unwinds or persists into year-end.</p>
<h2 id="frequently-asked-questions">Frequently Asked Questions</h2> What is an authorized participant in a Bitcoin ETF? 
<p>An authorized participant is a firm that creates and redeems ETF shares to match client demand, helping keep the ETF’s market price close to its underlying value.</p> Did Jane Street reduce its total Bitcoin ETF exposure in Q3? 
<p>No. Bitcoinist reported its combined stake in three spot Bitcoin ETFs rose from about $926 million at the end of June to $1.79 billion by Sept. 30.</p> What did JPMorgan do with its Bitcoin ETF holdings in Q3? 
<p>Cointelegraph reported JPMorgan increased its IBIT holdings by 9.6% to 11.41 million shares, a position worth about $540 million.</p> When will the next 13F filings be released? 
<p>The next round of filings will cover the fourth quarter and, according to Bitcoinist, will show whether banks and advisers held their positions through the recent market dip.</p>
<p>This post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/jane-street-bitcoin-etf-q3-13f/">Jane Street’s Q3 Bitcoin ETF Book: FBTC Up 691%, IBIT Down 19%</a> first appeared on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.</p>

Jane Street’s Q3 Bitcoin ETF Book: FBTC Up 691%, IBIT Down 19%

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