Jane Street Lifts Fidelity Bitcoin ETF Stake Nearly Eightfold, Trims BlackRock IBIT in Q3
Jane Street's November 12 Form 13F filing shows it raised its Fidelity Wise Origin Bitcoin Fund (FBTC) position to 7,010,008 shares, valued at $509.2 million at September 30. The trading firm reduced its BlackRock iShares Bitcoin Trust (IBIT) share count by about 19% over the same quarter, though its reported IBIT value still rose.
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What the Filing Shows
Jane Street's 13F filing with the U.S. Securities and Exchange Commission, submitted November 12, reports 7,010,008 shares of the Fidelity Wise Origin Bitcoin Fund (FBTC) at September 30, up from 886,736 at June 30. Both sources put the September value at about $509.2 million, compared with $45.3 million at the end of June, an increase of roughly 691% in share count during the quarter.
The same filing shows the firm's position in BlackRock's iShares Bitcoin Trust (IBIT) fell to 20,221,140 shares from 24,878,191, a reduction of about 18.7% by one calculation and roughly 19% by the rounded figures both outlets used. The reported dollar value of that IBIT stake nonetheless rose to $957.3 million from $828.2 million, which reflects higher ETF prices over the quarter rather than additional buying.
Where the Sources Diverge
The two reports agree on the FBTC and IBIT share counts but differ on the value of the other positions. Crypto.news reports the ARK 21Shares Bitcoin ETF (ARKB) stake at $323.7 million and the iShares Ethereum Trust (ETHA) stake at about $310.6 million, while Crypto Briefing gives approximately $249 million for ARKB and $158 million for ETHA. The reports also describe the combined Bitcoin ETF holdings differently in their inputs: Crypto.news calculates a combined value that rose from about $926 million in June to $1.79 billion in September, and Crypto Briefing cites the same $1.79 billion September figure. The ARKB and ETHA valuation gap is not explained by either source, and readers should treat those two figures as unreconciled until the underlying 13F data is checked directly.
Context and Caveats
The Q3 cut in IBIT follows a sharp quarter earlier in the year. Crypto Briefing reports that Jane Street had been the largest reported institutional holder of IBIT at the end of Q2 after a 324% rise in its share count that quarter. Crypto.news separately notes that the firm cut its FBTC holding by about 60% in the first quarter, so the Q3 FBTC increase partly reverses an earlier reduction.
Both outlets flag that the filing reflects positions only as of September 30 and does not show trades made afterward. Crypto Briefing also notes that Jane Street is a major market maker and authorized participant in several Bitcoin ETFs, so some reported positions may relate to market-making inventory rather than a directional view on Bitcoin. Crypto.news reports IBIT options positions separately, with call options on 34.97 million shares and put options on 45.32 million, which the filing lists apart from ordinary shares.
Peer Holdings
Jane Street's movements did not match those of other large holders. Crypto.news reports that JPMorgan Chase's 13F showed 11.41 million IBIT shares worth about $540 million, up roughly 9.6% from the prior quarter, and that Hong Kong-based Laurore cut its IBIT position by about 33% to 3,246,279 shares. Crypto.news also reports Barclays' 48% increase in IBIT shares and Citigroup's new 1.64 million-share FBTC position, both filed before Jane Street's submission. Crypto Briefing describes IBIT as the largest spot Bitcoin ETF with roughly $56 billion in net assets as of mid-November, a figure Crypto.news gives as of November 12.
Why It Matters
For Traders
Jane Street's large option positions on IBIT and its authorized-participant role mean reported holdings may reflect market-making inventory, so the filing alone does not indicate a directional Bitcoin view.
For Investors
Institutional holdings are spreading across multiple spot Bitcoin ETF issuers rather than concentrating in IBIT, which may indicate diversification across fund providers over the coming quarters.
For Builders
Authorized-participant activity visible in 13F data shows how market makers route creation and redemption across competing ETF wrappers, which matters for any product comparing issuer liquidity or flows.
This article is for information only and is not financial advice. Read the full disclaimer.
