JPMorgan Chase reported 848,932 shares of Strategy, formerly MicroStrategy, together with nearly $540 million in BlackRock's iShares Bitcoin Trust ETF (IBIT), according to a filing submitted to the U.S. Securities and Exchange Commission on November 12. The disclosure shows the bank's Strategy stake increased roughly 36% during the third quarter, while also revealing substantial options exposure linked to both investments.

The quarterly disclosure, filed on Form 13F, is required from institutional investment managers that exercise discretion over at least $100 million in qualifying assets, and such filings are one of the few public windows into how major financial institutions allocate across crypto-linked products.

The filing covers positions held through September 30, not transactions made this week, and it consolidates investments reported across several affiliated managers.

Strategy Shares Increase While Put Positions Expand

JPMorgan's Strategy position rose from 624,387 shares at the end of June to 848,932 shares at the end of September, an addition of 224,545 shares, according to the bank's September 13F information table and June 13F information table.

The September stake carried a reported value of $131.3 million, compared with $57.9 million in June, meaning the dollar value more than doubled while the share count grew by roughly 36%. The filings imply quarter-end share prices of approximately $154.67 and $92.68, respectively, so movements in the stock's market price account for part of the increase in reported value.

Attention to these figures reflects Strategy's profile in the market: the company holds the largest corporate bitcoin treasury, and its shares are widely followed as an equity-market vehicle for bitcoin exposure.

Separately, JPMorgan disclosed put options referencing 1,148,500 Strategy shares, up from 715,700 in June. The September filing also lists call options tied to 349,500 shares. Using underlying share values, the SEC table assigns $177.64 million to the Strategy puts and $54.06 million to the calls. Neither figure represents the premiums paid for the contracts.

The put position covered more underlying shares than JPMorgan's reported Strategy common-stock holding. The filing does not, however, establish whether those options functioned as hedges, directional trades, or client positions.

BlackRock Bitcoin ETF Holding Reaches $540 Million

JPMorgan also reported 11,408,930 shares of BlackRock's iShares Bitcoin Trust ETF, known as IBIT, valued at $539.98 million at the end of September. In June, the position totaled 10,407,635 shares worth $355.73 million. The share count therefore increased 9.6% quarter over quarter, while the disclosed valuation climbed approximately 52%, a gap that reflects both additional shares and changes in the fund's market price.

IBIT, which began trading in January 2024 after the SEC approved the first U.S. spot bitcoin ETFs, has grown into the largest fund in the category by assets, and a position of this scale reported by one of the country's biggest banks illustrates how far such products have reached into institutional portfolios.

IBIT provides exchange-traded Bitcoin exposure rather than direct ownership of the asset by shareholders. JPMorgan separately reported IBIT call options covering 3,703,200 shares and put options covering 2,915,000 shares. As with the Strategy positions, the reported option values reflect the underlying securities, not the premiums paid for individual contracts.

Filing Does Not Reveal JPMorgan's Net Bitcoin Bet

The filing identifies 17 additional managers included in JPMorgan's consolidated report. Consequently, these positions cannot automatically be treated as investments made solely for the bank's own balance sheet, and the document does not distinguish between proprietary holdings and positions managed on behalf of clients.

Form 13F records reportable securities as of quarter-end, but it does not establish an institution's complete economic exposure. The figures cannot confirm the bank's current positions or explain the purpose behind each trade.

The next snapshot is already on a fixed schedule: 13F filings covering December 31 positions are due within 45 days of the quarter's end, the point at which observers typically check whether holdings like these were maintained, expanded, or trimmed.

This article is based on CoinCentral's report of the SEC filing.