Jane Street Nearly 8X Increases Fidelity Bitcoin ETF Stake, Cuts IBIT

(MENAFN- Crypto Breaking) Jane Street sharply rebalanced its crypto ETF exposure in the third quarter, dramatically increasing its stake in Fidelity's spot Bitcoin ETF while trimming holdings in BlackRock 's flagship offering. The changes show how large market-makers are continuing to treat spot Bitcoin ETFs as a core liquidity and hedging venue-even as allocation patterns shift between issuers.

According to Jane Street's SEC filings, the firm ended September with 7.01 million shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), up from roughly 887,000 shares at the end of June. While the share count rose nearly eightfold, the reported value of the position stood at $509 million as of September 30, based on Jane Street's second- and third-quarter filings.

Key takeaways

Jane Street's FBTC share count surged to 7.01 million in Q3, nearly eight times its June level, reaching a reported $509 million value at September 30. Over the same period, its holdings of BlackRock 's iShares Bitcoin Trust ETF (IBIT ) fell to 20.22 million shares from 24.88 million, though the stake was valued higher at $957 million due to a higher share price. Large ETF holders also continued to adjust exposure across the complex: JPMorgan added to IBIT while sharply reducing its direct position in BlackRock's Ethereum ETF (ETHA). Another filer, Laurore, cut its IBIT stake by 33% in Q3, decreasing shares by about 1.6 million to 3.25 million.

Jane Street shifts from IBIT to Fidelity's FBTC

Jane Street's Q3 filings indicate a clear tilt toward Fidelity's spot Bitcoin ETF. The firm's FBTC position grew from about 887,000 shares at the end of June to 7.01 million shares by September 30. This expansion was large enough to raise the reported value of the stake to $509 million, according to the company's disclosed figures in its SEC 13F filings for the second and third quarters.

At the same time, Jane Street reduced its IBIT holdings. Its share count in BlackRock's iShares Bitcoin Trust fell to 20.22 million from 24.88 million, a 19% decline. However, the reported dollar value rose to $957 million from $828 million, implying that changes in market pricing outweighed the reduction in shares during the quarter.

IBIT remains the largest spot Bitcoin ETF by net assets, with iShares reporting $56 billion in net assets as of Thursday. The scale of IBIT's liquidity and product size may help explain why even reduced positions still represent very large exposures for market participants.

Other ETF adjustments in the same filings

Jane Street's third-quarter filing did not only reflect a rotation between Bitcoin ETF issuers. The firm also added exposure to other crypto-linked funds. It increased its holdings in the ARK 21Shares Bitcoin ETF (ARKB) by nearly 9 million shares, which the filing cited as about $249 million.

For Ethereum products, the firm more than doubled its position in BlackRock's iShares Ethereum Trust ETF (ETHA), increasing by 7.83 million shares to an additional stake valued around $158 million based on the reported figures for the quarter.

In practice, these moves suggest the firm continued using the ETF wrapper to manage risk and execution across both major digital assets, rather than concentrating exclusively on one issuer or one fund vehicle.

JPMorgan adds IBIT while dialing back ETHA

Separate SEC data shows JPMorgan Chase also increased its spot Bitcoin ETF exposure during the third quarter. The banking giant increased its IBIT holdings by 9.6%, adding about 1 million shares to bring its total to 11.41 million. The filing estimated the position at roughly $540 million by September 30.

JPMorgan's activity also highlights a different pattern across asset classes. While its IBIT holdings rose, the bank nearly eliminated its direct position in BlackRock's ETHA. It reduced ETHA holdings from 1.17 million shares at the end of June to just 399 shares, according to the disclosed counts in its filings.

JPMorgan also increased holdings tied to another Bitcoin-related business: it raised its Strategy stake by 36% to nearly 849,000 shares, with the reported value at about $131 million by the end of Q3. The mix underscores that large institutions may be adjusting exposure across multiple ways to gain Bitcoin exposure-through ETFs and through other listed vehicles-depending on their objectives.

Laurore cuts IBIT stake after prior disclosures

Not all Q3 changes were additions. Laurore, which lists a Hong Kong business address in its SEC filing, reduced its IBIT exposure by 33%. The firm cut its position by about 1.6 million shares to 3.25 million, with the stake worth approximately $154 million at the end of the third quarter.

Laurore previously drew attention in February 2026 after disclosing an IBIT position valued at $436 million at the end of 2025, as reported earlier. The Q3 reduction suggests that-even for large holders-spot Bitcoin ETF exposure can move quickly as positions are rebalanced around risk limits, funding, and execution considerations.

For investors and traders, the next key question is whether Q4 filings continue this issuer rotation-particularly the movement between IBIT and Fidelity's FBTC-or whether the Q3 shift reflects a temporary allocation decision. SEC 13F updates will remain the clearest window into how major institutions and market-makers are managing spot Bitcoin and Ethereum ETF exposure quarter by quarter.

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