JPMorgan: +36% on Strategy and $540 million in BlackRock’s Bitcoin ETF

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The bank purchased 224,545 Strategy shares in the third quarter and increased its stock to 848,932 shares, compared to 624,387 three months earlier. An increase of 36%. The document values ​​the line at around $131.3 million as of September 30, when MSTR stock was trading around $155, a far cry from its current prices.

The world's largest corporate holder of bitcoins, Strategy remains the listed vehicle through which many institutions gain exposure to BTC without ever touching the asset. Same movement on the BlackRock spot ETF side. JPMorgan now holds 11,408,930 shares there for approximately $540 million, compared to 10,407,635 shares in the previous quarter. The increase reached 9.6%, more modest than in percentage on Strategy but applied to a base three times larger.

The rest follows the same slope. JPMorgan reports 1,581,814 shares of Coinbase, a stake in Robinhood and holdings in five bitcoin mining companies: Core Scientific, MARA Holdings, Riot Platforms, Hut 8 and CleanSpark.

A large part of these positions relate to ordinary banking mechanics. Form 13F (which it should be remembered that it only lists long positions on American equities, without short sales or details of hedging) is also used to record market making, the carrying of structured products sold to clients and the activity of authorized participant on ETFs. A desk can thus carry millions of IBIT shares without the slightest directional conviction.

The disenchantment displayed has not slowed down the bank elsewhere. It launched its JPMD deposit token on Base, layer 2 of Coinbase, in 2025 and accepts Bitcoin ETFs as collateral for loans for its wealthy clientele. Jamie Dimon ended up blurting out, during the investor day in May 2025:

“I don't think you should smoke, but I support your right to smoke. I defend your right to buy bitcoin. »

The market did not wait for the publication of the 13F to correct. Strategy closed Thursday at $114.41, down 6.5% on the session. At this price, the 848,932 shares declared by the bank are now worth only $97.1 million, or about 26% below the valuation entered in the form. The gap represents $34 million.

Bitcoin fell 7% in twenty-four hours to fall to $68,408, its lowest since August 19. Strategy mechanically amplifies these movements: its action includes both the price of bitcoin and the premium, or discount, that the market grants to its treasure.

In-house analysts do not necessarily share the appetite of the trading rooms. Nikolaos Panigirtzoglou's team estimated at the end of 2025 at $2.8 billion the passive outflows that Strategy would suffer in the event of exclusion from the MSCI indices, and up to $8.8 billion if the other index providers followed suit. Third quarter buyers, in the same house, obviously read the note differently.

As of September 30, JPMorgan's combined exposure to Strategy and BlackRock's Bitcoin ETF exceeded $671 million. Since 13F forms are filed up to 45 days after the end of the quarter, this photograph is already six weeks old.

An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.

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Machine-translated from French