JPMorgan Chase has significantly expanded its exposure to Bitcoin-linked investments, according to a Form 13F filed with the U.S. Securities and Exchange Commission for the quarter ended September 30.
The banking giant increased its position in Strategy by 36%, adding 224,545 shares to reach 848,932 shares. The stake was valued at approximately $131.3 million at the end of September, up from the 624,387 shares reported in June. The filing also showed that Strategy’s implied share price rose from $92.68 to $154.67 during the reporting period.
JPMorgan’s largest Bitcoin-related position was in BlackRock’s iShares Bitcoin Trust, with 11,408,930 shares valued at roughly $539.98 million, a 9.6% increase from the prior quarter. Including positions in Grayscale’s Bitcoin Mini Trust and the Bitwise Bitcoin ETF, the bank reported total spot Bitcoin ETF exposure of about $549 million.
The filing also disclosed substantial derivatives exposure: IBIT call options valued at $175.27 million and put options at $137.97 million, as well as Strategy options with $177.64 million in puts and $54.06 million in calls. A 13F does not distinguish hedging, market-making, or client activity from directional positions.
Beyond direct Bitcoin funds, JPMorgan held stakes in Coinbase and Robinhood, along with positions in Bitcoin mining companies including Core Scientific, MARA Holdings, Riot Platforms, Hut 8, and CleanSpark. These disclosures came as Bitcoin traded around $68,408, down 7% over 24 hours, while Strategy closed at $114.41, down about 6.5%.
