Jane Street Boosts Fidelity Bitcoin ETF Stake Nearly 8x, Trims IBIT

Jane Street raised its stake in Fidelity's spot Bitcoin ETF nearly eightfold in the third quarter, while cutting its holdings in BlackRock's fund by 19%, according to its latest 13F filings.

The trading firm ended September with 7.01 million shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), up from roughly 887,000 at the end of June. The position was worth $509 million on Sept. 30. Jane Street's share count in BlackRock's iShares Bitcoin Trust ETF (IBIT) fell to 20.22 million from 24.88 million, though a higher share price lifted the reported value of the stake to $957 million from $828 million.

How large are the rebalanced positions?

Jane Street had entered the quarter as the largest reported institutional holder of BlackRock's Bitcoin ETF, after raising its share count by 324% in Q2, according to 13F Pro. IBIT remains the world's largest spot Bitcoin ETF, with $56 billion in net assets as of Thursday.

Beyond the two largest funds, Jane Street also broadened its crypto ETF exposure:

• Added nearly 9 million shares of the ARK 21Shares Bitcoin ETF (ARKB), worth about $249 million.
• More than doubled its holdings in BlackRock's iShares Ethereum Trust ETF (ETHA), adding 7.83 million shares, roughly $158 million.

The shift suggests a deliberate diversification across issuers and asset classes rather than a retreat from crypto ETFs. Fidelity's fund gained the most in share terms, while the Ethereum position grew fastest in percentage terms.

What did JPMorgan and Laurore do?

JPMorgan Chase moved in the opposite direction on IBIT, increasing its holdings by 9.6% in the third quarter. The bank added about 1 million shares to reach 11.41 million, lifting its reported position to around $540 million.

The bank, however, nearly erased its direct exposure to BlackRock's Ethereum product. JPMorgan cut its ETHA position from 1.17 million shares at the end of June to just 399 shares. It also increased its stake in Bitcoin treasury company Strategy by 36% to nearly 849,000 shares, worth about $131 million at the end of Q3.

Laurore, which lists a Hong Kong business address in its SEC filing, reduced its IBIT holdings by 33%, cutting 1.6 million shares to leave 3.25 million, worth about $154 million by quarter-end. The firm drew attention in February 2026 after disclosing an IBIT position worth $436 million at the end of 2025.

What do the filings signal for institutional flows?

The 13F disclosures capture positions as of Sept. 30, so they lag the market by six weeks and exclude any fourth-quarter adjustments. Even so, they show that major trading and banking institutions continued to hold and rotate large spot Bitcoin ETF positions through the third quarter, with diverging approaches: Jane Street spread exposure across Fidelity, ARK 21Shares and Ethereum products, while JPMorgan concentrated on IBIT and Strategy.

Barclays separately raised its IBIT stake 48% ahead of the Q3 filing window, adding to evidence that bank-owned crypto ETF positions are growing across the sector. The next round of 13F filings, due in mid-February, will show whether the Jane Street rotation toward Fidelity's fund continued into the fourth quarter or marked a one-quarter rebalance.