Jane Street Lifts Strategy (MSTR) Stake 54% to 4.1 Million Shares

Jane Street Group raised its Strategy (MSTR) stake 53.8% in the third quarter to 4,119,097 Class A shares, a Form 13F filed Thursday with the SEC shows. The position, dated Sept. 30, was valued at $630.6 million using that day's closing price of $153.09.

The snapshot comes with caveats that matter as much as the headline number. Jane Street is one of the largest market makers in stocks, ETFs and options, and the same filing lists call options covering 13,573,000 Strategy shares and put options covering 13,991,800 shares — each more than three times the size of the common-stock position. Some of the shares are likely a hedge for the options and market-making book rather than a directional bet. The 13F doesn't say how much.

Strategy has fallen about 25% since Sept. 30. At Thursday's close of $114.41, the same 4,119,097 shares were worth roughly $471 million.

How the position changed

The stake grew by 1,441,475 shares from the 2,677,622 Jane Street reported at June 30, when the holding was valued at $232.8 million. The firm filed about four days ahead of the Nov. 16 deadline; the SEC accepted the report at 4:04 p.m. Eastern Thursday.

The options lines were already large in the second quarter and grew again. The new filing values the calls at $2.08 billion and the puts, listed in two rows, at $2.14 billion — figures computed on the same Sept. 30 share price. A 13F reports the underlying shares options cover, not the cash premium paid.

The report folds in positions across seven other included managers, among them Jane Street Options and Jane Street Global Trading, so the Strategy lines can include group-wide inventory rather than a single proprietary bet. Authorized Signatory Jeremy Kahn signed the report in New York on Nov. 12. The filing's full table lists 14,764 entries valued at $1.19 trillion.

What did other early filers show?

Jane Street's 53.8% increase was the sharpest percentage gain among large Strategy holders in Thursday's early 13F wave:

• Capital International Investors, a Capital Group unit, raised its stake 4.5% to 36,467,109 shares, worth about $4.17 billion at Thursday's close.
• Invesco added 10.9%, to 10,362,698 shares, worth about $1.19 billion.
• Renaissance Technologies cut its position 41%, to 1,515,560 shares worth about $173 million, and dropped the spot bitcoin ETF holdings it had reported at midyear, including BlackRock's iShares Bitcoin Trust.
• JPMorgan Chase, in a filing already reported, lifted its Strategy stake 36% to 848,932 shares and held 11.4 million IBIT shares, worth about $460 million at Thursday's close.
• Bank of New York Mellon raised its stake in Strive (ASST) in another early 13F.

All share counts are as of Sept. 30.

What happens at Monday's filing deadline?

The main quarterly 13Fs from Goldman Sachs, Morgan Stanley, Millennium and Mubadala are still to come. Managers exercising investment discretion over $100 million or more in 13F securities have 45 days after quarter-end to disclose holdings — a window that ran to Saturday, Nov. 14, pushing the deadline to Monday, Nov. 16.

The Sept. 30 snapshot also predates MSCI's decision this week to remove Strategy from its USA index, a step that forces index funds to sell by Nov. 30, and precedes the stock's slide since quarter-end. Monday's filings will show where other large holders stood on the same date — not where they stand now.