Jane Street Lifts Strategy Stake 54% in a Fresh 13F

A Jane Street 13F disclosed 4,119,097 Class A shares of Strategy (MSTR), up 1,441,475 shares, or 53.8%, from the 2,677,622 reported at June 30. The SEC accepted the filing at 4:04 p.m. ET on Thursday, about four days before the Nov. 16 deadline.

At June 30, Jane Street valued that smaller holding at $232.8 million. The report is a quarter-end snapshot, not a map of current exposure.

What does this change for Strategy holders?

The options book changes how much weight investors can place on the common-share headline. Jane Street reported two option lines that dwarfed its stock position:

• Calls covering 13,573,000 shares and reported a value of $2.08 billion.
• Puts covering 13,991,800 shares across two rows and reported a value of $2.14 billion.

The filings use the same Sept. 30 share price for the option values as for the common-stock line. A 13F reports the shares underlying options, rather than the cash premium paid for the contracts. The disclosure therefore does not show a $2.08 billion call purchase or a $2.14 billion put sale.

For an investor, the common-stock count is the cleanest comparable figure. The option lines show scale, but they do not show cash deployed on those contracts.

The report also rolls up positions across seven other included managers. Those include Jane Street Capital, Jane Street Options and Jane Street Global Trading. The Strategy lines can therefore contain inventory across Jane Street's group, not only one proprietary trade.

Authorized Signatory Jeremy Kahn signed the report in New York on Nov. 12. Its table contains 14,764 entries valued at $1.19 trillion.

What the early filings show

Jane Street's 53.8% increase was the sharpest percentage increase among large Strategy stakes in Thursday's early 13F wave. The positions reflect Sept. 30, while several stated values use Thursday's closing price.

• 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%, reaching 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 left the spot bitcoin ETF holdings it had reported at midyear, including BlackRock's iShares Bitcoin Trust.
• JPMorgan Chase, which had already filed, 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 also raised its holding in Strive (ASST) in an early 13F. All the share counts in this early wave reflect Sept. 30 positions.

What remains before the deadline

Goldman Sachs, Morgan Stanley, Millennium and Mubadala were still due to file their main quarterly 13Fs before the Nov. 16 deadline. Institutional managers exercising investment discretion over $100 million or more in 13F securities must disclose those holdings within 45 days after quarter-end. The window ran through Saturday, Nov. 14, making Monday the deadline.

The Sept. 30 snapshot predates MSCI's decision this week to remove Strategy from its USA index. Index funds must sell by Nov. 30 under that change. The snapshot also predates the stock's slide since quarter-end.

Monday's filings will show where major holders stood on Sept. 30, not where they stand now. By Nov. 30, the index removal will add a defined source of fund selling, while Monday's 13Fs will supply the quarter-end institutional picture.