Jane Street Group increased its Strategy (MSTR) stake 53.8% in the third quarter, to 4,119,097 shares, according to a Form 13F filed Thursday. The position is dated Sept. 30 and does not include any trades the firm may have made since then.
Those caveats are as important as the increase. Jane Street is a trading firm and one of the largest market makers in stocks, ETFs and options. 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 its common-stock stake. Some of those shares are likely hedges for the options and market-making book, rather than a direct bet on the company. The 13F does not specify how much.
The filing valued the shares at $630.6 million, based on the Sept. 30 price of $153.09. Strategy has fallen about 25% since then. At Thursday’s close of $114.41, the same 4,119,097 shares were worth about $471 million.
The Class A position grew by 1,441,475 shares from the 2,677,622 Jane Street reported as of June 30, when the holding was valued at $232.8 million. The firm filed about four days before the Nov. 16 deadline. The SEC accepted the report at 4:04 p.m. Eastern on Thursday.
Options positions far larger than its Strategy stock holding
The options positions were already substantial in the second quarter and grew further. The new filing valued calls covering 13,573,000 shares at $2.08 billion, and puts covering 13,991,800 shares, listed in two rows, at $2.14 billion. Those figures use the same Sept. 30 share price as the common-stock entry. A 13F reports the underlying shares covered by the options, not the cash premium paid for the contracts.
The report is a holdings filing that combines positions across seven other included managers, including Jane Street Capital, Jane Street Options and Jane Street Global Trading. As a result, the Strategy entries may reflect inventory across the group rather than a single proprietary bet. Authorized Signatory Jeremy Kahn signed the report in New York on Nov. 12. The table lists 14,764 entries valued at $1.19 trillion.
Other early 13F filings, with larger names still to report
Jane Street’s 53.8% increase was the largest percentage rise among large Strategy stakes in Thursday’s early 13F filings. Capital International Investors, a Capital Group unit, increased its stake 4.5% to 36,467,109 shares, worth about $4.17 billion at Thursday’s close. Invesco added 10.9%, bringing its position to 10,362,698 shares, worth about $1.19 billion. Renaissance Technologies reduced its position 41% to 1,515,560 shares, worth about $173 million, and retained the spot bitcoin ETF holdings it had reported at midyear, including BlackRock’s iShares Bitcoin Trust.
JPMorgan Chase, in a previously reported filing, increased its Strategy stake 36% to 848,932 shares and held 11.4 million IBIT shares, worth about $460 million at Thursday’s close. In another early 13F, Bank of New York Mellon increased its stake in Strive (ASST). Like Jane Street’s, those share counts are dated Sept. 30.
The main quarterly 13Fs from Goldman Sachs, Morgan Stanley, Millennium and Mubadala are still due by the Nov. 16 deadline. Institutional managers with investment discretion over $100 million or more in 13F securities have 45 days after quarter-end to disclose their holdings. That period ended on Nov. 14, a Saturday, so the deadline is Monday.
The Sept. 30 snapshot also predates MSCI’s decision this week to remove Strategy from its USA index, a move that will require index funds to sell by Nov. 30. It also predates the stock’s decline since quarter-end. Monday’s remaining filings will show where other large holders stood on the same date, not where they stand now.
This post, Jane Street Raises Its Strategy (MSTR) Stake 54% to 4.1 Million Shares, first appeared on Bitcoin Magazine and was written by Micah Zimmerman.
