One of Wall Street‘s prominent trading firms has revealed its Bitcoin positions, though properly interpreting the data requires looking beyond the initial figures.
According to sources, Jane Street’s most recent Form 13F submitted to the SEC on November 12 indicates that its combined holdings across three leading spot Bitcoin ETFs grew to $1.79 billion as of September 30, up from approximately $926 million at the close of June.
The primary shift involves a reallocation between the two largest funds. Below is a breakdown of the adjustments and their implications for Bitcoin investors.
From BlackRock To Fidelity
The most notable development occurred within Fidelity’s Wise Origin Bitcoin Fund (FBTC). Jane Street expanded its position by roughly 691%, moving from 886,736 shares to 7,010,008 shares. Consequently, the value of this stake climbed from $45.3 million to $509.2 million by the end of the quarter.
Simultaneously, the firm decreased its holding in BlackRock’s iShares Bitcoin Trust (IBIT) by about 19%, lowering its share count from 24.88 million down to 20.22 million. Despite this reduction in shares, the total value of the investment increased to approximately $957 million driven by rising ETF prices.
Sources also confirmed that the firm maintained 11.69 million shares of the ARK 21Shares Bitcoin ETF (ARKB), valued at around $324 million.
A Rollercoaster Year For Jane Street’s Bitcoin Book
This third-quarter filing concludes a period of substantial volatility. During the first quarter, Jane Street slashed its IBIT investment by nearly 71%—dropping from roughly 20.3 million shares to 5.9 million—while simultaneously trimming its FBTC position by about 60%.
The firm subsequently reversed direction. By June 30, it had rebuilt its IBIT holdings to 24.9 million shares, representing an $828 million valuation, while total spot Bitcoin ETF assets hovered near $990 million.
Following the latest quarter, the firm’s aggregate exposure across IBIT, FBTC, and ARKB has reached its peak for the year.
Why A Market Maker’s Filing Is Different
A crucial detail is frequently omitted from mainstream reports. Jane Street acts as an authorized participant for multiple spot Bitcoin ETFs, creating and redeeming shares in response to client activity to help maintain accurate pricing.
Consequently, these quarter-end balances often function more as operational inventory than as directional, long-term investments. Furthermore, because the regulatory filing excludes short positions, derivatives, and hedges, the shift from IBIT to FBTC does not inherently signal the firm’s overarching market outlook on Bitcoin.
Instead, the data highlights where customer demand was concentrated. A nearly eightfold expansion in FBTC inventory points to substantial trading volume for Fidelity’s fund throughout the third quarter.
The Bigger Picture: Banks Are Quietly Adding
More revealing insights may stem from the behavior of long-term investors. During the third quarter, Barclays increased its IBIT stake by 48%, while Citigroup initiated a fresh position comprising 1.64 million shares of FBTC.
Bitwise reported that among the 1,389 institutional filers by last week, aggregate spot Bitcoin ETF holdings grew from $3.35 billion to $5.25 billion. This growth was partially fueled by asset appreciation, given that IBIT appreciated by roughly 41% during the quarter.
Additionally, Bitwise emphasized that 13F reports represent a baseline rather than a maximum figure, as certain institutions intentionally utilize alternative investment vehicles that bypass public reporting mandates.
A Snapshot From A Different Market
One final consideration is that these disclosures reflect positions held as of September 30, a time when annual Bitcoin ETF inflows had just turned positive and Bitcoin was trading at significantly higher levels.
Market conditions have since shifted downward, with Bitcoin dropping below $70,000 amid liquidations exceeding $1.6 billion. Upcoming fourth-quarter disclosures will reveal whether traditional financial institutions and advisory firms maintained their positions through the correction or leveraged the downturn to accumulate additional assets. For ongoing updates, follow the latest Bitcoin news.
What do you think?
Are Wall Street banks building long-term Bitcoin positions, or is most of this ETF activity just market makers moving inventory?
Written by
Yuki Yamamoto
