Jane Street's combined stake in three spot Bitcoin ETFs nearly doubled in Q3, according to its latest 13F filing. The headline move is a reshuffle between the two biggest funds. Because the firm is a market maker, the filing may say little about its view on Bitcoin.
Jane Street's latest Form 13F, filed with the SEC on Nov. 12, shows its combined stake in three major spot Bitcoin ETFs rose from about $926 million at the end of June to $1.79 billion by Sept. 30. The headline move is a reshuffle between the two biggest funds.
Jane Street shifts from BlackRock to Fidelity
The largest change came in Fidelity's Wise Origin Bitcoin Fund (FBTC). Jane Street grew its position from 886,736 shares to 7,010,008 shares, an increase of roughly 691%. The stake was worth $509.2 million at quarter-end, up from $45.3 million.
At the same time, the firm trimmed BlackRock's iShares Bitcoin Trust (IBIT). Its share count fell about 19%, from 24.88 million to 20.22 million, yet the position's value climbed to around $957 million as the ETF's price rose. Jane Street also held 11.69 million shares of the ARK 21Shares Bitcoin ETF (ARKB), worth about $324 million.
Why a market maker's filing reads differently
Jane Street is an authorized participant for several spot Bitcoin ETFs, so it creates and redeems shares as clients buy and sell. That means its quarter-end holdings often work more like inventory than a long-term bet.
The filing also excludes derivatives, short positions and hedges, so the switch from IBIT to FBTC does not on its own reveal the firm's net view on Bitcoin. What it does show is where client demand flowed, since a near eightfold jump in FBTC inventory suggests Fidelity's fund saw heavy trading activity through the third quarter.
Other institutions add exposure
The more meaningful signal may come from long-term holders, according to Bitcoinist. Barclays raised its IBIT stake by 48% in Q3, while Citigroup opened a new position of 1.64 million FBTC shares. Across the 1,389 institutions that had filed by last week, Bitwise found combined spot Bitcoin ETF holdings rose from $3.35 billion to $5.25 billion.
The filings capture positions as of Sept. 30, and the market has moved since. Bitcoin fell below $70,000 this week as liquidations topped $1.6 billion.
The next round of filings, covering Q4, will show whether banks and advisers held their ground through the dip or used it to buy more.
Source: Bitcoinist
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