JPMorgan's 13F shows bigger bitcoin-adjacent bets as of Sept. 30 — before the November drop
JPMorgan's Q3 13F filing shows its Strategy stake up 36% to 848,932 shares and its BlackRock bitcoin ETF position up 9.6% to about $540 million as of Sept. 30, a snapshot already eroded by the November sell-off.
JPMorgan Chase raised its holdings of Strategy (MSTR) stock by 36% in the third quarter and expanded its position in BlackRock's spot bitcoin ETF to roughly $540 million, according to the bank's latest 13F filing with the U.S. Securities and Exchange Commission, reported by The Block.
The filing is a quarterly snapshot dated Sept. 30. It shows the bank held 848,932 Strategy shares, up 224,545 from the 624,387 it reported as of June 30 — a 36% increase. The Block put the position's filing-date value at about $131.3 million, with MSTR trading near $155 at quarter's end.
JPMorgan's stake in BlackRock's iShares Bitcoin Trust (IBIT) rose 9.6% to 11,408,930 shares, worth roughly $540 million, up from 10,407,635 shares the prior quarter, per the filing. The bank also reported 1,581,814 Coinbase shares, a position in Robinhood, and stakes in bitcoin miners Core Scientific, MARA Holdings, Riot Platforms, Hut 8 and CleanSpark.
Key facts (all from JPMorgan's Q3 2026 13F, via The Block):
- Strategy (MSTR): 848,932 shares as of Sept. 30, up 36% from 624,387; filing value ~$131.3 million.
- BlackRock's IBIT: 11,408,930 shares (~$540 million), up 9.6% from 10,407,635.
- Also held: 1,581,814 Coinbase shares, a Robinhood stake, and miners Core Scientific, MARA, Riot, Hut 8, CleanSpark.
- Market context: MSTR closed Thursday at $114.41, down ~6.5% on the day; bitcoin fell 7% over 24 hours to $68,408, its lowest since Aug. 20 (The Block).
The real-world read
Read the dates before the headline. A 13F is a backward-looking disclosure of long positions as of the last day of the quarter — here, Sept. 30, now roughly six weeks stale. The Block does the arithmetic the number invites: at Thursday's $114.41 close, the same MSTR stake would be worth about $97.1 million, roughly 26% below the filing's valuation, because MSTR and bitcoin have fallen hard since.
A 13F also doesn't reveal conviction. JPMorgan is a custodian, market maker and authorized participant for ETFs; large chunks of these holdings can reflect client-facing activity, hedges or inventory rather than a proprietary bet that bitcoin goes up. The filing shows long equity positions only — it does not net out shorts, options or swaps, so "JPMorgan increased its bitcoin exposure" overstates what the document actually proves. Worth remembering, too, that CEO Jamie Dimon has spent years disparaging bitcoin; a bigger IBIT line on a regulatory form is not the same as the bank endorsing it.
One more caveat: this rests on a single secondary account of the filing. The underlying 13F is public and primary, but the share counts and valuations here are as The Block read them.
Opinion, and whose
The Block supplied the framing that the Sept. 30 valuations have since compressed — noting the ~26% gap between the filing value and Thursday's price. No forecast is offered here, and none should be read in: a quarter-end holdings snapshot says nothing about where any of these assets go next.
Sources
- The Block (Tier 2, secondary) — reported the contents of JPMorgan's Q3 2026 13F: Strategy, IBIT, Coinbase, Robinhood and miner holdings, plus Thursday's MSTR and bitcoin prices and the valuation gap. Not sponsored; The Block states sponsored content is labeled separately.
- Primary source referenced: JPMorgan Chase's Q3 2026 Form 13F, filed with the SEC (as cited by The Block).
This is news reporting, not financial advice.