JPMorgan Raises MSTR and IBIT Holdings While Holding More MSTR Put Exposure Than Stock JPMorgan’s latest 13F shows 848,932 Strategy shares worth about $131.3 million as of September 30, up roughly 36% quarter over quarter, alongside put options covering 1.15 million MSTR shares with an underlying value of about $177.6 million. The bank also held 11.41 million BlackRock IBIT shares worth about $540 million, up 9.6%, and roughly 1.58 million Coinbase shares. The holdings include assets managed across JPMorgan-affiliated investment entities and do not solely represent proprietary positions.

JPMorgan's latest 13F filing, covering positions as of September 30, shows the bank holding 848,932 shares of Strategy (MSTR) valued at roughly $131.3 million, a quarter-over-quarter increase of about 36%. The filing also indicates the bank increased its iShares Bitcoin Trust (IBIT) holdings and carries more put option exposure on MSTR than it holds in the underlying stock, a structure that typically reflects hedging or downside positioning rather than a directional long. For the market, the transmission channel runs through institutional risk appetite for bitcoin-linked equities: Strategy functions as a leveraged proxy for bitcoin, so shifts in large-bank positioning can feed into sentiment, options implied volatility, and hedging flows across crypto-exposed names. Strategy (MSTR) and Coinbase (COIN) are the most directly exposed, given their sensitivity to bitcoin price moves and to the derivatives activity that large holders generate. Traders should watch the next 13F cycle and bitcoin's reaction to upcoming US spot ETF flow data, since sustained IBIT inflows would ind

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