JPMorgan Bitcoin holdings in Strategy and BlackRock’s spot Bitcoin ETF were higher at the end of September, according to a filing published on November 12. The disclosure arrived as markets f
JPMorgan Bitcoin holdings in Strategy and BlackRock’s spot Bitcoin ETF were higher at the end of September, according to a filing published on November 12. The disclosure arrived as markets faced a sharp downturn and MSCI prepared to remove Strategy from the MSCI USA Index. But it’s a quarter-end snapshot, not evidence of purchases during this week’s sell-off.
The 13F filing reports holdings at the end of September.
The SEC filing shows JPMorgan held 848,932 Strategy shares worth $131.3 million at quarter-end, 224,545 more than on June 30. Its IBIT position rose by 1,001,295 shares, or 9.6%, to 11,408,930 shares valued at $539.98 million. Bitcoin Magazine reported that other spot Bitcoin fund positions brought JPMorgan’s reported ETF total to about $549 million.
The Strategy and IBIT positions together were worth roughly $671 million on September 30. The filing records positions at that date, but does not by itself establish JPMorgan’s overall view or why it held them.
JPMorgan also disclosed puts covering 1,148,500 Strategy shares, valued at $177.64 million, and calls covering 349,500 shares, valued at $54.06 million, according to Bitcoin Magazine’s review. The options could relate to hedging, client activity or other strategies, but the filing doesn’t establish which. Calling the disclosure an unqualified bullish bet would go beyond the evidence.
MSCI’s decision follows new rules for non-operating companies. The index provider says its screen considers operating assets and, for companies that fail an initial test, five financial ratios. A current constituent is removed if it fails the exclusion screen in each of its two most recent annual filing periods.
MSCI adopted new eligibility rules for non-operating companies.
Strategy has challenged MSCI’s policy. In its response, the company called the proposal misguided and argued that its Bitcoin business counts as an operating segment under U.S. GAAP. Strategy also said MSCI-linked funds held about 3.1% of its basic shares, or roughly 13 million shares. MSCI’s published results list Strategy for deletion, while Strategy’s argument reflects its disagreement with the classification.
Possible selling by index-tracking funds has been discussed in connection with the removal. CoinDesk reported that JPMorgan’s often-cited estimate of $2.8 billion in potential outflows, rising to as much as $8.8 billion if other index providers followed, was made in November 2025 under an earlier proposal. It isn’t an estimate based on the final rules adopted in 2026. CoinDesk also cited Strategy’s estimate that MSCI-linked funds held about 13 million shares, worth roughly $1.6 billion at Wednesday’s prices.
Analyst Markus Thielen told CoinDesk the exclusion was widely expected and much of it may already be priced in. Analyst Derin Olenik warned that it could hurt the institutional-adoption narrative for Bitcoin treasury companies.
The broader market remains under pressure. CoinGecko data supplied for this report put Bitcoin at $68,750 at 15:13 UTC on November 13, 2026. Alternative.me classified its Crypto Fear & Greed Index at 20, or Extreme Fear, that day. These readings describe market conditions, not the reason for any investor’s trades.
Bitcoin’s market data showed losses on November 13.
MSCI’s changes take effect after the November 30 close. Market participants may look to future disclosures or trading data for evidence of how index-tracking funds adjust. Strategy’s estimate of 13 million shares held by MSCI-linked funds is not a confirmed sale total, and the impact may differ from earlier estimates based on a prior proposal.
JPMorgan’s next periodic holdings disclosure may show whether its positions changed after September, but the November 12 filing can’t answer that. It does show increased share counts before the latest downturn, alongside options that complicate the picture. Bitcoin price swings, fund-tracking flows and the risk of losses remain relevant. Exposure through a company or ETF doesn’t remove the risks of a volatile market.
By September 30, JPMorgan had increased its reported Strategy share count by 36% from June and its IBIT share count by 9.6%. The figures don’t show trades after quarter-end or explain the bank’s investment rationale.
MSCI listed Strategy for deletion from the MSCI USA Index after adopting an eligibility screen for non-operating companies. The supplied materials do not specify which test Strategy failed. The change takes effect after the close on November 30, 2026. Strategy disputes the classification and says its Bitcoin business is an operating segment.
No. The filing records share positions and options, but doesn’t say whether they reflect a directional view, hedging, client positions or another strategy. It’s a dated disclosure, not a forecast.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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