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11/13/2026

JPMorgan Reports $540 Million in IBIT and a Larger Strategy Holding

What happened: JPMorgan’s third-quarter holdings disclosure, filed November 12 for the period ending September 30, listed 848,932 Strategy shares, an increase of 224,545 shares, or approximately 36%,

JPMorgan Reports $540 Million in IBIT and a Larger Strategy Holding

What happened: JPMorgan’s third-quarter holdings disclosure, filed November 12 for the period ending September 30, listed 848,932 Strategy shares, an increase of 224,545 shares, or approximately 36%, from the preceding quarter. It also reported 11,408,930 shares of BlackRock’s iShares Bitcoin Trust, valued at approximately $539.98 million, with the share count rising 9.6% from 10,407,635. The Strategy position carried a reported quarter-end value of approximately $131.3 million, while the filing also included Coinbase shares and options positions connected to both Strategy and IBIT.

Why it matters: These disclosures describe a historical portfolio snapshot, so the larger holdings cannot establish that JPMorgan was buying during the November selloff or reveal the purpose of every position. The research puts Strategy at $114.41 by November 13, reducing the indicated value of the disclosed share count to approximately $97.1 million, assuming it remained unchanged. Reported Strategy put exposure of $177.64 million exceeded call exposure of $54.06 million, further complicating a straightforward bullish interpretation; those figures do not establish option premiums paid or the portfolio’s overall directional exposure.

Source: The Block; Bitcoin Magazine.