JPMorgan raises Strategy and Bitcoin ETF holdings to $671 million
JPMorgan Chase increased its stake in Strategy by 36% in the third quarter of 2026 and purchased approximately 1 million additional shares of BlackRock's Bitcoin fund. The combined value of the two positions reached $671 million at the end of September, despite the subsequent cryptocurrency market decline.
According to a Form 13F filing submitted to the U.S. Securities and Exchange Commission (SEC), the bank held 848,932 Strategy shares as of September 30, compared with 624,387 three months earlier. JPMorgan increased its stake by 224,545 shares during the quarter.
At the same time, the bank expanded its investment in BlackRock's iShares Bitcoin Trust (IBIT). Its holdings in the fund rose 9.6% to 11.4 million shares as Bitcoin prices increased during the reporting period.
JPMorgan increases positions in Strategy and Bitcoin funds
At the end of September, JPMorgan's Strategy stake was valued at approximately $131.3 million, with shares trading near $155 each. Its IBIT investment reached $540 million, up 52% from $355.7 million at the end of June, reflecting additional purchases and an increase in the fund's share price.
In addition to its two largest positions, JPMorgan disclosed investments in Grayscale Bitcoin Mini Trust and Bitwise Bitcoin ETF. The bank also held call and put options on Strategy and IBIT shares, indicating the use of more complex investment strategies.
The financial institution's portfolio included 1.58 million shares of Coinbase, Robinhood stock and shares in five Bitcoin mining companies: Core Scientific, MARA Holdings, Riot Platforms, Hut 8 and CleanSpark.
However, the disclosed positions reflect the bank's portfolio as of September 30 rather than its current holdings. Since the end of the quarter, Strategy shares have fallen approximately 26%, reducing the market value of the reported stake by roughly $34 million.
Strategy's removal from MSCI indexes adds to risks
Strategy shares face additional pressure from the company's upcoming removal from the MSCI USA, World and ACWI indexes after the market closes on November 30.
JPMorgan analysts previously estimated that Strategy's removal from the indexes could trigger $2.8 billion in share sales. The index rebalancing may force funds tracking these benchmarks to reduce their positions.
The situation is further complicated by Bitcoin's decline to $68,408 and significant outflows from spot ETFs. Against this backdrop, cryptocurrency assets and related stocks remain under pressure.
Meanwhile, JPMorgan Chase shares have gained on strong results from its corporate and investment banking divisions. The bank's financial performance and positive share price momentum have supported investor interest.
Earlier, we reported that JPMorgan Chase tightened controls on the use of external AI agents due to security and legal liability risks. The new restrictions apply to interactions between third-party systems and the bank's corporate infrastructure.
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