JPMorgan's 13F for the quarter ended 30 September, signed on 12 November by executive director Michael T. Lees in New York, lists about $549 million of spot Bitcoin ETF shares, a Strategy stake of 848,932 shares and a Coinbase position of roughly $301 million.

Those three lines add up to about $981 million, before the options book, the Robinhood stake and the bitcoin miners are counted. Those are the positions that take the bank's crypto-linked total towards $1 billion, and possibly past it.

The share counts say more than the dollars do. JPMorgan added 224,545 Strategy shares in the quarter, a 36% increase. The dollar values rose faster than the share count, because the price of both went up.

  • JPMorgan's 13F, signed 12 November, discloses about $549 million of spot Bitcoin ETF shares, a Strategy stake worth $131.3 million at 30 September and about $301 million of Coinbase stock.
  • The Strategy position grew 36% in share count, from 624,387 shares at 30 June to 848,932, and in value from $57.9 million to $131.3 million.
  • The next 13F, covering the December quarter, will show whether those positions held, and MSCI's November index changes take effect at the close of 30 November.

Most of the Dollar Jump Is Price

Strategy's implied price on the two filings rose from $92.68 to $154.67, a gain of 67%. Add the 36% share increase and the position's value more than doubled. Most of the extra $73 million therefore comes from Strategy's share price, not from the bank buying.

The same pattern shows in the ETF line. The IBIT position stood at 11,408,930 shares on 30 September, while its value went from about $356 million to about $540 million, up 52%. That works out to about $47 a share at the end of September. Smaller positions in Grayscale's and Bitwise's bitcoin funds bring the ETF total to about $549 million.

Line

30 June

30 September

Strategy shares

624,387

848,932

Strategy implied price

$92.68

$154.67

Strategy value

$57.9 million

$131.3 million

IBIT value

about $356 million

about $540 million

Implied prices are calculated from the disclosed share counts and values.

The Option Lines Are Bigger Than the Stock

The filing also lists option positions on both names. IBIT call options cover 3,703,200 shares valued at $175.27 million, against put options on 2,915,000 shares at $137.97 million. On Strategy, the put line covers 1,148,500 shares valued at $177.64 million, more than the $131.3 million stock position, with call options on 349,500 shares at $54.06 million.

A put line that size is not proof the bank is betting on a fall. Options hedge stock, and a 13F is a snapshot at a quarter end: it does not capture moves since, and it does not show whether a position is a directional bet. Banks hold positions like these to hedge or to facilitate client trades, so the filing shows what sat on the books, not what the bank thinks bitcoin is worth.

What the Strategy Stake Is Worth Now

Strategy closed Thursday at $114.41, down about 6.5% on the day and roughly 26% below its end-September level. At that price, JPMorgan's 848,932 shares would be worth about $97.1 million, some $34 million below the quarter-end figure.

Bitcoin traded below $69,000 this week, at one point near $68,408, a 7% fall in 24 hours, with $1.6 billion of crypto liquidations over a day, more than $1.3 billion of it from long positions. Strategy held 850,364 bitcoin as of 8 November, acquired at an average price of $75,456 a coin.

The bank's public posture has not matched its book. Chief executive Jamie Dimon has called Bitcoin worthless and likened crypto to a fraud, while JPMorgan's long-term capital market assumptions give bitcoin a 10% compound annual return over 10 to 15 years, the forecast we wrote about here.

MSCI's November Review Lands 30 November

MSCI's November 2026 index review takes effect at the close of 30 November, the index provider said in a release dated 11 November. Separately, it has published the final list of securities affected by its non-operating companies methodology, effective with the same review.

The treatment of digital asset treasury companies has been an open question for a year. In February 2026, MSCI decided against excluding them from its indexes as part of that review, and said it intended to open a broader consultation on non-operating companies generally. The new impact list is published as a spreadsheet that did not render here, so which companies it names is not confirmed in this piece.

What settles the question is the December-quarter filing. It will show whether JPMorgan held the Strategy shares through the slide or cut them, and at what price the position was carried into the new year. The quarter-end snapshot was already worth about $34 million less than the filing says by Thursday's close.