Jane Street Group raised its Strategy (MSTR) stake 53.8% in the third quarter, to 4,119,097 shares, a Form 13F filed Thursday shows, a position dated to Sept. 30 that does not capture any trades the firm may have made since then.
Those caveats matter as much as the increase. Jane Street is a trading firm, and one of the largest market makers in stocks, ETFs, and options, and the same filing lists call options covering 13,573,000 Strategy shares and put options covering 13,991,800 shares, each more than three times the size of the common stake. Some of that stock is likely a hedge for the options and market-making book rather than a straight bet on the company. The 13F does not say how much.
The shares were valued at $630.6 million in the filing, using the Sept. 30 price of $153.09. Strategy has fallen about 25% since then. At Thursday’s close of $114.41, the same 4,119,097 shares were worth about $471 million.
The Class A position is up 1,441,475 shares from the 2,677,622 Jane Street reported at June 30, when the same holding was valued at $232.8 million. The firm filed about four days ahead of the Nov. 16 deadline; the SEC accepted the report at 4:04 p.m. Eastern on Thursday.
Call and put positions that dwarf Strategy’s stock
The options lines were already large in the second quarter and grew again. Calls covering 13,573,000 shares were valued at $2.08 billion in the new filing, and puts covering 13,991,800 shares, listed in two rows, were valued at $2.14 billion. Those figures use the same Sept. 30 share price as the common-stock line; a 13F reports the underlying shares the options cover, not the cash premium paid for the contracts.
The report is a holdings filing that folds in positions across seven other included managers, among them Jane Street Capital, Jane Street Options and Jane Street Global Trading, so the Strategy lines can include inventory across the group rather than a single proprietary bet. Authorized Signatory Jeremy Kahn signed the report in New York on Nov. 12. The table lists 14,764 entries valued at $1.19 trillion.
Other early 13Fs so far, with bigger names still to file
Jane Street’s 53.8% increase was the sharpest percentage increase among the large Strategy stakes in Thursday’s early 13F wave. Capital International Investors, a Capital Group unit, raised its stake 4.5% to 36,467,109 shares, worth about $4.17 billion at Thursday’s close. Invesco added 10.9%, to 10,362,698 shares, worth about $1.19 billion. Renaissance Technologies cut its position 41%, to 1,515,560 shares, worth about $173 million, and left the spot bitcoin ETF holdings it had reported at midyear, including BlackRock’s iShares Bitcoin Trust.
JPMorgan Chase, in a filing already reported, lifted its Strategy stake 36% to 848,932 shares and held 11.4 million IBIT shares, worth about $460 million at Thursday’s close. Bank of New York Mellon, in another early 13F, raised its stake in Strive (ASST). Those share counts, like Jane Street’s, are as of Sept. 30.
Still to file by the Nov. 16 deadline are the main quarterly 13Fs from Goldman Sachs, Morgan Stanley, Millennium and Mubadala. Institutional managers that exercise investment discretion over $100 million or more in 13F securities have 45 days after quarter-end to disclose those holdings. That window ran to Nov. 14, a Saturday, so the deadline is Monday.
The Sept. 30 snapshot also precedes this week’s decision by MSCI to remove Strategy from its USA index, a step that will force index funds to sell by Nov. 30, and it precedes the stock’s slide since quarter-end. Monday’s remaining filings will show where other large holders stood on the same date, not where they stand now.
