JPMorgan Lifts Strategy Stake 36% and Holds $540M in BlackRock’s Bitcoin ETF

JPMorgan’s US broker-dealer raised its Strategy (MSTR) stake to 370,680 shares at the end of September from 11,876 in June, a 36% increase, while also holding puts on 1,148,500 Strategy shares. The bank additionally disclosed $540 million in BlackRock’s spot Bitcoin ETF (IBIT), signaling continued institutional exposure to bitcoin through both equity and fund vehicles. The mixed position—long MSTR stock alongside a large put overlay—suggests JPMorgan is pairing upside exposure with downside hedging rather than making a simple directional bet. The scale of the IBIT holding underscores how major banks are increasingly using regulated ETF wrappers for bitcoin access. Watch for further 13F updates and whether the put position grows, which would indicate a more defensive stance on Strategy’s bitcoin-linked equity.