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JPMorgan's Q3 13F shows $981M in crypto-linked equities, IBIT at $540M
JPMorgan's 13F filed Nov 12 shows 11,408,930 IBIT shares, 848,932 Strategy shares (+36% QoQ), and a Coinbase stake near $301M.
JPMorgan Chase filed its 13F-HR for the quarter ended September 30, 2026 with the SEC on November 12. The holdings table shows a crypto-adjacent book of roughly $981 million across spot bitcoin ETFs, Strategy and Coinbase — and above $1 billion once Robinhood and listed miner positions are counted, per Decrypt. Primary filing listing: SEC EDGAR, JPMorgan Chase & Co. 13F filings (accession 0000019617-26-000404, filed 2026-11-12).
The crypto-linked lines
- iShares Bitcoin Trust (IBIT): 11,408,930 shares, marked at $539.98 million on September 30. Share count up 9.6% from 10,407,635 at the end of Q2.
- Other spot bitcoin ETFs: Smaller positions in Grayscale's and Bitwise's bitcoin products take total spot-ETF exposure to about $549 million.
- Strategy (MSTR): 848,932 shares, valued $131.3 million at the Sept. 30 mark, up 36% from 624,387 shares (~$57.9 million) three months earlier.
- Coinbase (COIN): a stake worth roughly $301 million. The filing does not break out share count in the Decrypt tally.
- Robinhood (HOOD) and miners: disclosed stakes in Robinhood, Core Scientific and Hut 8. The 13F lists shares but Decrypt does not aggregate them in its $981M headline figure.
Options book
The filing also reports sizable IBIT and MSTR options exposure, per PANews summarising the filing:
- ~3.70 million IBIT calls (~$175 million notional).
- ~2.92 million IBIT puts (~$138 million notional).
- ~1.15 million MSTR puts (~$178 million notional).
13F filings don't label positions as hedges, market-making inventory or client-facing exposure, so the direction of this book is not readable from the disclosure alone.
Numbers block
| Line | Q3 2026 (9/30) | Q2 2026 (6/30) | Change |
|---|---|---|---|
| IBIT shares | 11,408,930 | 10,407,635 | +9.6% |
| IBIT value | $539.98M | ~$356M | ≈ +52% |
| MSTR shares | 848,932 | 624,387 | +36% |
| MSTR value | $131.3M | ~$57.9M | ≈ +127% |
| Total spot BTC ETFs | ~$549M | — | — |
| Headline crypto-linked (ETFs + MSTR + COIN) | ~$981M | — | — |
Sources: Decrypt, PANews, SEC EDGAR filing listing.
Caveats to read the filing with
- 13F limits. The form reports long positions and most options; it excludes short positions. Net exposure is not readable from the public filing.
- Aggregation. JPMorgan files a single 13F covering the bank's reportable managed accounts — proprietary, discretionary, and client-directed positions are mixed. Line items should not be read as a single desk's conviction trade.
- Marks vs. current prices. Values on the filing are September 30 marks. MSTR and IBIT have both traded lower since.
What to watch
- Amendments. Large filers often file 13F/A amendments in the weeks after the initial disclosure. Share counts and marks can move.
- Other dealers' Q3 13Fs. Goldman Sachs, Morgan Stanley and Citi file on the same cycle. Their IBIT and MSTR lines are the comparable disclosure.
- Options reconciliation. A follow-up disclosure or flow data is the only way to read whether the IBIT/MSTR options exposure is directional, delta-hedged against the long share book, or client-facing.
Context
JPMorgan's Q2 13F — covering 6/30/2026 — showed roughly $356 million in IBIT; Q3 lifts the IBIT line to $540 million and the Strategy line to $131 million. The bank's public posture on crypto remains cautious under CEO Jamie Dimon, but the 13F disclosures track a book that has grown each of the last several quarters, including the rollout of the JPM Coin deposit token on public Ethereum covered previously (JPM Coin on Ethereum).