Jane Street disclosed approximately $1 billion of long positions across U.S. spot Bitcoin exchange-traded funds at the end of the second quarter, with BlackRock’s iShares Bitcoin Trust accounting for the overwhelming majority of its reported exposure.
The quantitative trading and market-making firm reported roughly $828 million of IBIT shares as of June 30, according to its latest Form 13F holdings disclosure.
Additional positions in products including Fidelity’s Wise Origin Bitcoin Fund and Grayscale’s Bitcoin Trust pushed Jane Street’s aggregate reported Bitcoin ETF holdings to around $1 billion. Contemporary calculations differ slightly, with some putting the total near $990 million and others above $1 billion.
The disclosure represents ETF shares rather than Bitcoin held directly by Jane Street and provides only a quarter-end snapshot of its reportable long securities positions.
Jane Street Rebuilds IBIT After a 71% Cut
The most notable change occurred in BlackRock’s fund. Jane Street reported approximately 5.9 million IBIT shares worth around $225 million at March 31. By June 30, the value of its IBIT position had climbed to approximately $828 million.
That represents a dramatic reversal from the first quarter, when Jane Street reduced its IBIT share count by roughly 71%.
At the end of 2025, the firm had held more than 20 million IBIT shares before aggressively reducing the position during the first three months of 2026.
The Q2 rebound therefore demonstrates how rapidly Jane Street’s ETF inventory can change. However, it should not automatically be interpreted as an $828 million directional bet that Bitcoin will appreciate.
Jane Street is one of the world’s largest market makers and an authorized participant for several spot Bitcoin ETFs. Large ETF positions can consequently reflect market-making inventory, arbitrage, creation and redemption activity, client flows or hedging strategies rather than a conventional long-term investment thesis.
A $1 Billion Filing Does Not Mean $1 Billion Long Bitcoin
That distinction is particularly important when interpreting Form 13F disclosures from quantitative trading firms. SEC rules require qualifying institutional investment managers to report certain long U.S. securities positions each quarter. The filing does not provide a complete picture of a firm’s trading book.
Short positions are generally absent, while derivatives and other instruments may not reveal how an apparently long ETF position is hedged elsewhere. Jane Street could, for example, hold Bitcoin ETF shares while maintaining offsetting futures, options or other crypto-related positions. The 13F therefore cannot establish the firm’s net directional Bitcoin exposure.
The disclosure nevertheless illustrates the scale at which traditional trading companies now operate inside the spot Bitcoin ETF ecosystem.
BlackRock’s IBIT has become the dominant U.S. Bitcoin fund since its January 2024 launch, creating a liquid regulated instrument that can be traded using the same infrastructure institutional firms already employ across equities and ETFs.
Jane Street’s roughly $828 million IBIT position demonstrates that Bitcoin ETFs are now large enough to form meaningful components of a major market maker’s reported securities inventory.
But the more revealing number may be the quarter-to-quarter movement. After cutting IBIT by 71% in Q1, Jane Street rebuilt the position dramatically by June 30. For a market maker, that volatility is a reminder that billion-dollar ETF disclosures can reveal the scale of institutional participation without necessarily revealing whether the institution itself is bullish on Bitcoin.
