Overview
- Jane Street’s 13F, released Tuesday, shows IBIT down about 71% to 5.9 million shares and FBTC down about 60% to 2.0 million, alongside roughly $82 million of additions to Ether ETFs from BlackRock and Fidelity.
- Beyond ETFs, the firm slashed its Strategy position to roughly 210,000 shares and trimmed several Bitcoin miners including IREN, Cipher Mining, TeraWulf, and Core Scientific by March 31.
- The filing also lists bigger stakes in select crypto stocks, with Riot Platforms up to about 7.4 million shares, Coinbase near 888,000 shares, and Galaxy Digital around 1.5 million shares.
- Because 13F reports only quarter‑end long positions and excludes derivatives, shorts, intraday trades, and many non‑U.S. holdings, a market maker’s reported ETF inventory can reflect client flows and creations or redemptions rather than a directional view.
- Commentators are split on what the rotation means for prices, even as Reuters reports record $16.1 billion in Q1 trading revenue for Jane Street and court records show the firm moved in April to dismiss a Terraform Labs bankruptcy‑estate lawsuit.