Jane Street disclosed more than $1 billion in U.S. spot Bitcoin ETF holdings in its quarterly 13F filing with the SEC on Aug. 14. The filing shows about $828 million parked in BlackRock's iShares Bitcoin Trust (IBIT), alongside positions in Fidelity's FBTC and Grayscale's GBTC. It also reveals a sharp jump in XRP ETF exposure.
The 13F snapshot
The filing covers securities held at the end of the reporting period. Jane Street had previously cut its IBIT stake by about 71% to roughly 5.9 million shares, worth about $225 million, before rebuilding during the quarter. The new total pushes its crypto ETF holdings past the billion-dollar mark.
That's a meaningful reversal. The firm trimmed heavily in early 2025, then came back in Q2. The numbers are large, but they're also just a snapshot.
The XRP build
Jane Street now holds over 1.2 million shares of Bitwise's spot XRP ETF, up from 20,605 shares three months earlier. That's a 58-fold increase. The firm also reported positions in XRP products from Franklin Templeton, Grayscale, Canary Capital, and 21Shares.
The move into XRP isn't isolated. Jane Street appears to be diversifying its crypto ETF exposure beyond Bitcoin, even as the SEC's stance on XRP remains unsettled in some corners.
What the filing doesn't show
The 13F only captures long positions at quarter-end. Jane Street is a major market maker, so the numbers don't represent a directional bet. Shorts, futures, swaps, and other derivatives are excluded from the filing.
That means the actual exposure is far more complex. The disclosed positions could be hedged or offset in ways the public can't see.
The next 13F, due in November, will show whether the firm kept its Bitcoin and XRP positions or rotated again.
