The two also describe the IBIT line at different granularity. Cryptopotato rounds to $540 million and ties it to the June figure of $355.7 million. Bitcoin Magazine puts it at $539.98 million and notes that spot bitcoin ETF shares across several funds, including 155,785 shares of Grayscale’s Bitcoin Mini Trust worth $5.76 million and 66,264 shares of the Bitwise Bitcoin ETF worth $3.00 million, came to about $549 million in total.
Options sit beside the share totals, not inside them
Per Cryptopotato, the filing also lists derivatives held by the US broker-dealer: puts on 1,148,500 Strategy shares, up from 715,700 in June, and calls on 349,500 Strategy shares. On IBIT, the unit reported calls on 3,703,200 shares and puts on 2,915,000. Bitcoin Magazine assigns values to those lines, putting the Strategy puts at $177.64 million, above the $131.3 million stock line, and the calls at $54.06 million.
Neither filing explains the purpose of those contracts. As Bitcoin Magazine notes, a 13F does not say whether options are hedges, market-making inventory or client positions, and they should not be read as a single directional bet. Cryptopotato recounts that crypto commentators accused JPMorgan last November of holding a large short position in Strategy after its analysts warned of index-exclusion selling; the outlet notes that SEC guidance tells 13F filers to leave out short positions and any options they write.
The snapshot predates a rough stretch for the trade
The September 30 figures are already dated. Bitcoin Magazine reported Strategy trading near $114.60 on Thursday morning, down about 6% that day, which would value the reported 848,932 shares at roughly $97 million. That is below the $131.3 million marked on the 13F. Bitcoin traded near $71,300 at the same point, the outlet reported, still under $72,000.
What the document records is the quarter-end position: a 36% share-count increase in Strategy and nearly $540 million in IBIT shares, before the market moves that followed.
Market snapshot
Bitcoin traded at $65,593 (₹6,183,100) on November 14, 2026, down 4.9% in 24 hours and 13.3% over seven days, with a market cap of $1.32 trillion and 24-hour volume of $23.44 billion, per CoinPaprika data verified at 19:08 UTC. Ether stood at $1,833 (₹172,825), down 6.1% in 24 hours and 17.8% on the week.
Why it matters
The filing is a reminder that the banks selling bitcoin exposure to clients also hold it on their own books, and that the two roles show up in the same document. The Strategy line also sits in front of a scheduled index event: Bitcoin Magazine reported that MSCI is removing Strategy from its USA Index after the close on November 30, which also takes the stock out of the MSCI World and ACWI indexes. Strategy has been adding to its bitcoin position into this stretch, buying 1,036 Bitcoin and repurchasing $188.3M of STRC as recently as November 14.
What to watch
The 13F window ran to Saturday, November 14, so the effective deadline is Monday, November 16, Bitcoin Magazine reported. Filings from Wells Fargo, Millennium Management and Schonfeld Strategic Advisors had not appeared on EDGAR as of Thursday morning. The next hard date is November 30, when the MSCI removal takes effect after the close.
The 13F requirement applies to managers exercising discretion over $100 million or more in 13F securities, with 45 days to disclose after quarter-end. Because the JPMorgan report folds in 17 included managers, the Strategy and IBIT lines can include client, fund and discretionary positions rather than one proprietary bet, and the firm may have changed the holdings since September 30.
bitcoinworld.co.in
