Jane Street Posts Blockbuster Profit as It Deepens Role in Spot Bitcoin ETF Ecosystem

Jane Street is a major Wall Street quantitative trading firm and ETF market maker, and shifts in its holdings are often viewed as a gauge of institutional capital flows. Since U.S. spot Bitcoin ETFs began trading on Jan. 11, 2024, they have become an important channel for traditional investors seeking crypto exposure. However, 13F filings show only quarter-end long positions in U.S.-listed equities and exclude short positions, swaps and complete hedging activity, so reductions do not necessarily indicate a bearish view.

In a May 12, 2026, filing with the U.S. Securities and Exchange Commission covering holdings as of March 31, Jane Street reported that its IBIT position fell 71% from the previous quarter to $225.6 million, while its FBTC position declined 60% to $115 million. Its stake in Strategy, formerly MicroStrategy, fell 78% to $26.18 million. Over the same period, the firm added about $82 million in Ether ETF holdings.

Jane Street is a U.S. quantitative trading firm and ETF market maker that provides liquidity for spot Bitcoin ETFs. Its algorithms have drawn scrutiny over concentrated selling pressure around 10 a.m. during U.S. trading. Analysis suggests, however, that ETF creation, redemption and hedging mechanisms may constrain price discovery, making the firm a focal point of allegations that it triggers a "10 a.m. sell-off."

The latest reports say there is currently no public evidence that Jane Street manipulated Bitcoin and that the controversy is more likely rooted in ETF market structure. The firm is also facing a lawsuit alleging insider trading involving Terraform Labs. Available information does not disclose the filing date, the amount at issue or the specific trading period, and the allegations remain subject to judicial proceedings.