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Jane Street Lifts Its Strategy (MSTR) Stake 54% to 4.1 Million Shares

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Jane Street Lifts Its Strategy (MSTR) Stake 54% to 4.1 Million Shares

Bitcoin Magazine

Jane Street Lifts Its Strategy (MSTR) Stake 54% to 4.1 Million Shares

Jane Street Group raised its Strategy (MSTR) stake 53.8% in the third quarter, to 4,119,097 shares, a Form 13F filed Thursday shows, a position dated to Sept. 30 that does not capture any trades the firm may have made since then.

Those caveats matter as much as the increase. Jane Street is a trading firm, and one of the largest market makers in stocks, ETFs, and options, and the same filing lists call options covering 13,573,000 Strategy shares and put options covering 13,991,800 shares, each more than three times the size of the common stake. Some of that stock is likely a hedge for the options and market-making book rather than a straight bet on the company. The 13F does not say how much.

The shares were valued at $630.6 million in the filing, using the Sept. 30 price of $153.09. Strategy has fallen about 25% since then. At Thursday’s close of $114.41, the same 4,119,097 shares were worth about $471 million.

The Class A position is up 1,441,475 shares from the 2,677,622 Jane Street reported at June 30, when the same holding was valued at $232.8 million. The firm filed about four days ahead of the Nov. 16 deadline; the SEC accepted the report at 4:04 p.m. Eastern on Thursday.

The options lines were already large in the second quarter and grew again. 14 billion. Those figures use the same Sept. 30 share price as the common-stock line; a 13F reports the underlying shares the options cover, not the cash premium paid for the contracts.


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