TREE NEWS reports: Jane Street ended the third quarter with 19% fewer shares in BlackRock’s iShares Bitcoin Trust (IBIT), though a higher share price lifted the value of its stake to $957 million. The trading firm also increased its holdings in Fidelity’s Bitcoin ETF nearly eightfold over the same period.
Jane Street Cuts BlackRock Bitcoin ETF Stake 19% in Q3, Boosts Fidelity Holdings Nearly 8x
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AI take
Jane Street's shift is notable less for the modest IBIT trim than for the near-eightfold build in Fidelity's bitcoin ETF, a reallocation across issuers rather than an obvious retreat from the asset class. For a market maker of its scale, the mix between the two funds can say as much about liquidity and hedging needs as about directional conviction. Whether this rotation reflects a durable preference for Fidelity's product or routine quarter-end positioning is the open question worth watching in the next round of filings.
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