Jane Street’s $15B Loss Puts Its $990M Bitcoin ETF Holdings In Focus

Jane Street disclosed about $990 million in U.S. spot Bitcoin (BTC) ETF holdings as of June 30, shortly before the trading firm suffered a reported $15 billion July loss.

Key Points:

Jane Street reported about $990 million in spot Bitcoin ETF holdings as of June 30, including roughly $828 million in BlackRock’s IBIT.

A Form 13F shows long securities positions at one reporting date, not a market maker’s complete exposure.

Reuters reported a roughly $15 billion July hit, while Jane Street still generated more than $40 billion in trading revenue through July.

Jane Street Filing

Jane Street’s second-quarter Form 13F showed roughly $828 million in BlackRock’s iShares Bitcoin Trust, or IBIT, with the rest spread across other spot Bitcoin funds. The filing provides a quarter-end snapshot rather than a live view of the firm’s exposure.

That matters because 13F reports show long securities positions but do not reveal short positions, derivatives or other hedges that can offset them. Jane Street also serves as a market maker and authorized participant for major Bitcoin ETFs, so the holdings may reflect inventory or client activity.

Reuters separately reported that Jane Street lost about $15 billion in July, partly because of its exposure to Situational Awareness, an AI-focused hedge fund led by Leopold Aschenbrenner. The month marked Jane Street’s first negative trading-revenue month since 2016.

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Bitcoin ETF Meaning

The disclosure should not be read as clear evidence that Jane Street made a nearly $1 billion directional bet on Bitcoin. A market maker can hold large ETF positions while using futures, options or other trades to reduce price exposure.

The scale still matters for the Bitcoin ETF market. An $828 million IBIT position shows how large trading firms can concentrate activity in one fund while helping create, redeem and trade shares across institutional markets.

Jane Street also remains profitable for the year despite the July setback. Reuters reported more than $40 billion in trading revenue through July, already above the $39.6 billion the firm generated during all of 2025.

The June holdings also reversed a sharp first-quarter shift. Jane Street had cut its IBIT stake by about 71% in the first quarter while increasing exposure to Ether (ETH) ETFs, a pattern consistent with a trading book that can change substantially between reporting dates.

Alexey Bondarev

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.