The investment firm’s combined ownership of spot Bitcoin-linked shares expanded significantly by the end of September, just before a downturn in the cryptocurrency market. This growth was driven by a nearly eightfold increase in the company’s stake in the Fidelity Bitcoin ETF (FBTC), bringing the value of that specific holding to $509M.

To adjust its portfolio, Jane Street reduced its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 18.7% during the third quarter. While the firm added 6.12 million FBTC shares, it lowered its IBIT position to 20.22 million shares, a stake currently worth $957.3M, taking its total spot Bitcoin ETF exposure to approximately $1.9B.