JPMorgan Raised Its MSTR Stake 36% Before Strategy’s MSCI Exit Blow

JPMorgan Chase (NYSE:JPM) raised its Strategy (NASDAQ:MSTR) stake 36% last quarter, a bet that’s now sitting on paper losses after MSCI confirmed plans to remove the stock from its benchmark indexes.

JPMorgan’s Strategy Stake Jumps to 848,932 Shares

JPMorgan Chase increased its Strategy (NASDAQ:MSTR) common stock holdings by 224,545 shares in the third quarter, bringing its position to 848,932 shares as of Sept. 30, according to its latest 13F filing with the SEC cited by The Block. 

That’s up from 624,387 shares at the end of June, a stake the bank valued at roughly $131.3 million when MSTR traded near $155.

JPMorgan also expanded its broader crypto exposure:

• BlackRock’s IBIT (NASDAQ:IBIT): grew 9.6% to 11,408,930 shares, worth approximately $540 million, up from 10,407,635 shares the prior quarter
• Coinbase (NASDAQ:COIN): 1,581,814 shares
• Robinhood (NASDAQ:HOOD): a stake in the company
• Bitcoin miners: positions across Core Scientific (NASDAQ:CORZ), MARA Holdings (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), Hut 8 (NASDAQ:HUT) and CleanSpark (NASDAQ:CLSK)

Why That Stake Looks Different Today

Strategy shares closed Thursday at $114.41, down roughly 6.5% on the day. At that price, JPMorgan’s reported MSTR position would be worth about $97.1 million, roughly 26% below what the filing valued it at just six weeks earlier. 

Bitcoin fell alongside the stock, dropping 7% over 24 hours to $68,408, its lowest level since August 20.

MSCI’s December 1 Removal Adds Billions in Selling Risk

MSCI confirmed it will remove Strategy from its benchmark indexes after the Nov. 30 close, Benzinga reported, a move that raises the risk of forced selling from funds tracking those benchmarks. 

Strategy previously warned the exclusion could trigger approximately $2.8 billion in stock sales, while JPMorgan itself estimated outflows could reach $8.8 billion if other index providers follow MSCI’s lead, though that larger figure remains conditional.

JPMorgan’s 13F snapshot reflects positions as of Sept. 30, well before MSCI’s removal decision became public, meaning the bank’s actual current exposure may look considerably different today.

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