JPMorgan Increased Positions in Strategy by 36% and Acquired Put Options

On November 12, 2026, JPMorgan Chase disclosed in its 13F report an increase in positions in Strategy (MSTR) for the third quarter. As of September 30, the bank's affiliated entities held 848,932 shares of the company—36% more than at the end of June. Positions in put options also increased. This information came to light following MSCI's decision to exclude Strategy from the U.S. stock index.

What Changed in JPMorgan's Report

As of June 30, the report listed 624,387 shares of MSTR, and by September 30, this number had risen to 848,932. The value of the September package on the reporting date was $131.3 million. The number of shares underlying disclosed put options increased from 715,700 to 1,148,500, or approximately 60%.

A put option can be profitable if the asset's price falls, but the 13F report does not disclose the purpose of the transactions, the terms, or the strike prices of the options, nor all counter positions. The data combines JPMorgan and 17 related management entities, so the increase in puts cannot be taken as proof of the bank betting on a decline in MSTR.

When Strategy Will Be Excluded from MSCI

On November 11, MSCI included Strategy's class A shares in the list of those to be excluded from the MSCI USA Index. The change will take effect after the close of trading on November 30. Funds replicating the index will need to adjust their portfolios, but the exact volumes and timing of transactions are not known in advance.

The potential sales estimate of $2.8 billion, cited by the media, was made by JPMorgan in November 2025 based on a preliminary scenario. Strategy later estimated the positions of funds tracking MSCI indices at approximately 13 million shares, or 3.1% of capital.

How the Value of the Package Changed

On November 12, MSTR shares closed at $114.41, down 6.49% for the day. At this price, 848,932 shares would be worth about $97.1 million if their number had not changed since September. This is a calculated estimate, not an established loss for JPMorgan: the form does not show subsequent operations and the full risk structure of the bank.

Exclusion from MSCI does not mean delisting Strategy or obligating the company to sell its bitcoins.