Key Insights:
- The MSTR stock price slid toward $114, but JPMorgan raised its Strategy stock stake 36% to $131.3M.
- JPMorgan also lifted BlackRock’s IBIT holdings 9.6% to $540M and held 1.58 million Coinbase shares.
- Strategy shares tumbled after MSCI confirmed the November 30 index removal amid a slide in Bitcoin prices.
The MSTR stock price fell toward $114 on November 12. JPMorgan’s latest 13F filing drew attention the same day. It showed a bigger Strategy (MSTR) stake and a larger put position.
Wu Blockchain flagged the filing on X. The post covered the stake, the put options, and the ETF holdings.
MSTR Stock Price Under Watch as JPMorgan Added 224,545 Shares
According to its 13F filing, JPMorgan held 848,932 MSTR stock as of September 30. These were worth $131.3 million. That was up from 624,387 shares at the end of June. The increase of 224,545 shares equaled 36%.
The bank also reported put options on 1,148,500 MSTR shares. These were valued at $177.64 million. Puts gain value when a stock falls, so traders often treat them as hedges. The filing did not state the purpose of the position.
The put position covered more shares than the stock stake. A 13F filing is also a quarter-end snapshot. It does not show the reason behind each position.
JPMorgan raised its BlackRock iShares Bitcoin Trust (IBIT) holdings by 9.6% to 11,408,930 shares. These were worth $539.98 million. The bank also holds 2,915,000 IBIT shares, valued at $137.97 million.
Coinbase (COIN) was also part of the filing. JPMorgan held 1,581,814 shares worth $300.58 million, up 13% from June. Together, the Strategy and IBIT stakes came to about $671 million.
Why MSTR Stock Price Slid After MSCI’s November 30 Decision
MSCI published its November index review after the US market close on November 11. It confirmed Strategy’s exit from its global equity indexes at the November 30 close. The decision followed a non-operating company rule that MSCI adopted on October 15.
The MSTR stock price had closed at $122.35 on November 11, according to TradingView data. It then fell 6.25% to $114.70 on November 12. The intraday range ran from $112.32 to $119.65.
The filing valued Strategy stock at about $154.67 per share on September 30. That figure came from the reported value and share count. The November 12 close was about 26% lower.
Funds tracking MSCI held about 13 million shares. That equaled roughly 3.1% of basic shares outstanding. In November 2025, JPMorgan analysts estimated a removal could pull out about $2.8 billion. That estimate used MSCI’s earlier proposal, not the final rule.
Markus Thielen of 10x Research said the outcome was widely expected. He added that the market had already priced in much of it. Before the decision, the company said the rule would not materially affect Strategy stock.
Michael Saylor, the company’s chair, had criticized the rule as discriminatory. The removal did not delist the stock. It also did not force Strategy to sell Bitcoin.
Strategy Stock Faces a Bitcoin Cost Test Before the Index Exit
Bitcoin (BTC) traded near $73,478 on November 11. Strategy held 850,364 BTC as of November 8, bought at an average cost of $75,456. That placed the market price below the company’s average cost. Readers could track the latest Bitcoin price for updates.
The company’s mNAV also narrowed. This ratio compares market value with Bitcoin holdings. It stood near 1.08x, down from a peak of 3.4x in November 2024.
At the time of writing, traders were watching the November 30 close. Index funds usually trade at the close on the effective date. Some selling may already have occurred after the November slide.
Other index providers could also review Strategy stock. JPMorgan had estimated that a further $8.8 billion could leave if they followed MSCI. No such move had been confirmed at press time.
JPMorgan’s filing showed a snapshot of Strategy stock as of the end of September. The market moved sharply after that date. Readers could also follow Strategy’s Bitcoin purchases and Coinbase stock updates.
