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Jane Street Capital Increases Coinbase Stock Holdings
Jane Street Capital, a prominent trading firm, has significantly increased its ownership of Coinbase stock. According to financial intelligence site Fintel, Jane Street held 5.3% of Coinbase’s outstanding shares as of February. The company’s 13G filing on February 9 indicated that COIN was valued at $140.86 at the time, translating to a $1.4 billion valuation of Jane Street’s holdings. With Coinbase’s current share price at $236.40, those same shares are now worth around $2.4 billion. It remains uncertain whether Jane Street’s position has changed since February.
Surge in Holdings
Compared to previous months, Jane Street’s current stake represents a significant surge. Yahoo! Finance data reveals that in December, Jane Street held just 1.92% of Coinbase’s outstanding shares, valued at $888 million. This increase in holdings has positioned Jane Street as one of the largest investors in Coinbase’s public stock.
Top Investors in Coinbase
While Jane Street holds a substantial portion of Coinbase shares, Vanguard Group surpasses its holdings with 7.44% of outstanding shares as of February. Other notable investors include BlackRock, the world’s largest asset manager, which held 4.36% of outstanding Coinbase shares in December. Nikko Asset Management Americas held 2.64% of outstanding shares, while Paradigm, a crypto-focused VC firm, held 2.31% of outstanding shares. Ark Invest, led by Cathie Wood, possessed 2.26% of outstanding shares by the end of the first quarter.
Wall Street Embraces Crypto Investments
Jane Street Capital’s move to increase holdings in Coinbase reflects a broader trend of Wall Street firms leaning into the crypto sector. Coinbase, a leading publicly traded crypto company since its IPO in April 2021, has garnered significant attention from institutional investors.
With the recent approval of spot Bitcoin ETFs by the SEC, institutional interest in the crypto market has heightened. Companies like BlackRock, Fidelity, and Grayscale have seen growing interest in spot Bitcoin ETFs, as evidenced by their recent 13F filings.
Spot Bitcoin ETFs have quickly gained traction, accumulating a market capitalization exceeding $58 billion in less than four months of trading. BlackRock’s IBIT, in particular, has seen substantial inflows for 70 consecutive trading days, establishing itself as one of the most successful ETF launches to date.
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