Jane Street’s $662B Q4 Filing Has $96B in SPY Puts and 17,120 Holdings: Inside the Quant Giant’s Explosive Growth

Jane Street just filed a $662 billion 13F. A year ago, it was $460 billion. That’s a 43.8% increase in 12 months for a firm that most retail investors have never heard of. Jane Street Group’s Q4 2025 disclosure reveals 17,120 positions — more than any other top-20 filer — with a staggering $95.9 billion in SPY puts alone sitting at #1. This is the world’s most powerful quantitative trading firm, and its 13F reads like nothing else on Wall Street.

TL;DR: Jane Street Q4 2025 Filing at a Glance

• 13F AUM: $662.1B (up 0.8% from $657.1B in Q3 2025)
• Total Holdings: 17,120 positions (highest of any top-20 filer)
• Top Holding: SPY Put at $95.9B (14.5% of portfolio)
• 1-Year AUM Growth: +43.8% ($460.4B → $662.1B)
• Filing Date: February 12, 2026 (report period: December 31, 2025)
• Whale Score: 74.25
• All top-15 positions are put options
• Notable: Grew from $399B to $662B in just 3 quarters (Q1–Q4 2025)

$95.9 Billion in SPY Puts: The Market Maker’s Inventory

Jane Street’s #1 position — $95.9 billion in SPY put options — is larger than the entire 13F portfolio of most hedge funds. It represents 14.5% of Jane Street’s total disclosed holdings. To put this in perspective: Citadel’s SPY put position is $39.5B, less than half of Jane Street’s.

Like Citadel, Jane Street is a market maker. These puts aren’t bearish bets — they’re the accumulated inventory from providing liquidity to options buyers. But the sheer scale tells us something important: Jane Street has become the dominant options liquidity provider in the US market, handling more options flow than any other single entity visible in 13F data.

The Quant Giant No One Talks About

Founded in 2000, Jane Street operates as a global proprietary trading firm specializing in ETFs, options, and quantitative strategies. Unlike Citadel, which manages external capital, Jane Street trades entirely with its own money. There are no outside investors, no redemptions, no LP letters. This structural advantage lets them take positions and hold inventory that external-capital funds cannot.

The numbers tell the story of explosive growth:

From $399.3B in Q1 2025 to $662.1B in Q4 2025, Jane Street’s 13F AUM grew by $262.8 billion in 9 months. Holdings count surged from 13,510 to 17,120 in the same period. This isn’t organic portfolio appreciation — it’s a massive expansion of market-making capacity and trading activity.

QoQ Comparison: What Changed in Q4?

Position	Q3 2025	Q4 2025	Change
SPY Put	$98.2B (14.9%)	$95.9B (14.5%)	−2% notional
NVDA Put	$47.7B (7.3%)	$37.9B (5.7%)	−21% notional
TSLA Put	$42.4B (6.5%)	$36.2B (5.5%)	−15% notional
QQQ Put	$33.2B (5.1%)	$44.2B (6.7%)	+33% notional
META Put	$16.5B (2.5%)	$21.6B (3.3%)	+31% notional
GLD Put	$16.4B (2.5%)	$20.5B (3.1%)	+25% notional

The key shift: Jane Street reduced NVDA and Tesla put inventory (down 21% and 15% respectively) while massively increasing QQQ puts (+33%) and Meta puts (+31%). Gold puts also grew 25%. This suggests the options market rotated from single-stock volatility demand toward broader index and sector-level hedging in Q4.

17,120 Positions: Breadth That Defies Classification

Jane Street holds more individual positions than any other top-20 filer. For comparison:

• Jane Street: 17,120 positions
• Citadel: 15,403 positions
• Norges Bank: 1,577 positions
• Berkshire Hathaway: ~40 positions

This extreme breadth reflects Jane Street’s approach: they make markets in everything. ETFs, single stocks, options on both, across every sector and geography available through US-listed securities. Each holding is a piece of an automated trading system, not a human analyst’s conviction bet.

Bitcoin and Crypto Exposure

Jane Street made headlines for growing its iShares Bitcoin ETF (IBIT) position by 473% in Q4 2025, acquiring approximately 785,224 additional shares. While this attracted speculation about directional crypto bets, it’s more likely standard market-making inventory — Jane Street is one of the largest authorized participants for spot Bitcoin ETFs, meaning they create and redeem ETF shares as part of the arbitrage mechanism.

What Analysts Might Misread

1. “Jane Street is betting against the market with $96B in SPY puts”

No. Jane Street provides options liquidity. When investors buy SPY puts, Jane Street is often the counterparty. The puts on the 13F are accumulated inventory, not directional bets. The actual net market exposure is delta-hedged in real time.

2. “The AUM explosion means Jane Street is taking more risk”

The 13F AUM growth reflects expanded market-making activity, not increased risk. Options notional values inflate 13F figures significantly. Jane Street’s actual risk capital is likely $30-40 billion.

3. “Jane Street is manipulating Bitcoin prices”

The viral theory about Jane Street’s Bitcoin ETF holdings driving price manipulation confuses market-making inventory with directional trading. As an authorized participant, Jane Street’s IBIT holdings are a mechanical function of ETF arbitrage, not a speculative bet.

Frequently Asked Questions

What does Jane Street actually do?

Jane Street is a global proprietary trading firm that makes markets in ETFs, options, equities, bonds, and crypto. It trades with its own capital (no outside investors) and uses quantitative strategies to provide liquidity to financial markets.

Why does Jane Street hold so many put options?

As one of the world’s largest options market makers, Jane Street accumulates put inventory by selling downside protection to other market participants. The 13F only shows the long side; short positions and hedges aren’t disclosed.

How big is Jane Street compared to Citadel?

By 13F AUM, Jane Street ($662B) and Citadel ($666B) are nearly identical in Q4 2025. But their structures differ: Citadel manages external capital through hedge funds, while Jane Street trades entirely with proprietary capital.

Is Jane Street’s rapid AUM growth sustainable?

The growth from $399B to $662B in 2025 reflects expanding options market volume, not leverage accumulation. As long as options trading volume continues growing, Jane Street’s 13F will grow with it.

Does Jane Street invest in individual stocks directionally?

The 13F shows market-making inventory, not investment theses. Jane Street’s individual stock positions are primarily options hedges and ETF arbitrage components, not fundamental bets on company performance.