Jane Street Group, a secretive quantitative trading firm on Wall Street, has an interesting relationship with Bitcoin (BTC) and FTX. With BTC:
Jane Street is actively participating as an authorized participant in the Bitcoin spot ETF (like BlackRock IBIT). In Q4 2025, they increased their position in MicroStrategy (MSTR) by 473% (951,187 shares worth ~$121 million), a proxy for BTC since MSTR holds hundreds of thousands of BTC.
However, there are allegations that they aggressively sell BTC every morning at 10 AM ET since the end of 2025, which is associated with price suppression of BTC. Recently (Feb 2026), rumors suggest that the selling strategy has stopped, and BTC rebounded to ~$66k. There is no strong evidence regarding the "10AM dump" being systematic.
With FTX:
The main relationship is through alumni. Sam Bankman-Fried (founder of FTX) and Caroline Ellison (former CEO of Alameda) both worked at Jane Street after graduating from MIT. Many former employees of Jane Street joined FTX/Alameda. SBF joined Jane Street due to the influence of Effective Altruism, not the company's risk focus.
The collapse of FTX (2022) did not directly involve Jane Street, but the chain of crypto failures began with Terra-Luna (2022), which now involves a lawsuit against Jane Street for alleged insider trading that accelerated the collapse of Terra, the initial trigger for FTX's downfall.
In short, Jane Street became the bridge between Wall Street and crypto: significant exposure to BTC via ETFs & proxies, but their name appeared in the old FTX controversy through alumni and the recent Terra case.
#JaneStreet #JaneStreet10AMDump