Jane Street’s $1.3B stake leads iShares Silver Trust Holders
Jane Street bought 20.6 million SLV shares in Q4 2025, a stake worth about $1.3 billion that makes it the largest holder of the ETF, a new 13F filing shows.
This significant expansion marks a rapid departure from the firm's previous position, which stood at roughly 41,000 shares in the prior quarter. This more than 500-fold increase, disclosed in the firm’s quarterly report to the U.S. Securities and Exchange Commission, highlights a major strategic pivot. SLV acts as the largest silver exchange-traded fund, holding physical silver bars in vaults for its shareholders.
The stake places Jane Street ahead of other institutional holders, based on recent filings. BlackRock, the ETF’s sponsor, did not add shares in the period, while Morgan Stanley reported selling about 3.7 million shares.
Jane Street’s reported portfolio is concentrated in derivatives. More than 87% of its $662 billion in reportable positions on Form 13F are options, the filings show. The firm did not disclose a reason for the SLV purchase, and 13F reports do not include short positions or investment rationales.
The increased SLV stake comes as Jane Street faces a series of legal and regulatory challenges in other markets. Specifically, the firm is a defendant in a civil lawsuit filed by Terraform Labs' bankruptcy administrator alleging insider trading during the 2022 collapse of the Terra ecosystem. Jane Street has categorically denied these allegations, describing the suit as baseless.
Additionally, in 2025, the Securities and Exchange Board of India (SEBI) fined the firm about $566 million for alleged manipulation of the Bank Nifty index; the appeal hearing was adjourned in February 2026.
It is important to note that these proceedings are unrelated to the firm’s operations in the precious metals market. Regulators have not announced any formal investigations into Jane Street’s activities regarding silver or SLV holdings.
SLV’s silver is held by JPMorgan as custodian. In 2020, JPMorgan agreed to pay $920 million to resolve U.S. Commodity Futures Trading Commission charges related to spoofing in precious metals and Treasury markets over an eight-year period.
Regulators have not announced any formal investigation into silver or SLV trading in connection with Jane Street’s holdings.
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