A claim that has been circulating rapidly on X in recent days suggested that JPMorgan holds a massive short position in MicroStrategy (MSTR) shares, suggesting that a 50% rise in the price of Bitcoin (BTC) would pose an “existential threat” to the bank.
The post, which reached millions of users, brought with it GameStop comparisons, calls for boycotts, and talk of a mass purchasing campaign.
However, financial writer Shanaka Anslem Perera points out that this narrative is a complete fabrication.
Perera points to a U.S. Securities and Exchange Commission (SEC) filing with Section 13F-HR dated November 7, 2025. The filing indicates that JPMorgan has no open short positions in MicroStrategy, meaning the reported short amount is “zero.” The records are publicly available and accessible on EDGAR.
The bank reduced its MSTR holdings by 24.5% in the third quarter and also holds limited-sized call and put options. The put options, which some social media users cited as “evidence,” are said to be routine hedging compared to the $4.6 trillion in assets under management at JPMorgan.
MicroStrategy’s total short position is 9.74% of the market, according to FINRA data, but there’s no evidence that JPMorgan owns it.
A significant portion of the posts brought up the example of GameStop’s short squeeze in 2021. According to Perera, this comparison is baseless:
- The short position ratio in GameStop exceeded 140%, while in MSTR it was 9.74%
- GameStop’s free float was much smaller
- Short positions were concentrated among a few funds; there is no such concentration in MSTR
Therefore, there is no similar structural compression condition in MicroStrategy.
The claim reportedly began with a November 23rd post by Bitcoin advocate Max Keiser. According to Perera, the claim reached millions within hours, but no posts cited a primary source. Those opposed were accused of “defending the banks,” and verification mechanisms failed to keep pace with social media.
Perera argues that false claims are overshadowing more important developments:
- JPMorgan reduces MicroStrategy position
- Harvard University Increases Its Holdings in BlackRock’s Bitcoin ETF IBIT by 257%
- Abu Dhabi fund Al Warda increases IBIT position by 230%
- Total inflows into US spot Bitcoin ETFs exceed $60.8 billion
This trend suggests that institutions are now choosing to access Bitcoin through regulated ETFs rather than through company stocks.
According to Perera, the “leveraged Bitcoin stock” model MicroStrategy has offered for years is losing its edge. The company’s market capitalization relative to its Bitcoin holdings is now at a discount, and a potential MSCI delisting in January 2026 could lead to billions of dollars in forced selling.
Therefore, JPMorgan’s position reduction is not considered “hostility towards Bitcoin” but rather portfolio risk management.
*This is not investment advice.