Jane Street raised its stake in BlackRock’s iShares Silver Trust (SLV) to 20.6 million shares in the fourth quarter of 2025, up from roughly 41,000 shares in the previous quarter. Its latest 13F filing puts the position at around $1.3 billion, making the trading firm a larger holder of the silver ETF than BlackRock itself and Morgan Stanley, according to the source material.
BlackRock added no new SLV shares during the quarter, while Morgan Stanley sold 3.7 million shares. Against that backdrop, Jane Street’s near-500x jump in one filing has become a focal point for traders watching silver’s recent swings. The article also cited figures shared by Bull Theory on X saying more than 87% of Jane Street’s roughly $662 billion portfolio is tied to options, a structure closely linked to volatility trading.
Allegations in stablecoins, Indian derivatives, and Bitcoin
Questions around the firm are not limited to precious metals. Terraform Labs’ bankruptcy administrator sued Jane Street over alleged insider trading tied to the 2022 Terra collapse. The lawsuit claims a wallet linked to Jane Street withdrew 85 million UST from Curve 3pool within minutes of Terraform’s undisclosed $150 million withdrawal.
In India, SEBI accused the firm of manipulating the Bank Nifty index across 18 derivatives expiry days and ordered it to deposit about $566 million. The appeal hearing was adjourned to February 25. In crypto, traders have also accused Jane Street of carrying out a daily “10 AM dump” in Bitcoin trading; the report said that pattern allegedly stopped after the Terraform lawsuit became public.
Jane Street has denied the allegations and described the Terraform case as “desperate” and “baseless.”
Silver drops as traders watch the structure behind SLV
Silver has fallen more than 30% from its January high near $121, then slid another 6.6% on March 3 to about $83. The source said part of the move reflected broader market stress after U.S.-Israel military strikes on Iran.
The article also pointed to the wider market structure. JPMorgan, the custodian for SLV’s physical silver, paid $920 million in 2020 to settle CFTC charges tied to precious metals spoofing over eight years. With Jane Street facing accusations across equities, stablecoins, and crypto while building the largest stake in the world’s biggest silver ETF through an options-heavy portfolio, traders are watching closely. No regulator has opened a formal silver investigation at this stage.