Jane Street Bets Silver... But Which Way?

GFN – NEW YORK Jane Street has amassed a $1.3 billion position in the iShares Silver Trust (SLV), increasing its holdings by roughly 500 times in a single quarter, according to its latest 13F filing, a move that has intensified debate over potential market influence as silver prices slide sharply.

Regulatory filings show that Jane Street added approximately 20.6 million shares of SLV during the fourth quarter of 2025, up from roughly 41,000 shares in the prior quarter. The accumulation made the firm the largest reported holder of the ETF, surpassing even asset manager BlackRock, which sponsors the fund. During the same period, Morgan Stanley reduced its position by 3.7 million shares, while BlackRock added no new shares.

The scale and speed of the position build have drawn scrutiny within trading circles, particularly given Jane Street’s broader portfolio composition. More than 87 percent of the firm’s reported $662 billion in holdings are tied to options, reflecting a structural focus on volatility-linked strategies. Market participants note that the interaction between a dominant equity stake in a physically backed silver ETF and substantial options exposure could amplify price dynamics during periods of stress.

The development unfolds against the backdrop of multiple ongoing legal and regulatory disputes involving Jane Street across asset classes.

In cryptocurrency markets, Terraform Labs’ bankruptcy administrator has alleged insider trading linked to the 2022 collapse of the Terra ecosystem, claiming a Jane Street-associated wallet withdrew 85 million UST tokens shortly after Terraform executed a large liquidity pool withdrawal. Jane Street has denied the allegations and characterized the lawsuit as without merit.

Jane Street may have indeed found a new target... https://t.co/HZphBDZU3s

— zerohedge (@zerohedge) March 2, 2026

Separately, India’s market regulator, the Securities and Exchange Board of India, accused the firm of manipulating the Bank Nifty index across 18 derivatives expiry sessions and ordered a deposit of approximately $566 million pending proceedings. An appeal hearing scheduled for late February was adjourned without resolution.

In digital asset markets, some traders have alleged repeated daily selling patterns in Bitcoin around 10 a.m., though no formal enforcement action has been announced in connection with those claims. Jane Street has publicly denied wrongdoing.

Meanwhile, silver prices have declined more than 30 percent from a January peak near $121 per ounce, falling to roughly $83, including a 6.6 percent drop on March 3. The selloff has coincided with heightened geopolitical tensions following U.S. and Israeli military strikes on Iran, which have contributed to broader cross-asset volatility.

The structure of SLV has also resurfaced in market discussions. The ETF’s custodian is JPMorgan Chase, which in 2020 agreed to pay $920 million to resolve federal investigations into spoofing practices in precious metals markets. That prior settlement has been cited by some market participants as contextual background, though no new allegations have been filed in relation to the current SLV positioning.

At present, no U.S. regulator has announced a formal investigation specifically tied to Jane Street’s silver exposure. With one firm holding an unprecedented stake in the world’s largest silver ETF and prices under sustained pressure, traders and institutional participants continue to monitor developments closely as positioning data and regulatory responses evolve.

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