Jane Street’s $1.3B Silver ETF Bet Sparks Market Manipulation Debate

Jane Street Capital, the firm accused of manipulating bitcoin prices and front-running Terra's collapse, has emerged as the largest holder of BlackRock's iShares Silver Trust (SLV). The firm added a staggering 20.6 million shares in Q4 2025—a 500x increase from the previous quarter—worth approximately $1.3 billion. This positions Jane Street above BlackRock itself, which added zero new shares, and Morgan Stanley, which sold 3.7 million.

The MOVE raises eyebrows given Jane Street's derivatives-heavy strategy. Over 87% of its $662 billion portfolio is allocated to options, according to filings cited by Bull Theory. Market observers question whether a firm with such massive options exposure should also control the largest chunk of a physical silver ETF.

Jane Street now faces scrutiny across three asset classes. Terraform Labs' bankruptcy administrator alleges the firm engaged in insider trading during Terra's 2022 collapse, while India's SEBI has accused it of manipulating the Bank Nifty index derivatives.