Jane Street Group raised its Strategy (MSTR) stake 53.8% in the third quarter, to 4,119,097 shares, a Form 13F filed Thursday shows, a position dated to Sept. 30 that does not capture any trades the firm may have made since then.

Those caveats matter as much as the increase. Jane Street is a trading firm, and one of the largest market makers in stocks, ETFs, and options, and the same filing lists call options covering 13,573,000 Strategy shares and put options covering 13,991,800 shares, each more than three times the size of the common stake. Some of that stock is likely a hedge for the options and market-making book rather than a straight bet on the company. The 13F does not say…

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