According to Wu Blockchain citing JPMorgan Chase's latest 13F filing, as of September 30, the relevant reported holdings included put options covering 1.15 million shares of Strategy (MSTR), with an underlying value of approximately $177.6 million. During the same period, MSTR stock holdings stood at 848,932 shares, with an end-of-quarter value of approximately $131.3 million. Wu Blockchain emphasized that these holdings encompass assets managed by JPMorgan Chase's affiliated investment entities and do not merely represent proprietary positions. The underlying value of the options does not equal the option purchase cost, nor can the overall net bearish exposure be inferred solely from the number of shares covered.