Jane Street, accused of "dumping BTC at 10 AM every day," raked in $39.6 billion last year! Bloomberg analyst: It crushed all Wall Street banks.

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The Wall Street money-printing machine has been revealed! Top quantitative trading firm Jane Street generated a staggering $39.6 billion in net trading revenue in 2025, leaving traditional investment banks like JPMorgan and Goldman Sachs far behind. Even more eye-catching is that this mysterious market maker is not only a core liquidity driver for Bitcoin spot ETFs, but was previously embroiled in the Terra (LUNA) collapse insider trading lawsuit, and has even been singled out by the community as the protagonist of the "dumping Bitcoin at 10 AM every morning" conspiracy theory. (Previous coverage: Jane Street hits back at Terraform's "scapegoating": Do Kwon has been sentenced to 15 years, the collapse was your own fraud) (Background supplement: Everyone says Jane Street manipulates Bitcoin to crash at 10 AM every day, but my analysis shows that's not the case) In the modern financial battlefield dominated by algorithms and high-frequency trading, traditional Wall Street investment banks are being ruthlessly devoured by a group of low-key quantitative geeks. Founded in 2000, the global top-tier quantitative trading firm and liquidity provider Jane Street delivered a financial report in 2025 that shocked all of Wall Street, proving the absolute dominance of technology-driven market-making businesses in volatile markets. According to the latest disclosed data, Jane Street's net trading revenue for the full year of 2025 reached a record $39.6 billion (with the fourth quarter alone contributing $15.5 billion). This figure is not only nearly double its 2024 revenue ($20.5 billion), but also directly crushed the combined trading and market business revenue of several major banks. Looking back at the second quarter of 2025, Jane Street's quarterly revenue reached $10.1 billion, directly surpassing century-old Wall Street institutions JPMorgan ($8.9 billion) and Goldman Sachs ($7.8 billion). Even more terrifying is its efficiency: compared to the tens of thousands of employees at investment banks, Jane Street has only about 3,500 employees globally. Some reports estimate that its "profit per employee" is an astonishing $9 million. Jane Street made about $40b in revenue last year, more than all the big Wall St banks and with only 3,500 employees. Wow. pic.twitter.com/4pr42AZ3cM — Eric Balchunas (@EricBalchunas) April 24, 2026 In addition to traditional assets, Jane Street quietly extended its reach into the cryptocurrency space as early as 2018, and is now an indispensable whale-level infrastructure in the crypto ecosystem: - Core driver of Bitcoin spot ETFs: As an Authorized Participant (AP) for mainstream Bitcoin spot ETFs such as BlackRock (IBIT) and Fidelity, Jane Street is responsible for the creation and redemption of ETF shares and conducts arbitrage. This makes it one of the most important bridges connecting TradFi capital with the crypto market. - Institutional-grade trading platform JCX: A single-dealer platform for digital assets launched in 2018, supporting 24/7 trading and providing deep liquidity for mainstream tokens such as BTC and ETH to institutions. - Deep cultivation of Ethereum underlying technology: In December 2025, Jane Street led a $105 million Series A funding round for distributed system testing tool company Antithesis. It is worth mentioning that before Ethereum's historic "The Merge," this tool was used to identify critical vulnerabilities. Jane Street is both an investor and a user, demonstrating its emphasis on blockchain infrastructure. - Diversified layout: Not only does it directly trade BTC/ETH, but Jane Street also holds shares in Bitcoin mining companies such as Hut 8 and Bitfarms, and has invested in crypto exchanges like Kraken. However, as a market maker with vast capital and information advantages, Jane Street has also sparked considerable controversy and suspicion in the crypto community. Controversy 1: Accused of UST de-pegging insider trading In early 2026, the bankruptcy trustee of Terraform Labs (Terra/Luna) officially sued Jane Street, alleging that before the UST stablecoin death spiral collapse in 2022, it obtained inside information through a former intern and traded in advance to reap huge profits. Although Jane Street strongly denied the allegations and countered that it was a "cash grab," the lawsuit, which involves chat logs and wallet tracking, is still ongoing. Controversy 2: "Dumping Bitcoin at 10 AM" conspiracy theory During the Bitcoin price fluctuations from 2025 to 2026, a conspiracy theory began to circulate in the crypto community: accusing Jane Street, as an ETF AP, of selling BTC at a fixed time of 10 AM

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