May. 13 at 2:33 PM
As of March 31, 2026, Jane Street’s
$ONDS exposure shifted sharply: calls rose to 7.69M contracts (+434%), puts to 10.67M (+516%), with total options exposure around
$166M. At the same time, common equity dropped from ~19.6M shares in Nov 2025 to ~2.6M by Mar 2026, an 86.8% decline, signaling a rotation from stock into derivatives rather than an exit.
This coincides with Ondas’ large warrant-driven capital structure after two major financings totaling
$1.4B, leaving ~200M warrants outstanding and significantly increasing options activity and hedging demand. As a market maker focused on volatility and liquidity rather than direction, Jane Street’s shift aligns with capturing volatility in a structurally complex setup. Data as of 03/31/2026.
Follow me 👉 @cloudhedge for real-time updates and everything. Let’s make moves!
