The 10am slam in bitcoin, which we documented virtually every days since 2024 may have ended once Jane Street got busted for insider trading in the Terraform collapse, but that doesn't mean that the Wall Street HFT trading giant slowed down. On the contrary: according to Bloomberg, Jane Street Group reeled in a Wall Street record $39.6 billion of trading revenue last year, more than any Wall Street bank.
According to the report, the firm beat out all global investment banks after reaping $15.5 billion in the year’s final quarter, and with only 3,500 employees, it beat nearest rival JPMorgan by 11% during the year. The company's adjusted ETBIDA for the full year was a stunning $31.2 billion.
While Jane Street’s profits were lifted by surging valuations of its stakes in privately held companies, the firm’s main business matching buyers and sellers across assets thrived on bouts of market volatility. The new annual record - which includes gains on long-term investments - shows "how the balance of power has shifted in one of the most lucrative arenas of global finance."
Jane Street’s "appetite for risk" helped the firm generate more than $11 million of revenue on average per employee.
Jane rivals Citadel Securities and Hudson River Trading also notched records of their own last year, pulling in a more modest $12.2 billion and $12.3 billion respectively, Bloomberg has previously reported. They and Jane Street have filled voids left by banks more focused on higher-returning businesses. JPMorgan posted $35.8 billion of trading revenue in 2025 and Goldman Sachs Group Inc. $31.1 billion.
For banks, Jane's ascent - marked with various regulatory mishaps - is a manifestation of the fears they have long harbored about someday losing ground to upstarts when US regulators imposed prop trading rules which sought to curb betting by deposit-taking institutions after the 2008 financial crisis. Nonbanks don’t face the same strictures on capital as those too-big-to-fail lenders, and they have capitalized aggressively.
Starting in 2000, Jane Street cut its teeth trading American depository receipts, and later specialized in exchange-traded funds. It has since expanded across asset classes around the world, often profiting from mismatches in prices. At its core an HFT firm, Jane Street developed technology for handling thousands of trades within seconds like other high-frequency firms, but it also reaps gains by holding some positions for hours, days and even weeks.
While it has kept a remarkable low profile, its recent public appearances have been less than laudatory: The company's record haul is confirmation that Jane Street, long known for its secrecy, was able to keep growing after getting thrust into the spotlight in mid-2025 when authorities in India accused of manipulating markets while running what had once been one of the firm’s most lucrative trading strategies. Jane Street has denied those allegations and is fighting them in court. In February, Jane Street was sued by the bankrupt Terraform Labs estate, accusing it of engaging in insider trading that precipitated the $40 billion crash of cryptocurrencies associated with Terraform; this week the HFT firm also urged a judge to throw out that lawsuit.
Jane Street’s stake in rising artificial intelligence venture Anthropic PBC was the driving force behind $830 million of third-quarter gains from bets on private firms. That September, Anthropic boasted a valuation of $183 billion. Since then, the maker of the popular Claude artificial-intelligence model and developer of the much-feared Mythos has raised money at a $380 billion valuation and later received offers from investors for a round of funding that could value it at about $800 billion or higher.
Jane Street is also in funding talks for cloud-computing startup Fluidstack Ltd. and recently invested an additional $1 billion in AI cloud services provider and CoreWeave Inc.