Jane Street, the secretive quantitative trading powerhouse, is currently negotiating the refinancing of approximately $11 billion in debt with a consortium of private credit investors including Pimco. This operation is not a fresh capital raise but a restructuring of the group’s existing debt, whose equity base is projected to reach $45 billion by end of 2025. Jane Street is also a major player in the crypto ETF ecosystem as an authorized participant and market maker for several spot Bitcoin and Ethereum ETFs. In the first quarter of 2026, the firm reduced its Bitcoin ETF positions by 71% while increasing its Ethereum ETF investments by approximately $82 million. For Pimco, participating in this deal is part of an aggressive expansion strategy into private credit as public fixed-income yields compress.
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