Jane Street Seeks $11B Debt Refinancing with Pimco

Jane Street, a leading quantitative trading firm, is reportedly in advanced negotiations to refinance its $11.2 billion debt through a private credit deal by the end of 2025. The refinancing would shift Jane Street's existing debt obligations to a new cohort of private credit investors, including Pimco, one of the world's largest fixed-income managers.

The move is not a fundraising effort but rather a restructuring of its current debt under more flexible terms. This comes as Jane Street's equity base is projected to reach approximately $45 billion by the end of 2025, a staggering figure for a relatively unknown firm in traditional finance.

Jane Street has significant ties to the cryptocurrency market, serving as an authorized participant and market maker for several spot Bitcoin and Ethereum exchange-traded funds. In the first quarter of 2026, Jane Street reduced its Bitcoin ETF holdings by 71% while increasing its Ethereum ETF investments by approximately $82 million.