SCHEDULE: Jane Street Group Discloses 5.9% Stake in Opendoor

Jane Street Group, LLC and its affiliates have reported a beneficial ownership of 5.9% in Opendoor Technologies Inc., including shares from convertible bonds.

Summary

• Jane Street Group, LLC and its affiliated entities beneficially own 44,031,310.18 shares of Opendoor Technologies Inc. common stock.
• This ownership represents 5.9% of Opendoor's total outstanding shares.
• The calculation of the percentage is based on a total of 751,458,136 shares outstanding, which includes 735,954,186 common shares as of July 29, 2025, and an additional 15,503,950 shares acquirable through the conversion of convertible bonds held by Jane Street Global Trading, LLC and Jane Street Capital, LLC.
• The reporting persons include Jane Street Group, LLC, Jane Street Capital, LLC, Jane Street Options, LLC, Jane Street Global Trading, LLC, and Jane Street Singapore Pte. Ltd.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing the control of Opendoor Technologies Inc.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by a reputable institutional investor like Jane Street Group, even if passive, generally carries a positive sentiment as it indicates a belief in the company's value or future prospects. The inclusion of convertible bonds suggests a strategic, potentially long-term, interest.

Positives

• A significant institutional investor like Jane Street Group taking a 5.9% stake can signal confidence in Opendoor's long-term prospects or valuation.
• The inclusion of shares from convertible bonds indicates a strategic investment that could convert to equity, further aligning Jane Street's interests with Opendoor's equity performance.

Risks

• Potential dilution for existing shareholders if the convertible bonds held by Jane Street are converted into common stock, adding 15,503,950 shares to the outstanding count.

Future Outlook

The filing does not provide forward-looking statements or guidance from Opendoor Technologies Inc. It solely reports a change in beneficial ownership by Jane Street Group, LLC.

Industry Context

The real estate technology sector, particularly iBuying models like Opendoor's, has experienced significant volatility. A substantial stake by a major trading firm like Jane Street Group could be interpreted as a vote of confidence in the long-term viability or potential for a turnaround in the sector, or simply a strategic investment based on market dynamics and convertible bond arbitrage.

Stakeholder Impact

• Shareholders: The entry of a significant institutional investor may provide a perception of increased stability or validation for Opendoor's stock. However, the potential conversion of convertible bonds could lead to dilution of existing shareholdings.

Key Dates

Recommendation

While the disclosure of a significant stake by Jane Street Group is generally a positive signal, indicating institutional interest and potential confidence in Opendoor's valuation or future, the filing itself does not provide new operational or financial performance data to warrant a 'buy' recommendation. The presence of convertible bonds also introduces a potential for future dilution. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current positions while monitoring future company performance and Jane Street's actions.

Keywords

Opendoor Technologies, Jane Street Group, Beneficial Ownership, SEC Filing, 13G, Real Estate Tech, Institutional Investment, Convertible Bonds, Stock Ownership