JPMorgan Holds $343M In IBITShares, Up 64% Since June

JPMorgan Chase has disclosed that it owns 5.28 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) ETF as of September 30, a 64% increase since ￰0￱ investors have increasingly been turning to regulated crypto vehicles and investment products as they look to diversify their holdings and explore Bitcoin ETF ￰1￱ Holds 5.3 Million BlackRock Bitcoin ETF Shares According to JPMorgan’s New York-based fintech arm’s latest 13F-HR Institutional Investment Manager holdings report, the firm owns IBIT shares worth $343 ￰2￱ report can be viewed on the United States Securities and Exchange Commission (SEC) ￰3￱ Bitcoin ETFs secured approval in January 2024, marking a watershed moment for Bitcoin and the broader cryptocurrency ￰4￱ Bitcoin ETFs, primarily IBIT, are widely regarded as an important gateway for institutional investors to gain exposure to the cryptocurrency ￰5￱ ETFs give investors access to the asset without needing direct ￰6￱ futures ETFs, spot Bitcoin ETFs represent direct asset buys.

A Vocal Critic JPMorgan was one of the harshest critics of spot Bitcoin ETFs before their approval in ￰7￱ financial behemoth was also critical of the broader cryptocurrency market. JPMorgan’s chairman and CEO, Jamie Dimon, made several comments about Bitcoin, questioning its validity as a real currency, and even calling it a “fraud” ￰8￱ urged the US government to shut it down and made several attempts to associate cryptocurrency with illicit and criminal ￰9￱ stated during an interview, “It does nothing. I call it the pet rock.” Dimon was initially very open about his dislike for cryptocurrencies, calling those investing in the asset “stupid,” and calling the asset a waste of time and a “hyped-up fraud.” However, Dimon’s tone has shifted in recent ￰10￱ JPMorgan CEO recently stated during an interview, “Crypto is ￰11￱ is ￰12￱ are real.” Dimon also revealed that JPMorgan was operating a deposit coin and using smart contracts to improve transaction efficiency, noting, “It will be used by all of us.” Meanwhile, spot Bitcoin ETFs broke their six-day outflow streak, showing signs of recovery after Bitcoin (BTC) plunged over 16% over the course of the week.

Disclaimer: This article is provided for informational purposes ￰13￱ is not offered or intended to be used as legal, tax, investment, financial, or other advice