JPMorgan Reveals $343 Million Worth Of BlackRock’s Bitcoin ETF Holdings

• The filing also revealed positions in Bitcoin ETF options, suggesting active derivative-based hedging or trading strategies.
• The bank’s crypto exposure broadened to include stakes in GBTC, FBTC, and BITB, as well as Ethereum-based funds, including ETHE and ETHA.
• JPMorgan also holds shares in crypto firms American Bitcoin Corp. and Bitmine Immersion Technologies.

JPMorgan Chase (JPM) revealed in a regulatory filing on Friday that it holds 5.3 million shares of BlackRock’s Bitcoin ETF (IBIT), a position valued at roughly $343 million as of September 30.

The disclosure, made in a filing with the Securities and Exchange Commission (SEC), reflects a 64% increase in JPMorgan’s holdings since June. It also showed positions in Bitcoin ETF options, suggesting the bank is employing derivative strategies for hedging or trading purposes within the crypto sector.

JPM’s stock dipped 1.6% in midday trade on Friday, with retail sentiment on Stocktwits trending in the ‘bearish’ zone over the past day.

JPMorgan Expands Crypto Exposure

The bank’s stance on digital assets continues to evolve. Once skeptical of cryptocurrencies, JPMorgan is reportedly planning to let clients use Bitcoin (BTC) and Ethereum (ETH) as collateral for loans by the end of the year. 

While CEO Jamie Dimon has remained skeptical of the sector, his tone has softened. “I don’t think we should smoke, but I defend your right to smoke,” he said at JPMorgan’s investor conference in May, as per Koyfin. “I defend your right to buy Bitcoin, go at it.”

The filing also showed that JPMorgan held stakes in several other Bitcoin ETFs, including the Grayscale Bitcoin Trust ETF (GBTC), Fidelity Wise Origin Bitcoin ETF (FBTC), and Bitwise Bitcoin ETF (BITB). The bank also reported positions in Ethereum funds such as the Grayscale Ethereum Trust ETF (ETHE) and iShares Ethereum Trust ETF (ETHA).

The bank’s exposure extends into crypto equities as well, with shares in American Bitcoin Corp. (ABCT) and Tom Lee-backed Bitmine Immersion Technologies (BIMR), where it holds 1.9 million shares worth about $102.5 million.

Bitcoin Undervalued Against Gold

Earlier this week, JPMorgan strategist Nikolaos Panigirtzoglou said Bitcoin remains undervalued compared to gold. His analysis highlighted the rising institutional adoption, improved liquidity in derivatives markets, and signs of structural maturity within the asset class, despite price swings and bearish sentiment.

Panigirtzoglou’s comments follow a volatile period for Bitcoin, which is trying to hold $100,000 this week amid broader weakness in tech and risk assets.

Bitcoin’s price edged 0.7% higher in midday trade on Friday, trading at around $101,700. On Stocktwits, retail sentiment around the apex cryptocurrency trended in ‘neutral’ territory amid ‘high’ levels of chatter over the past day.

Read also: XRP, Bitcoin, Ethereum Extend Losses Despite ETF Boost But Dogecoin Defies The Drop

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