JPMorgan Chase Dives Deeper Into Crypto With Investments in Multiple Bitcoin ETFs

JPMorgan Chase, a leading financial institution in the United States, has recently expanded its portfolio to include investments in several Bitcoin exchange-traded funds (ETFs) offered by prominent asset managers including Grayscale, ProShares, Bitwise, BlackRock, and Fidelity.

According to a filing with the U.S. Securities and Exchange Commission (SEC) dated May 10, JPMorgan Chase disclosed that it holds investments totaling approximately $760,000 in shares across various Bitcoin ETFs: ProShares Bitcoin Strategy ETF (BITO), BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), and the Bitwise Bitcoin ETF. Furthermore, the bank reported ownership of 25,021 shares, valued at around $47,000, in Bitcoin Depot, a cryptocurrency ATM provider.

This disclosure coincided with similar reports from other major financial institutions like Wells Fargo, which also revealed investments in Grayscale and ProShares Bitcoin ETFs as well as in Bitcoin Depot. Additionally, Susquehanna International Group announced on May 7 that it had acquired over $1 billion in shares of spot crypto ETFs in the first quarter of 2024.

JPMorgan Chase stands as the largest U.S. bank in terms of assets, with control over approximately $2.6 trillion. The SEC noted in its filings that the information provided might not be entirely accurate or complete.

The SEC’s recent approval for the listing and trading of spot Bitcoin ETFs on U.S. exchanges has been a significant development since January. The financial community is also closely watching the SEC as it approaches a May 23 deadline to make a decision on the application for spot Ether ETFs submitted by asset manager VanEck.