The biggest US bank, JPMorgan Chase, has revealed that it is purchasing spot bitcoin ETFs, per an SEC filing
JPMorgan made its stakes in Bitcoin ETFs public on Friday. As of March 31, the bank owned shares in spot Bitcoin ETFs under management by Fidelity, Bitwise, and BlackRock.
Since these disclosures return to the end of March, JPMorgan might be even more exposed to these ETF holdings—spot Bitcoin ETF holdings at the bank amounting to more than $1 million.
Since Jamie Dixon, the CEO of the bank, has openly questioned Bitcoin, the news is also unexpected. Dixon has been vocally opposing the virtual currency since last year, but JPMorgan Chase has been making investments since January 2024, when Bitcoin ETFs were approved.
Spot Bitcoin ETFs have taken the stage in the financial industry’s conversation during 2024. The first approvals for the investment offerings were issued in January.
Ever since, their enormous success has only helped them become more well-known. Spot Bitcoin ETF holdings were also revealed early Friday by Wells Fargo, the third-biggest bank in the US.
Without needing to buy Bitcoin, these ETFs let investors expose their portfolio to changes in the cryptocurrency price. JPMorgan Chase is one of several top banks that now include Bitcoin in their products. Spot Bitcoin ETFs offer the ideal starting point for that.
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