JPMorgan Chase, the largest bank in the US, has revealed that it now holds approximately $760,000 worth of spot Bitcoin exchange-traded funds (ETFs) on behalf of its clients. This information was disclosed in a recent filing, known as Form F13, which mandates institutional investment managers to disclose their holdings. JPMorgan’s exposure to Bitcoin is spread across various ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), the ProShares Bitcoin Strategy ETF (BITO), Fidelity’s Wise Origin Bitcoin Fund (FBTC), the Grayscale Bitcoin Trust (GBTC), and the Bitwise Bitcoin ETF.
This disclosure follows a similar filing by rival bank Wells Fargo, which stated that it holds 2,245 shares of the Grayscale Bitcoin Trust (GBTC) valued at $121,207 at the time of publishing.
Moreover, JPMorgan is one of the authorized participants that powers BlackRock’s Bitcoin ETF, enabling the smooth inflow and outflow of funds for the ETF.
Despite the growing acceptance of Bitcoin on Wall Street, JPMorgan CEO Jamie Dimon remains one of the most vocal critics of the cryptocurrency. Dimon recently described Bitcoin as a worthless asset used solely by criminals and speculators. When asked if his opinion had changed due to the introduction of these new ETFs, Dimon told CNBC that he would no longer comment on the leading cryptocurrency, stating, “I don’t care. So just please stop talking about this… This is the last time I’m ever going to state my opinion.”
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