ETFs
JPMorgan also launches into Bitcoin Spot ETFs
9:00 p.m. ▪ 3 min reading ▪ by Fénelon L.
US bank JPMorgan Chase said it holds shares in several Bitcoin Spot ETFs, including those offered by Grayscale, ProShares, Bitwise, BlackRock and Fidelity, totaling around $760,000.
JPMorgan Reveals Investments in Multiple Bitcoin Spot ETFs
JPMorgan ChaseThe American banking giant with total assets of $2.6 trillion, disclosed its positions in various Bitcoin Spot ETFs in a May 10 filing with the Securities and Exchange Commission (SEC).
The bank noted he owns shares of ProShares Bitcoin Strategy ETF (BITO), BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), and Bitwise Bitcoin ETF, with total value combined by approximately $760,000.
Additionally, JPMorgan Chase reported holding 25,021 shares, valued at approximately $47,000, in Bitcoin Depot, a cryptocurrency ATM operator. This announcement coincides with that of Wells Fargo, which also revealed its exposure to Grayscale and ProShares ETFs, as well as Bitcoin Depot.
Financial institutions are turning to crypto assets
JPMorgan Chase’s statement reflects growing interest from traditional financial institutions in Spot Bitcoin ETF. Susquehanna International Group recently announced that it purchased over $1 billion worth of crypto spot ETF shares in the first quarter of 2024, confirming this trend.
The SEC’s approval of the listing and trading of BTC spot ETFs on US exchanges last January paved the way for wider adoption of these innovative financial products.
Experts are now awaiting a decision from the Commission regarding Ethereum Spot ETF by May 23, when asset manager VanEck’s application must be submitted.
JPMorgan Chase’s investment in several cash ETFs marks an important milestone in growing adoption of crypto assets by traditional financial institutions. As the SEC continues to review Ether Spot ETF applications, it is likely that other major banks and investment firms will follow in JPMorgan Chase’s footsteps in the near future.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.