ETFs
JPMorgan Announces $760,000 Cash Bitcoin ETF Holdings Even as CEO Jamie Dimon Calls for Crypto Industry Shutdown – JPMorgan Chase (NYSE:JPM)
May 11, 2024 10:57 a.m. | 2 minutes of reading
The largest bank in the United States, JPMorgan Chase & Co. (NYSE:JPM), disclosed a significant investment in Bitcoin (CRYPTO: BTC) exchange-traded funds (ETF) despite its CEO Jamie Dimon’s persistent criticism cryptocurrencies.
What happened: JPMorgan invested approximately $760,000 in spot Bitcoin ETFs on behalf of its clients, according to a recent study. deposit with the Securities and Exchange Commission (SEC).
The bank’s holdings are spread across several ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), ProShares Bitcoin Strategy ETF (BITO), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), and the Bitwise Bitcoin ETF.
In addition to this, JPMorgan purchased 25,021 shares of crypto provider ATM. Bitcoin Depot Inc. worth $47,415 and 34,662 shares of Bit Digital Inc. worth $99,480.
See also: Trump vows to ‘make sure you can’ donate using crypto to his 2024 campaign
This announcement follows a similar disclosure by a rival bank Wells Fargo & Co. (NYSE:WFC), which revealed his holding of 2,245 GBTC shares worth $121,207.
Dimon previously called Bitcoin a “pet stone” used by criminals and speculators.
Why is this important: This decision by JPMorgan, despite Dimon’s criticism, is indicative of the growing acceptance of Bitcoin within traditional financial institutions.
In December, Dimon reiterated his long-standing opposition to Bitcoin and other cryptocurrencies, suggesting the government should shut down the industry.
In January, following the SEC’s approval of a Bitcoin ETF, Dimon’s stance appeared to soften. He said: “I defend your right to make Bitcoin. » sparking a strong reaction from a former National Security Agency contractor Edward Snowden.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga Publishers.
Photo courtesy: Flickr
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