JPMorgan's Q3 13F filing shows roughly $981 million in spot Bitcoin ETFs, Strategy and Coinbase as of Sept. 30. The total likely passes $1 billion once Robinhood and Bitcoin miner stakes are counted. The snapshot predates a weak stretch for Bitcoin funds.
JPMorgan Chase held roughly $981 million across spot Bitcoin ETFs, Michael Saylor's Strategy and Coinbase as of Sept. 30, according to its quarterly 13F filing. The bank deepened those positions in the third quarter, and counting its Robinhood and Bitcoin miner stakes, the total likely tips past $1 billion.
BlackRock's IBIT leads the holdings
The largest piece is BlackRock's iShares Bitcoin Trust, or IBIT, where JPMorgan reported 11,408,930 shares worth about $540 million, a 9.6% increase in shares from the prior quarter. Smaller positions in Grayscale's and Bitwise's funds brought its total spot Bitcoin ETF exposure to around $549 million.
The bank also leaned further into Strategy, raising its stake 36% to 848,932 shares, up from 624,387 at the end of June. That position was valued at about $131.3 million, up from $57.9 million a quarter earlier.
A roughly $301 million stake in Coinbase rounds out the core holdings. JPMorgan also disclosed sizable options tied to both IBIT and Strategy.
A snapshot, not a conviction call
The 13F is a snapshot as of Sept. 30 and does not capture moves since, nor does it necessarily reflect directional bets. Banks often hold such positions to hedge or to facilitate client trades, so the near-$1 billion figure is better read as the scale of JPMorgan's crypto-market activity than as a conviction call.
That nuance matters given that CEO Jamie Dimon has called Bitcoin worthless and likened crypto to a fraud. Meanwhile, JPMorgan recently issued its first price forecast for Bitcoin and rolled out a deposit token called JPM Coin tied to bank dollars on Ethereum.
The disclosure also lands during a rough stretch for Bitcoin funds. Spot Bitcoin ETFs have bled more than $1.4 billion over a recent five-day span as investors cut risk, and Bitcoin is trading below $69,000.
Source: Decrypt
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