JPMorgan Chase, the largest U.S. bank, has announced the purchase of a spot Bitcoin ETF, according to an SEC filing. JPMorgan disclosed its Bitcoin ETF holdings on Friday. As of March 31, the bank held shares in the Bitcoin Spot ETF managed by BlackRock, Bitwise, and Fidelity.
These filings, which date back to the end of March, could give JPMorgan even more exposure to these ETF assets. The bank's Spot His Bitcoin ETF holdings total more than $1 million.
Additionally, the news came as a surprise since the bank's CEO, Jamie Dixon, had publicly been skeptical of Bitcoin. Dixon has been widely vocal against digital assets since last year, but JPMorgan Chase & Co. has been investing in a Bitcoin ETF since it was approved in January 2024.
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Throughout 2024, spot Bitcoin ETFs have been a large part of the conversation within the financial sector. In fact, the first approval for the investment offer was issued in January. Since then, they have achieved great success and further increased their profile. Early Friday morning, Wells Fargo, the third largest bank in the United States, was also disclosed Owns spot Bitcoin ETF.
These Bitcoin ETFs allow investors to expose their portfolio to BTC price fluctuations without the need for direct ownership. JPMorgan Chase is one of many large banks currently integrating Bitcoin into their services. The existence of spot Bitcoin ETFs is the perfect entry point for that.
