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American bank JPMorgan Chase has announced that it holds a total of approximately $760,000 in shares in several Bitcoin spot ETFs, including those offered by Grayscale, ProShares, Bitwise, BlackRock, and Fidelity.
JP Morgan reveals investments in multiple Bitcoin spot ETFs
JPMorgan Chase, a major American bank with total assets of $2.6 trillion, disclosed its positions in various Bitcoin spot ETFs in a filing with the Securities and Exchange Commission (SEC) on May 10. .
The bank owns ProShares Bitcoin Strategy ETF (BITO), BlackRock's iShares Bitcoin Trust (IBIT), Fidelity's Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin He revealed that he owns a total of shares in Trust (GBTC) and Bitwise Bitcoin ETF. The total cost is approximately $760,000.
Furthermore, JPMorgan Chase & Co. announced that it owns 25,021 shares (worth about $47,000) of Bitcoin Depot, a virtual currency ATM operator. This announcement coincides with an announcement from Wells Fargo, which also revealed its exposure to Bitcoin Depot as well as the Grayscale and ProShares ETFs.
Financial institutions pay attention to crypto assets
JPMorgan Chase's declaration signals increased interest from traditional financial institutions in Bitcoin Spot ETFs. Susquehanna International Group recently confirmed this trend by announcing that it purchased over $1 billion of crypto spot ETF shares in the first quarter of 2024.
Last January, the SEC approved the listing and trading of BTC spot ETFs on US exchanges, paving the way for broader adoption of these innovative financial products.
Experts now expect the commission to issue a decision on the Ethereum Spot ETF by May 23, the application deadline for asset manager VanEck.
JPMorgan Chase's investments in multiple spot ETFs mark an important milestone in the growing adoption of crypto assets by traditional financial institutions. The SEC continues to review the EtherSpot ETF application, and other large banks and investment firms are likely to follow JPMorgan Chase's lead in the near future.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
