JPMorgan Chase has significantly increased its exposure to Bitcoin exchange-traded funds (ETFs), reporting a 64% rise in its holdings of the iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF managed by BlackRock.
According to a Form 13F-HR filing dated November 7, JPMorgan’s holdings in IBIT grew from 3.2 million shares to 5.28 million, valued at more than $343 million as of September 30. The addition of over 2 million shares marks a strong signal of institutional confidence amid recent volatility in the cryptocurrency market.
The filing also comes shortly after JPMorgan announced it would accept Bitcoin ETFs as collateral earlier this year, highlighting the bank’s growing comfort with digital assets in regulated investment vehicles.
The increase in holdings coincides with a rebound in the U.S. spot Bitcoin ETF market, which ended a six-day outflow streak on November 6. On that day, the market recorded $240 million in net inflows, with BlackRock’s IBIT leading with $112 million.
Between October 29 and November 5, more than $2 billion had exited U.S. spot Bitcoin ETFs as Bitcoin’s price fell from above $116,000 to below $99,000 during a market correction. Despite this, Bitcoin has since stabilized near the $100,000 mark and was trading at $102,514 at the time of writing.
JPMorgan has previously forecast that Bitcoin could reach $170,000 within the next 6 to 12 months if market conditions remain favorable and ETF inflows continue to strengthen.
