JPMorgan Chase has significantly increased its exposure to Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).
The financial giant now holds $984,000 in Bitcoin ETFs and $32,300 in Ethereum ETFs. Its Bitcoin ETF investments include $523,000 in ProShares Bitcoin ETF (BITO), $290,000 in BlackRock’s iShares Bitcoin Trust ETF (IBIT), and smaller amounts in funds from Bitwise, Fidelity, and Grayscale. For Ethereum ETFs, JPMorgan holds $23,800 in Grayscale Ethereum Trust ETF (ETHE) and smaller positions in ETFs from iShares, Fidelity, and Grayscale.
This represents a 30% increase from May 2024, when JPMorgan held $760,000 in Bitcoin ETFs.
Goldman Sachs Also Boosts Bitcoin ETF Investments
JPMorgan isn’t alone in expanding its crypto exposure. Goldman Sachs has ramped up its Bitcoin ETF holdings, now holding $1.27 billion in BlackRock’s IBIT and a $288 million stake in Fidelity’s FBTC. The bank’s Bitcoin ETF holdings surged 88% from the previous quarter, while its FBTC position jumped 105%.
Crypto Funds See First Outflows of 2025
Despite rising institutional adoption, crypto investment products recorded $415 million in outflows last week. Bitcoin-based funds lost $430 million as Federal Reserve Chairman Jerome Powell signaled that rate cuts may take longer than expected, dampening investor sentiment.