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US bank JPMorgan Chase said it holds stakes in several spot bitcoin ETFs, including those offered by Grayscale, ProShares, Bitwise, BlackRock and Fidelity, totaling around $760,000.
JPMorgan Unveils Investments in Multiple Bitcoin Spot ETFs
JPMorgan Chase, the US banking giant with total assets of $2.6 trillion, disclosed its positions in various Bitcoin Spot ETFs in a May 10 filing with the Securities and Exchange Commission (SEC).
The bank said it owns shares of ProShares Bitcoin Strategy ETF (BITO), BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC) and Bitwise Bitcoin ETF for a cumulative amount of about $760,000. .
Additionally, JPMorgan Chase said it owns 25,021 shares worth about $47,000 in Bitcoin Depot, a crypto ATM operator. The announcement coincides with that of Wells Fargo, which also revealed its exposure to ETFs from Grayscale and ProShares, as well as Bitcoin Depot.
Financial institutions are turning to crypto assets
JPMorgan Chase’s statement reflects growing interest in spot bitcoin ETFs from traditional financial institutions. Susquehanna International Group recently announced that it purchased over $1 billion worth of spot crypto ETF shares in the first quarter of 2024, further confirming this trend.
The SEC’s approval of spot BTC ETFs to be listed and traded on US exchanges last January paved the way for wider adoption of these innovative financial products.
Experts now expect the Commission’s decision on the Ethereum spot ETF by May 23, when asset manager VanEck’s application closes.
JPMorgan Chase’s investment in several spot ETFs marks a milestone in the growing adoption of crypto assets by traditional financial institutions. As the SEC continues to review Ether Spot ETF applications, it is likely that other major banks and investment firms will follow in JPMorgan Chase’s footsteps in the near future.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
