While JPMorgan CEO Jamie Dimon has publicly trashed Bitcoin for years, his firm is quietly building up its crypto portfolio. The banking giant now holds over $1 million in crypto ETFs, with a hefty $984,000 in Bitcoin funds and $32,300 in Ethereum products. Talk about doing one thing and saying another.
JPMorgan’s actions speak louder than Dimon’s words as they quietly amass over $1 million in crypto ETFs while publicly criticizing Bitcoin.
The numbers tell an interesting story. JPMorgan’s total crypto holdings shot up 69% from last quarter’s $595,326, according to their recent SEC filing. The firm saw a particularly impressive 71% increase in Bitcoin ETF exposure. They’re spreading their bets around too. ProShares Bitcoin ETF leads the pack at $523,000, followed by BlackRock’s iShares at $290,000. Smaller positions in Bitwise, Fidelity, and Grayscale round out their Bitcoin portfolio.
On the Ethereum side, things are more modest but still growing. Grayscale’s ETHE trust dominates at $23,800, with iShares and Fidelity following at $6,200 and $2,100 respectively. A tiny $102 position in Grayscale’s Mini Trust seems almost like a rounding error. These ETFs track crypto prices through futures contracts rather than holding actual digital coins.
Some moves stand out. JPMorgan tripled down on Fidelity’s FBTC shares, now worth $53,719. They jumped into Bitwise’s BITB with nearly $66,000. But they’re not all-in everywhere – they slashed their Grayscale Bitcoin holdings from 3,695 to 492 shares. Guess someone’s playing favorites.
The strategy here is clear: indirect exposure through regulated products. No direct crypto trading for this Wall Street giant. Instead, they’re playing it safe as an authorized participant for BlackRock’s Bitcoin ETF while letting their wealthy clients dip their toes in the crypto waters. The bank has been exploring blockchain potential since their JPM Coin launch in 2019 for wholesale payment settlements.
This shift comes as traditional finance warms up to digital assets, with the SEC finally approving spot ETFs in January 2024. JPMorgan’s million-dollar crypto bet might seem small for a bank their size, but it’s symbolic. The same folks who once called Bitcoin a fraud are now quietly building their crypto arsenal. Funny how things change.
