JPMorgan Boosts Crypto Bet to $1M

JPMorgan, a leading global financial services firm, has increased its exposure to the cryptocurrency market through exchange-traded funds (ETFs), according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). As of Dec. 31, 2024, JPMorgan reported a crypto exposure of $1 million, representing a nearly 69% increase from the $595,326 reported at the end of the third quarter.

The bank's Bitcoin (BTC) exposure via ETFs grew to $964,322, a 71% increase from the previous quarter. This increase can be attributed to the addition of $65,881 worth of Bitwise's BITB shares and 50 shares of Franklin Templeton's EZBC, worth less than $3,000. Additionally, JPMorgan increased its holdings of Fidelity's FBTC shares by 208% to 658, worth $53,719. However, the report also revealed a reduction in exposure to Grayscale BTC products, with JPMorgan cutting its holdings from 3,695 shares to 492, now worth $36,418.

JPMorgan's exposure to Bitcoin via BlackRock's IBIT grew to 5,242 shares, now worth $278,094, up from 387 shares in the previous quarter. Despite shedding over 2,000 fund shares, the bank's exposure via ProShares' Bitcoin futures ETF BITO grew to $527,502 due to the increase in BTC's price.

Despite the increase in Bitcoin exposure, JPMorgan's Ethereum (ETH) ETF holdings remained relatively unchanged at $39,569. The bank now holds 300 shares of BlackRock's ETHA, worth $7,587, and 80 shares of Fidelity's FETH, worth $2,673. JPMorgan also reduced its exposure to Grayscale ETH products, cutting its holdings from 4,246 shares to 1,050 shares between quarters.

While JPMorgan has increased its crypto holdings through ETFs, the bank remains cautious, with