JPMorgan’s Bitcoin and Crypto-Linked Holdings Approach $1 Billion - Decrypt

JPMorgan Chase, whose CEO has spent years deriding crypto, is now sitting on close to $1 billion worth of crypto-linked stocks and funds, a regulatory filing shows, after the bank deepened those positions in the third quarter. Adding up the disclosures in JPMorgan's quarterly 13F, the form large institutional managers must file with the Securities and Exchange Commission, the bank held roughly $981 million across spot Bitcoin ETFs, Strategy, and crypto exchange Coinbase as of Sept. 30.

Counting its stakes in Robinhood and Bitcoin miners, the total likely tips past $1 billion. The largest piece is BlackRock's iShares Bitcoin Trust, or IBIT, where JPMorgan reported 11,408,930 shares worth about $540 million, a 9.6% increase in shares from the prior quarter.

Growing Bitcoin Exposure

The bank also leaned further into Strategy, raising its stake 36% to 848,932 shares, up from 624,387 at the end of June. That position was valued at about $131.3 million, up from $57.9 million a quarter earlier. A roughly $301 million stake in Coinbase rounds out the core holdings, alongside positions in Robinhood and miners including Core Scientific and Hut 8.

Market Context

The company's 13F is a snapshot as of Sept. 30 and doesn't capture moves since. Banks often hold such positions to hedge or facilitate client trades rather than to wager on price. Despite the significant holdings, JPMorgan has expanded its digital-asset services, issuing its first Bitcoin price forecast and rolling out JPM Coin tied to bank dollars on Ethereum.

The disclosure lands during a rough stretch for Bitcoin funds. Spot Bitcoin ETFs have bled more than $1.4 billion over a recent five-day span as investors cut risk. Bitcoin, which traded near $155 per Strategy share at quarter-end, has since slid below $69,000.