JPMorgan Reports 64% Surge in BlackRock Bitcoin ETF Holdings

JPMorgan Chase, a titan in the global banking sphere, has revealed a notable increase in its exposure to Bitcoin, primarily through BlackRock's spot Bitcoin exchange-traded fund (ETF), known as the iShares Bitcoin Trust (IBIT).

JPMorgan's IBIT Holdings at 5.2 Million Shares by Q3 End

In its latest filing with the U.S. Securities and Exchange Commission (SEC), JPMorgan stated that it held a total of 5,284,190 shares of IBIT as of September 30. This represents a remarkable 64% increase in the bank's investment in spot Bitcoin ETFs compared to previous figures.

As of the end of September, JPMorgan's holdings in IBIT were valued at approximately $333 million. However, current valuations estimate this figure at around $312 million. While this expansion in holdings places JPMorgan among the significant institutional investors in BlackRock’s Bitcoin ETF, it still trails behind other financial giants like Goldman Sachs. In fact, Goldman Sachs previously revealed it held an impressive 30.8 million IBIT shares in the first quarter of 2025, far surpassing JPMorgan’s stake.

Additionally, the SEC filing indicates that as of September 30, JPMorgan also possessed call options for IBIT valued at $68 million and put options worth $133 million.

This increased commitment to spot Bitcoin ETFs aligns with the bank’s optimistic outlook on the leading cryptocurrency. According to a recent report from strategist Nikolaos Panigirtzoglou and his team, the deleveraging phase within the crypto derivatives market, particularly concerning Bitcoin perpetual futures, appears to have largely concluded.

JPMorgan analysts noted that the heightened volatility of gold has rendered Bitcoin a more enticing investment choice when adjusted for risk. Their analysis suggests that Bitcoin is currently undervalued in comparison to gold, with projections indicating a potential price surge to approximately $170,000 within the next 6 to 12 months.

At the time of this writing, Bitcoin's price hovers around $102,900, reflecting a slight increase of over 1% in the last 24 hours. However, the cryptocurrency remains significantly down over medium-term timeframes, with data from CoinGecko indicating that Bitcoin's price has declined by more than 6% over the past week.

Challenges Faced by BlackRock’s IBIT Recently

BlackRock’s Bitcoin ETF has encountered some difficulties in recent weeks, experiencing notable withdrawals. According to information from SoSoValue, the ETF registered a weekly net outflow exceeding $403 million last week.

Excluding its performance on Friday, November 7, BlackRock’s IBIT is on track to document a weekly net outflow of approximately $450 million. Despite these challenges, the iShares Bitcoin Trust continues to hold its position as the largest spot Bitcoin ETF, managing net assets totaling $80.58 billion.