JPMorgan Chase, the largest bank in America, has actually exposed direct exposure to spot Bitcoin Exchange-Traded Funds (ETFs) in a recently submitted file with the Securities and Exchange Commission (SEC) today.
Phoenix Trades
The SEC filing by JPMorgan Chase supplies particular insights into the bank’s direct exposure to spot Bitcoin ETFs. The bank presently has direct exposure to spot Bitcoin ETFs provided by a few of the largest property supervisors on the planet: BlackRock, Fidelity, Grayscale, and more.
Though, the quantity of cash assigned to each ETF appears a bit underwhelming, thinking about just how much cash other organizations are assigning to acquiring Bitcoin. That’s since:
“JPM, Susquehanna (which also owns these ETFs and was all over this site last week) and others are just market makers and/or AP’s. Their ownership isn’t necessarily indicative of anything other than this is how many shares they had on 3/31/24,” commented Bloomberg ETF Analyst James Seyffart. “If you’re making markets in these things, the number of shares held could swing heavily day to day. The 13F data is simply a snapshot of *LONG* positions held on 3/31 13F’s don’t show shorts OR derivatives. So we don’t even have a full look at their true exposure on 3/31.”
Bloomberg Senior ETF Analyst Eric Balchunas also talked about the news, specifying we’ll “prob[ably] see many of the big banks report some holdings in their role as market makers/APs. That is dif[ferent from] them buying for the exposure (and thus less hypocritical in JPM’s case).. props for catching this tho we still working on getting the file on bbg it just came out.”
“What is notable IMO is the sheer number of holders that each has so far. $IBIT is up to 250. That’s bonkers for first quarter on market,” Balchunas continued. “Here’s comparison of the other ETFs launched same week-ish as btc ones. And we still have like a week of 13Fs to roll in yet.”
Eric Balchunas
JPMorgan’s disclosure comes simply hours after Wells Fargo, America’s third largest bank, also made a comparable discovery about its spot Bitcoin ETF direct exposure.
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