JPMorgan Chase, the largest bank in America open exposure to Bitcoin exchange-traded funds (ETFs) in a newly filed document with the Securities and Exchange Commission (SEC) today.
An SEC filing by JPMorgan Chase provides specific insights into the bank's exposure to Bitcoin exchange-traded funds. The bank currently has exposure to spot Bitcoin ETFs issued by some of the world's largest asset managers: BlackRock, Fidelity, Grayscale, and more.
Despite this, the amount of money allocated to each ETF seems a bit disappointing, considering the amount of money other institutions allocate to purchasing Bitcoin. that's why:
“JPM, Susquehanna (which also owns these ETFs and was on this site last week) and others are merely market makers and/or AP. Their ownership does not necessarily refer to anything other than the number of shares they own as of 3/31/24” , Comment Bloomberg ETF Analyst James Seyphart. “If you're creating markets in these things, the number of shares held can fluctuate wildly day to day. The 13F data is just a snapshot of *long* positions held on 3/31. The 13F does not show shorts or derivatives trades. So it's not We even have a full look at their true exposure at 3/31.”
Eric Balchunas, senior ETF analyst at Bloomberg, also commented on the news, saying: It helps We'll “likely” see many of the larger banks declaring some of their holdings in their role as market makers/beneficiary partners. This is (different from) them buying for exposure (and therefore less hypocritical in JP Morgan's case)… props for the capture “This photo, we're still working on getting the file on bbg, and it's just been released.”
“What's notable IMO is the sheer number of owners they each have so far. The dollar IBIT is at $250. This is great for a Q1 in the market,” Balchunas said. I continued. “Here is a comparison of other ETFs that launched in the same week as Bitcoin funds. We still have a week of 13F to go yet.”
JPMorgan's disclosure comes just hours after Wells Fargo, America's third-largest bank, made a similar disclosure about its spot exposure to a Bitcoin exchange-traded fund.