JP Morgan, Wells Fargo latest major banks to disclose Bitcoin exposure via ETFs JP Morgan, Wells Fargo latest major banks to disclose Bitcoin exposure via ETFs
BlackRock also filed its 13F disclosure, revealing a modest investment its own IBIT ETF.
2 min read
Updated: May. 10, 2024 at 11:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
JP Morgan and Wells Fargo are the latest major global banks to disclose exposure to Bitcoin via some of the spot BTC exchange-traded funds launched in January.
The two lenders filed their 13F disclosures on May 10, revealing a modest investment in the Bitcoin ETFs.
JP Morgan disclosed $731,246 of spot Bitcoin ETF investments in BlackRock’s IBIT, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC. The majority of the amount — $477,425 — was invested in IBIT. Meanwhile, Wells Fargo reported a $141,817 investment in Grayscale’s GBTC during the first quarter.
Earlier disclosures have revealed that both BNP Paribas and BNY Mellon have also invested amounts into the Bitcoin ETFs, signaling a growing trend among traditional financial institutions despite the modest exposures.
Furthermore, other major banks, including Morgan Stanley and UBS, have indicated an intent to allow clients to invest in spot Bitcoin ETFs. However, the two lenders have yet to disclose direct exposure to Bitcoin as of press time.
Industry experts, including BlackRock’s head of digital assets, believe that the trend of institutional flows into Bitcoin ETFs is only beginning with the volume expected to rise as more sophisticated money, like sovereign wealth funds, begin entering the sector.
BlackRock 13F
BlackRock disclosed a $6.6 million investment in its own IBIT fund in its 13F filing on May 10.
The company’s strategy follows other spot Bitcoin ETF issuers that have similarly invested in their own funds. Ark Invest holds $206.4 million of its ARKB fund, while Van Eck holds $98,000 of its HODL fund.
BlackRock’s latest investment comes alongside solid performance for BlackRock’s IBIT. The fund has the highest cumulative inflows of any spot Bitcoin ETF at $15,490 and is the second-largest spot Bitcoin ETF in terms of assets under management.
BlackRock’s IBIT has also set a new record for reaching $10 billion in AUM. Bloomberg ETF analyst Eric Balchunas commented on the trend, noting:
“The record speed for an ETF to reach $10b in assets was held by JEPQ who did it in 647 trading days …
TradFi entering Bitcoin
Chicago-based hedge fund CTC Alternative Strategies reported a $27.7 million investment in IBIT on May 9.
Other financial institutions and companies that recently disclosed investments in spot Bitcoin ETFs include Hightower Advisors, US Bancorp, SouthState, Susquehanna International Group, Burkett Financial Services, and Legacy Wealth Asset Management.
The above companies are a few of the hundreds of other firms that have made similar disclosures in their 13F filings since spot Bitcoin ETFs went live in January.
According to data from Fintel, over 240 firms have invested in IBIT, while over 130 companies have invested in FBTC. More than 467 firms have invested in Grayscale’s GBTC, which existed before its conversion to an ETF in January.
Mentioned in this article
Bitcoin 
JPMorgan 
Grayscale Bitcoin Trust 
ARK 21Shares Bitcoin ETF 
VanEck Bitcoin Trust 
iShares Bitcoin Trust 
Bitwise Bitcoin ETF 
Fidelity Wise Origin Bitcoin Trust 
Eric Balchunas Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
JPMorgan
JPMorgan Chase & Co is a global leader in financial services, offering solutions to the world’s most important corporations, governments, and institutions in more than 100 countries.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).
The VanEck Bitcoin Trust is an investment product that allows investors to gain exposure to Bitcoin through a traditional brokerage account.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Bitwise Bitcoin ETF (BITB) is a newly launched exchange-traded fund that provides investors with exposure to Bitcoin.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.