JPMorgan increases crypto holdings via ETFs, but stays cautious at $1 million

In its recent 13F form, JPMorgan reported $1 million in crypto exposure through exchange-traded funds (ETF) as of Dec. 31.

This is nearly 69% more than the $595,326 it reported at th end of the third quarter of 2024.

According to the filing with the US Securities and Exchange Commission (SEC), JPMorgan's exposure to Bitcoin (BTC) via ETFs is worth $964,322, nearly 71% larger than the $595,326 amount previously reported. 

The traditional financial institution added $65,881 worth of Bitwise’s BITB shares to its holdings and 50 shares of Franklin Templeton’s EZBC worth less than $3,000.

Meanwhile, JPMorgan increased the number of Fidelity’s FBTC shares by 208% to 658, worth $53,719.

Additionally, the report revealed a reduction in exposure to Grayscale BTC products. JPMorgan cut the 3,695 shares it held from Grayscale's GBTC and mini trust to 492, which are now worth $36,418.

The increase in JPMorgan’s BTC exposure via ETFs is related to BlackRock's IBIT. The report showed 5,242 shares of IBIT, now worth $278,094, up from 387.

JPMorgan’s exposure via ProShares' Bitcoin futures ETF BITO grew to $527,502 in the latest 13F form despite shedding over 2,000 fund shares. The increase in the dollar-denominated exposure is related to BTC’s price increase.

ETH exposure remains the same

Despite the increase in Bitcoin exposure, JPMorgan holds just $39,569 worth of Ethereum (ETH) ETF shares. This is 29% larger than the $30,705 held as of Sept. 30.

The financial institution now holds 300 shares of BlackRock's ETHA, worth $7,587, and 80 shares of Fidelity's FETH, worth $2,673.

Furthermore, JPMorgan also toned down its exposure to Grayscale ETH products, reducing its holdings from 4,246 shares to 1,050 shares between quarters. As of Dec. 31, the total held was worth $29,435.