While the crypto market was experiencing a correction, JPMorgan did not reduce its presence in digital assets; on the contrary, it expanded its positions. A new 13F report showed that the bank significantly increased its investments in the largest US ETFs for Bitcoin, Ethereum, and Solana.
The biggest change was the increase in its stake in BlackRock’s iShares Bitcoin Trust. Over the quarter, the size of the holding grew from about 3 million to 8.3 million shares.
In monetary terms, the value of the position increased by about $162 million. And this happened during a period when Bitcoin lost more than 22% of its price and US spot ETFs were seeing net capital outflows.
The Bank Clearly Used the Dip to Build Its Position
JPMorgan’s actions do not look like a reaction to market euphoria, but rather like careful accumulation during a downturn. For major financial players, such a strategy is not uncommon.
When the market is under pressure, institutional investors often rebalance their portfolios and gradually increase their stakes in the most liquid assets. This is exactly what can be seen in the bank’s reports. Moreover, the bet was not limited to just BlackRock’s fund.
Fidelity and Bitwise Also Received Large Investments
JPMorgan expanded its positions in several Bitcoin ETFs at once. In addition to IBIT, the bank increased its investments in products from Fidelity and Bitwise.
The Bitwise Bitcoin ETF holding grew almost tenfold—from 4,872 to 48,258 shares. The stake in Fidelity rose from about 3,996 to 22,196 shares.
Such distribution indicates a broader strategy. The bank does not concentrate all its exposure in a single product but allocates capital among several of the largest ETF providers.
The Futures Fund Also Became a Priority
Additionally, JPMorgan significantly increased its stake in the ProShares Bitcoin Strategy ETF. Unlike spot funds, this product operates through futures contracts on BTC.
The number of shares rose from 40 to 1,302. In percentage terms, the jump looks sharp, although the absolute size of the position remains relatively small for now.
For institutional investors, such instruments are important for another reason. They allow for more flexible work with short-term market dynamics and the use of hedging strategies without direct asset purchases.
Solana and Ethereum Are Gradually Entering the Institutional Segment
Investments in altcoin ETFs also grew, although the scale was noticeably more modest than in Bitcoin products. JPMorgan appeared for the first time among holders of the Bitwise Solana Staking ETF. The bank bought about 47,460 shares worth approximately $523,000.
Activity in Ethereum also increased. The position in iShares Ethereum Trust grew by about 36% to reach 266,734 shares. At the same time, investments in the Bitwise Ethereum ETF were also expanded.
This shows a gradual shift in institutional interest beyond BTC. Ethereum and Solana are beginning to be seen not only as speculative assets but also as part of the digital finance infrastructure.
XRP Has Completely Disappeared From the Portfolio
At the same time, the bank took the opposite position on XRP. JPMorgan completely exited the Bitwise XRP ETF. If the previous quarter’s disclosure listed about 3,870 shares of the fund, this stake has now been reduced to zero.
This move may reflect a more cautious attitude toward assets with increased regulatory uncertainty and less stable institutional demand.
Crypto Companies Received Mixed Ratings
There were also changes in the shares of companies related to digital assets. JPMorgan slightly increased its investment in Strategy—the largest public holder of Bitcoin. At the same time, the bank increased its positions in MARA Holdings, Core Scientific, Block, and PayPal.
Meanwhile, stakes in Coinbase, Robinhood, Galaxy Digital, and Bitdeer were reduced. This may indicate that the bank is betting more on the infrastructure and payments segment of the market rather than the exchange business.
Institutional Investors Continue to Reshape the Market Structure
JPMorgan’s new report shows an important trend. Even during a weak quarter, the interest of large financial companies in the crypto industry has not disappeared.
On the contrary, regulated ETFs are gradually becoming the main channel for banks and asset managers to access digital assets. And the more such positions appear in the reports of the largest US banks, the more deeply the crypto market becomes integrated into the traditional financial system.
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