JPMorgan Boosts Digital Asset Holdings in Bear Market
JPMorgan Chase & Co., the world's largest investment bank, has increased its holdings of digital-asset exchange-traded funds (ETFs) in a bear market. The bank's stake in BlackRock's spot-Bitcoin ETF 'IBIT' rose by about 25% from the previous quarter to 10.4 million shares, valued at $356 million.
The Ethereum ETF holdings saw an even sharper increase, with JPMorgan's position in BlackRock's spot-Ethereum ETF 'ETHA' climbing to approximately 1.17 million shares in the second quarter, a more than fourfold rise from about 267,000 shares in the first quarter.
JPMorgan also added Grayscale and Bitwise investment products tied to XRP to its portfolio, although it held only a small number of shares: 181 in Grayscale's XRP product and 113 in Bitwise's ETF.