JPMorgan Boosts Bitcoin Stake to $356M, Adds XRP Exposure
JPMorgan Chase has significantly increased its stake in Blackrock's spot Bitcoin exchange-traded fund (ETF), IBIT, to $355.7 million as of June 30. This represents a substantial growth from Q1, where the bank held around $162 million worth of shares.
The bank's derivatives book also shifted towards a more bullish direction, with call options tied to IBIT increasing and put options decreasing.
JPMorgan has also returned to XRP through Bitwise and Grayscale funds after previously exiting the asset. The bank now holds positions in three separate XRP-linked vehicles, including the Bitwise XRP ETF, Grayscale XRP Trust ETF, and Armada Acquisition Corp II.
This move comes as JPMorgan's analysts have argued that institutional investors are increasingly treating Bitcoin as competition for gold allocations.