JPMorgan’s IBIT exposure jumps 64% as Ethereum allocation shrinks to pocket change

JPMorgan Chase sharply expanded its exposure to spot-bitcoin ETFs in the third quarter, adding about 2.07 million shares of BlackRock’s iShares Bitcoin Trust (ticker IBIT) to end September with 5.28 million in total, according to its latest Form 13-F filing with the U.S. Securities and Exchange Commission.

That stake, valued at about $333 million at the end of the quarter and around $312 million today, represents a 64% increase from June, when the bank held 3.22 million shares.

The position makes JPMorgan one of several large banks with exposure to BlackRock’s bitcoin ETF, though firms such as Goldman Sachs and Millennium Management hold far larger stakes.

Bitcoin ETF activity has slowed in recent weeks following the historic liquidation event on Oct. 10, when markets plunged after Trump’s 100% tariffs on China erased record open interest across bitcoin and ether.

Inflows have remained muted since the wipeout, with only intermittent positive days, including $240 million in net inflows on Thursday, which ended a six-day streak of outflows.

BlackRock’s IBIT led that day’s activity with $112 million, according to SoSoValue data.

The timing aligns with JPMorgan’s more bullish outlook on bitcoin. Analysts at the bank said Wednesday they expect the cryptocurrency’s price could reach $170,000 over the next six to 12 months, citing improving volatility relative to gold and signs that the recent wave of crypto-futures deleveraging has largely run its course.

By contrast, JPMorgan’s holding in BlackRock’s iShares Ethereum Trust (ETHA) remains minuscule.

The bank reported 66 fund shares worth about $1,700, down from 111 last quarter, alongside small, offsetting call and put positions of 50,000 contracts each.