JPMorgan Chase, the largest bank in the United States, has revealed exposure to spot bitcoin exchange-traded funds (ETFs) in a newly filed document with the Securities and Exchange Commission (SEC) today.
x.com/PhoenixTrades_/status/1789018590206669258″> x.com/PhoenixTrades_/status/1789018590206669258″>Phoenix Trade
JPMorgan Chase's SEC filing provides specific information about the bank's exposure to bitcoin spot ETFs. The bank currently has exposure to spot bitcoin ETFs issued by some of the world's largest asset managers: BlackRock, Fidelity, Grayscale and more.
However, the amount of money allocated to each ETF seems a bit disappointing, considering how much money other institutions are allocating to buying bitcoin. That is because:
“JPM, Susquehanna (who also owns these ETFs and was all over this site last week) and others are simply market makers and/or APs. Their ownership is not necessarily indicative of anything more than how many shares they held at 3 /31/ 24”, x.com/JSeyff/status/1789026505013506157″>commented James Seyffart, Bloomberg ETF analyst. “If you are making markets in these things, the number of shares held could vary greatly from day to day. The 13F data is simply a snapshot of the *LONG* positions held on March 31. The 13F does not show short positions OR derivatives. So we don't even have a full view of its true exposure on March 31.”
Bloomberg Senior ETF Analyst Eric Balchunas also commented on the news: x.com/EricBalchunas/status/1789026897852047366″>indicating “We will probably see many of the big banks reporting some holdings in their role as market makers/APs. That's different than them buying for exposure (and therefore less hypocritical in the case of JPM). To catch this, although we are still working on getting the file on bbg, it just came out.”
“What's notable in my opinion is the sheer number of holders each one has so far. The IBIT of $ amounts to 250. That's crazy for the first quarter in the market,” Balchunas x.com/EricBalchunas/status/1789027843449512147″>continued. “Here's a comparison of the other ETFs launched the same week as the btc ones. And we still have like a 13F week left to launch.”
x.com/EricBalchunas/status/1789027843449512147″> x.com/EricBalchunas/status/1789027843449512147″>Eric Balchunas
JPMorgan's disclosure comes just hours after Wells Fargo, the third-largest bank in the United States, also made a similar disclosure about its spot exposure to bitcoin ETFs.
