JPMorgan’s reported holdings in BlackRock’s Bitcoin and Ether exchange-traded funds rose significantly in Q2, according to a Form 13F filing with the US Securities and Exchange Commission. The filing, covering holdings as of June 30, showed a 25% increase in Bitcoin ETF shares and a more than fourfold rise in Ether ETF shares.
JPMorgan held 10.4 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) in Q2, valued at roughly $356 million, up from 8.3 million shares in Q1. Its position in the iShares Ethereum Trust ETF (ETHA) rose to 1.17 million shares in Q2, compared to 267,000 shares in Q1. The firm also reported small holdings in XRP-related products, including 181 shares of Grayscale’s XRP investment vehicle and 113 shares of Bitwise’s XRP ETF.
Analyst Jonatan Randin noted that 13F filings combine multiple factors, including client activity and inventory, making it difficult to interpret positions as directional market views. He added that the reported XRP holdings may reflect growing confidence in regulatory developments surrounding the asset, though the timing of such positions remains speculative.
Form 13F filings do not include short positions, meaning JPMorgan’s reported long holdings do not reflect net exposure. The rationale for trimming Bitcoin miner positions, if applicable, is not explicitly confirmed. Randin said such adjustments could align with broader portfolio strategies, regardless of future price expectations.
Written by Oliver Grant
Markets Desk
