JPMorgan Chase, America’s largest bank, revealed A new filing today with the Securities and Exchange Commission (SEC) describes exposure to spot Bitcoin exchange-traded funds (ETFs).
JPMorgan Chase’s SEC filing provides specific insight into the bank’s exposure to spot Bitcoin ETFs. The bank currently has exposure to spot Bitcoin ETFs issued by some of the world’s largest asset managers, including BlackRock, Fidelity, and Grayscale.
However, the amount allocated to each ETF seems a little underwhelming when you consider how much money other institutions are allocating to buying Bitcoin. Here’s why:
“JPM, Susquehanna (which also owns these ETFs and was talked about on this site last week) and others are simply market makers and APs. It doesn’t necessarily indicate anything other than whether you owned the stock.” /31/24,” commented Bloomberg ETF analyst James Seifert said: “If you are making a market based on these things, the number of stocks you own can fluctuate significantly from day to day.The 13F data is just a snapshot of *LONG* positions held at 13F on 3/31. We don’t see any shorts or derivatives. We don’t even have a complete picture of their true exposure on March 31st.”
Eric Balchunas, senior ETF analyst at Bloomberg, also commented on the news: Says “We’ll probably end up with a lot of big banks reporting their holdings in their role as market makers/APs, which is different than them buying for exposure (so it’s not hypocritical in JPM’s case. ). Thanks for finding this, we’re still working on getting the file on bbg, but it’s just been published. ”
“IMO what’s remarkable is the huge number of holders each has reached so far. $IBIT is up to 250, which is an outrageous number for the first quarter of the market,” Balciunas said. said. continuation. “This is a comparison between BTC’s and other ETFs launched in the same week. And we still have about a week until 13F begins.”
JPMorgan’s disclosure came hours after Wells Fargo, the third-largest U.S. bank, disclosed similar information. revelation About Bitcoin ETF spot exposure.
