JPMorgan Chase, the largest US bank, has revealed its holdings of Bitcoin exchange-traded funds in a recent presentation.
JPMorgan Chase, the largest US bank, has revealed its holdings of Bitcoin exchange-traded funds in a recent presentation.
Although their cumulative Bitcoin ETF holdings are currently limited to a meager $1.2 million, this is yet another sign of Bitcoin’s growing acceptance.
BlackRock’s Robert Mitchnick recently revealed that major financial institutions, such as pension funds, were preparing to dive into Bitcoin ETFs. Mitchnick downplayed the significance of the recent slowdown in inflows as the financial giant continues to see strong demand for Bitcoin exposure.
As Guru-Investingreported, Edmond de Rothschild (Suisse) SA now also owns $4.2 million worth of Bitcoin ETF shares.
Wells Fargo, another major US bank, also disclosed its Bitcoin ETF holdings in a regulatory filing today.
Jamie Dimon remains a Bitcoin critic
Meanwhile, JPMorgan CEO Jamie Dimon remains a staunch critic of Bitcoin. In December, he suggested that the US government should go as far as shutting down the largest cryptocurrency. Recently, the it crashed flagship cryptocurrency as a “Ponzi scheme.”
In 2021, JPMorgan launched a passively managed Bitcoin fund for its wealth clients.
Last year, the megabank was named among authorized participants in BlackRock’s record-breaking Bitcoin ETF.
Another day of departures
On Thursday, Bitcoin ETFs saw mixed flows. Grayscale’s GBTC saw significant outflows of over $43 million. BlackRock’s relatively modest inflows of $14.2 million didn’t make up for it.
Despite the negative ETF data, Bitcoin managed to recover to the $63,000 level before falling.
