In brief
- JPMorgans Q3 13F filing shows it held roughly $981 million across spot Bitcoin ETFs, Strategy and Coinbase as of Sept. 30—close to $1 billion, and likely past it counting Robinhood and Bitcoin miner stakes.
- The biggest piece is $540 million in BlackRocks IBIT; it also raised its Strategy stake 36% to 848,932 shares
- The snapshot predates a rough stretch—spot Bitcoin ETFs recently bled $1.4 billion in five days.
JPMorgan Chase, whose CEO has spent years deriding crypto, is now sitting on close to $1 billion worth of crypto-linked stocks and funds, a regulatory filing shows, after the bank deepened those positions in the third quarter.
Adding up the disclosures in JPMorgan‘s quarterly 13F, the form large institutional managers must file with the Securities and Exchange Commission to report their holdings, the bank held roughly $981 million across spot Bitcoin ETFs, Michael Saylor’s Strategy, and crypto exchange Coinbase as of Sept. 30.
Counting its stakes in Robinhood and Bitcoin miners, the total likely tips past $1 billion.
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The largest piece is BlackRock‘s iShares Bitcoin Trust, or IBIT, where JPMorgan reported 11,408,930 shares worth about $540 million, a 9.6% increase in shares from the prior quarter, when the holding was valued at roughly $356 million. It held smaller positions in Grayscale’s and Bitwises Bitcoin ETFs, bringing its total spot Bitcoin ETF exposure to around $549 million.
The bank also leaned further into Strategy, the Bitcoin treasury company, raising its stake 36% to 848,932 shares, up from 624,387 at the end of June. That position was valued at about $131.3 million, up from $57.9 million a quarter earlier, reflecting both the added shares and a rise in Strategys stock over the period.
A roughly $301 million stake in Coinbase rounds out the core holdings, alongside positions in Robinhood and miners including Core Scientific and Hut 8. JPMorgan also disclosed sizable options tied to both IBIT and Strategy.
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The company‘s 13F is a snapshot as of Sept. 30 and doesn’t capture moves since, nor does it necessarily reflect directional bets. Banks often hold such positions to hedge or to facilitate client trades rather than to wager on price, so the near-$1 billion figure is better read as the scale of JPMorgans crypto-market activity than as a conviction call.
That nuance matters given CEO Jamie Dimon, who has called Bitcoin worthless and likened crypto to a fraud, even as the bank he runs steadily builds out digital-asset services.
Those services have expanded quickly. JPMorgan recently issued its first price forecast for Bitcoin, rolled out a deposit token called JPM Coin tied to bank dollars on Ethereum, and explored tokenized stocks alongside BlackRock and the DTCC.
The disclosure also lands during a rough stretch for Bitcoin funds. Spot Bitcoin ETFs have bled more than $1.4 billion over a recent five-day span as investors cut risk, a reminder that the institutional appetite captured in JPMorgans September snapshot has cooled since.
Bitcoin, which traded near $155 per Strategy share levels at quarter-end, has since slid well off its highs, today trading below $69,000.
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