JP Morgan Chase, the largest bank in the United States, has announced an investment totaling approximately $760,000 in a bitcoin fund (spot bitcoin ETF).
Highlights.
JP Morgan Chase, the largest bank in the United States, has announced an investment totaling approximately $760,000 in a #bitcoin fund (spot bitcoin ETF).
Although CEO Jamie Dimon is skeptical, the move marks JP Morgan's entry into the #cryptocurrency market.
JP Morgan Chase's investment in bitcoin ETFs is in line with the broader trend of traditional financial institutions embracing cryptocurrencies.
In a recent filing with the U. S. Securities and Exchange Commission (SEC), JP Morgan Chase, the largest U. S. bank, announced its participation in a bitcoin exchange-traded fund (ETF).
In a statement filed on May 10, it said that JPMorgan Chase's investments in bitcoin #ETF funds were reported by industry giants such as #Grayscale , ProShares, Bitwise, #BlackRock and Fidelity.
According to SEC filings, JPMorgan invested in ProShares Bitcoin Strategy ETF (BITO), BlackRock's iShares Bitcoin Trust Fund (IBIT), Fidelity's Wise Origin Bitcoin Fund (FBTC ), Grayscale Bitcoin Trust (GBTC) and shares of Bitwise Bitcoin ETF totaling about $BTC While the disclosed amount may seem modest compared to other institutional bitcoin investments, it signals JP Morgan's entry into the cryptocurrency market and contradicts CEO Jamie Dimon's public skepticism of bitcoin.
In addition, JP Morgan also disclosed 25,021 shares (worth about $47,000) in Bitcoin Depot, a bitcoin ATM provider. These disclosures indicate that the bank is expanding its involvement in the cryptocurrency space.
News of JP Morgan Chase's investment in Bitcoin ETFs comes amid growing interest in cryptocurrencies from traditional financial institutions. Wells Fargo, the third largest US bank, announced its participation in the Greyscale and ProShares bitcoin ETFs on the same day.
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