Financial giants such as JPMorgan Chase and Wells Fargo disclose their Bitcoin ETF holdings! But don't be happy too early

Several financial giants report Bitcoin holdings

JPMorgan Chase, the largest U.S. commercial bank, disclosed the company’s Bitcoin spot ETF exposure today in a quarterly 13F report filed with the U.S. Securities and Exchange Commission (SEC). The bank currently holds Bitcoin spot ETFs issued by BlackRock, Fidelity, Grayscale and others, documents show.

At the same time, Wells Fargo, the third largest bank in the United States, also disclosed its first-quarter positions in the 13F report, which included Grayscale’s GBTC. Information disclosed in early May also showed that BNP Paribas, Europe's second largest bank, also reported its holdings of the BlackRock Bitcoin ETF. A number of large institutions that one wouldn’t expect have positions in Bitcoin spot ETFs.

Institutional investment managers with at least $100 million in assets are required to file quarterly 13F reports with the Securities and Exchange Commission (SEC). Banks and fund managers have up to 45 days after the quarter-end to submit reports. Even foreign banks, such as BNP Paribas, must file reports if they conduct transactions in the United States, such as buying ETFs from U.S. issuers.

The institution is well-known but its holdings are not high.

However, although these institutions are the world's top financial giants, their exposure to Bitcoin spot ETFs is pitiful. According to statistics, JPMorgan Chase’s total exposure to the four Bitcoin spot ETFs IBIT, BITB, FBTC and GBTC is only $731,246. Wells Fargo’s GBTC holdings are worth just $141,817.

BNP Paribas holds even less, holding only about $41,684 worth of IBIT.

Such small allocations suggest that these institutions are not holding Bitcoin spot ETFs for investment purposes. Bloomberg ETF analyst James Seyffart commented:

"JPMorgan Chase, Haina International and other institutions are just market makers or authorized participants (AP). Their holdings do not necessarily mean anything, it just means that they held so many shares on March 31. If you are in these Market making in products, holdings can vary significantly from day to day. The 13F data is only a snapshot of long positions, it doesn't show short positions or derivatives, so we don't even have a complete idea of ​​their true exposure on March 31st. We see a lot of big banks reporting holdings in the role of market makers or authorized participants, but that's fundamentally different from them buying to gain exposure."

This article JPMorgan Chase, Wells Fargo and other financial giants disclose Bitcoin ETF holdings! But don’t be too happy too soon. First appeared on Zombit.