Key Takeaways
- JPMorgan boosts Bitcoin exposure by 64%, holding over $340M in BlackRock’s ETF
- The bank is using both direct holdings and options to manage and profit from bitcoin price moves.
- Once skeptical, JPMorgan now sees bitcoin as undervalued and forecasts it could reach $170K within a year.
JPMorgan Chase, one of the world’s biggest banks, has increased its investment in bitcoin through BlackRock’s iShares Bitcoin Trust (IBIT).
According to recent filings with the U.S. Securities and Exchange Commission (SEC), the bank now owns about 5.28 million shares of the Bitcoin ETF — a 64% increase from what it held in June.
As of September 30, 2025, those shares were worth around $343 million, up from $302 million the previous quarter. This large jump shows that JPMorgan and its clients are becoming more comfortable with getting exposure to bitcoin through regulated investment products like ETFs.
The iShares Bitcoin Trust, launched by BlackRock, allows investors to gain exposure to bitcoin without directly buying or storing the asset. ETFs like IBIT have become a popular way for large financial institutions to safely invest in bitcoin within existing financial rules.
This move is especially notable because JPMorgan’s CEO, Jamie Dimon, was once one of Bitcoin’s biggest critics. In the past, he called Bitcoin a “fraud” and said the government should “shut it down.”
Related: Jamie Dimon Would “Close Down” Bitcoin If He Had Government Role
But things have clearly changed. Now, JPMorgan’s filings show a strong and growing interest in bitcoin investments. The rate at which the firm is increasing its exposure suggests that its high-value institutional clients are as well.
The bank’s 13F filing also revealed that JPMorgan holds options related to the Bitcoin ETF — about $68 million in call options and $133 million in put options.
This means the bank isn’t just investing directly but also using financial strategies to manage risk and take advantage of price movements in the market.
JPMorgan’s increased holdings came at a time when bitcoin’s price was going through a rough patch.
The digital asset had recently fallen by about 20% from its record high of $126,000, trading near $100,000 at the end of October. The drop was caused by a wave of selling and liquidations in the futures market after broader economic worries, including new U.S. tariffs on Chinese imports.
Despite the dip, institutional interest hasn’t disappeared. Eric Balchunas, the Senior ETF Analyst for Bloomberg, recently clarified that during the market downfall, ETF holders had the steadiest hand, with less than 0.5% selling their holdings.
On November 6, U.S. spot Bitcoin ETFs broke a six-day outflow streak, with $240 million in net inflows. BlackRock’s IBIT led the rebound, attracting $112 million in new investments in just one day.
This shows that big investors still see potential in Bitcoin — and JPMorgan’s larger position supports that trend.
The bank’s analysts are now much more optimistic about Bitcoin’s future. In a recent report, JPMorgan suggested that bitcoin could climb to $170,000 within 6 to 12 months.
The bank’s analysts stated that bitcoin currently seems undervalued compared to gold. They said Bitcoin’s futures leverage has normalized, indicating excess risk has been cleared from the market, citing that volatility in bitcoin has eased while gold’s has risen.
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