Bitcoin
JPMorgan discloses holdings in Bitcoin ETF
Alex Dovbnya
Top US Bank Disclosed Holdings in Bitcoin Exchange-Traded Funds
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JPMorgan Chase, the largest U.S. bank, disclosed holdings in Bitcoin exchange-traded funds in a recent archiving.
Although its 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 large financial institutions such as pension funds were preparing to dive into Bitcoin ETFs. Mitchnick dismissed the importance of the recent slowdown in inflows as the financial giant continues to see strong demand for Bitcoin exposure.
As reported by U.TodayEdmond de Rothschild (Suisse) SA now also holds $4.2 million worth of Bitcoin ETF shares.
Wells Fargo, another major US bank, also disclosed Bitcoin ETF holdings in a regulatory filing earlier today.
Jamie Dimon remains a Bitcoin critic
Meanwhile, JPMorgan CEO Jamie Dimon remains an outspoken critic of Bitcoin. In December, he suggested that the US government should go as far as shutting down the largest cryptocurrency. Recently, he it hit the main cryptocurrency as a “Ponzi scheme”.
In 2021, JPMorgan launched a passively managed Bitcoin fund for its wealth clients.
Last year, the megabank was named one of the authorized participants in BlackRock’s record-breaking Bitcoin ETF.
Another day of going out
On Thursday, Bitcoin ETFs recorded mixed flows. Grayscale’s GBTC saw substantial outflows of over $43 million. BlackRock’s relatively modest inflows of $14.2 million did not offset them.
Despite the negative ETF data, Bitcoin still managed to recover to the $63,000 level before falling further.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.