Important points
- JPMorgan increases Bitcoin exposure by 64%, owns over $340 million in BlackRock ETF
- The bank uses both direct holdings and options to manage and profit from Bitcoin price fluctuations.
- Once a skeptic, JPMorgan now sees Bitcoin as undervalued and predicts it could reach $170,000 within a year.
JPMorgan Chase, one of the world’s largest banks, is increasing its investment in Bitcoin through BlackRock’s iShares Bitcoin Trust (IBIT).
The bank currently owns approximately 5.28 million shares in the Bitcoin ETF, an increase of 64% from its holdings in June, according to a recent filing with the U.S. Securities and Exchange Commission.
As of September 30, 2025, these shares were valued at approximately $343 million, up from $302 million in the prior quarter. This significant increase indicates that JPMorgan and its clients are becoming more comfortable gaining exposure to Bitcoin through regulated investment products such as ETFs.
The iShares Bitcoin Trust, launched by BlackRock, allows investors to gain exposure to Bitcoin without having to purchase or store the asset directly. ETFs like IBIT have become a popular way for large financial institutions to safely invest in Bitcoin within existing financial rules.
The move is particularly notable because JPMorgan CEO Jamie Dimon was once one of Bitcoin’s biggest critics. He has previously called Bitcoin a “scam” and said governments should “shut it down.”
Related article: Jamie Dimon would ‘shut down’ Bitcoin if he was in government role
But things have clearly changed. Now, JPMorgan’s filings show that there is strong interest in investing in Bitcoin. The speed at which the company’s exposure is increasing suggests that its high-net-worth institutional customers are increasing as well.
The bank’s 13F filing also revealed that JPMorgan holds options related to the Bitcoin ETF (approximately $68 million in call options and approximately $133 million in put options).
This means that banks not only invest directly, but also utilize financial strategies to manage risk and take advantage of market price fluctuations.
JPMorgan’s increase in holdings came at a time when Bitcoin prices were going through a difficult period.
The digital asset has recently fallen about 20% from its all-time high of $126,000, and was trading at nearly $100,000 at the end of October. The decline was caused by a flurry of selling and liquidations in the futures market due to broader economic concerns, including new U.S. tariffs on imports from China.
Despite the decline, interest from institutional investors remains. Eric Balciunas, senior ETF analyst at Bloomberg, recently revealed that ETF holders held the steadiest hand during the market downturn, with less than 0.5% selling their holdings.
On November 6th, the US Spot Bitcoin ETF recorded a six-day streak of outflows, with net inflows of $240 million. BlackRock’s IBIT led the rebound, attracting $112 million in new investment in just one day.
This shows that large investors still see potential in Bitcoin, and JPMorgan’s larger position confirms that trend.
Analysts at the bank are now quite optimistic about Bitcoin’s future. JPMorgan suggested in a recent report that Bitcoin could rise to $170,000 within 6-12 months.
Analysts at the bank said that Bitcoin currently appears to be undervalued compared to gold. They said Bitcoin’s volatility has declined while gold prices have risen, indicating that Bitcoin futures leverage has normalized and excess risk has been removed from the market.