Summary
- JPMorgan sharply increased its holdings of U.S. spot Bitcoin ETFs in the first quarter from the previous quarter.
- In particular, it raised its holdings of BlackRock's IBIT by about 174%%, while also sharply expanding positions in Bitwise's BITB, Fidelity's FBTC and the Bitcoin futures ETF BITO.
- It increased its exposure to U.S. spot Ether ETFs, while cutting its XRP ETF holdings to zero shares as it adjusted its asset allocation.
Forecast Trend Report by Period
JPMorgan expanded its investment in U.S. spot Bitcoin exchange-traded funds in the first quarter.
Cointelegraph reported on May 14 that a 13F filing submitted by JPMorgan on May 13 showed the bank held about 8.3 million shares of BlackRock's iShares Bitcoin Trust (IBIT) in the first quarter. That was up 174% from about 3 million shares in the fourth quarter of 2025.
The increase in the value of JPMorgan's IBIT holdings was about $162 million, according to the filing. The bank increased its Bitcoin ETF exposure even as Bitcoin prices fell about 22% over the same period.
JPMorgan's Bitcoin ETF buying extended beyond IBIT. Its holdings of the Bitwise Bitcoin ETF (BITB) rose about 900% to 48,258 shares in the first quarter from 4,872 shares in the fourth quarter. The increase in holding value was about $1.51 million.
Its holdings of Fidelity's FBTC also climbed about 450% over the same period, rising to 22,196 shares from 3,996 shares. The increase in value was about $980,000.
The bank also expanded its exposure to Bitcoin futures ETFs. JPMorgan's holdings of the ProShares Bitcoin Strategy ETF (BITO) increased to 1,302 shares in the first quarter from 40 shares in the fourth quarter.
It also raised its exposure to U.S. spot Ether ETFs. As of the first quarter, JPMorgan held 266,734 shares of the iShares Ethereum Trust (ETHA), up about 36% from the previous quarter. Its holdings of Bitwise ETHW also increased sharply.
By contrast, JPMorgan sharply reduced its XRP ETF exposure. Its holdings of the Bitwise XRP ETF fell to zero shares in the first quarter from 3,870 shares previously.
