JP Morgan and Wells Fargo Invest in Bitcoin ETFs
JP Morgan and Wells Fargo are the latest major global banks to disclose exposure to Bitcoin via some of the spot BTC exchange-traded funds launched in January.
The two lenders filed their 13F disclosures on May 10, revealing a modest investment in the Bitcoin ETFs.
JP Morgan disclosed $731,246 of spot Bitcoin ETF investments in various funds including BlackRock’s IBIT, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC. Wells Fargo reported a $141,817 investment in Grayscale’s GBTC during the first quarter.
Growing Trend Among Financial Institutions
Earlier disclosures have shown that traditional financial institutions like BNP Paribas, BNY Mellon, and now JP Morgan and Wells Fargo are investing in Bitcoin ETFs, signaling a growing trend in the sector.
Other major banks such as Morgan Stanley and UBS have indicated interest in allowing clients to invest in Bitcoin ETFs, although direct exposure has not been disclosed yet.
Experts predict that institutional flows into Bitcoin ETFs will continue to increase, with more sophisticated investors joining the market.
BlackRock’s Investment in IBIT
BlackRock disclosed a $6.6 million investment in its own IBIT fund on May 10. The trend of spot Bitcoin ETF issuers investing in their own funds is also seen with other companies like Ark Invest and Van Eck.
BlackRock’s IBIT fund has seen remarkable performance, reaching $10 billion in assets under management and setting new industry records.
Financial Institutions Joining the Bitcoin Trend
Chicago-based hedge fund CTC Alternative Strategies recently invested $27.7 million in IBIT, joining a list of financial institutions and companies investing in spot Bitcoin ETFs.
Over 240 firms have invested in IBIT, over 130 in FBTC, and more than 467 in Grayscale’s GBTC.
