- JPMorgan’s most recent disclosure has revealed the banking org holds hundreds of thousands worth of spot Bitcoin ETFs.
- The revelation comes even as CEO Jamie Dimon continues to publicly slam Bitcoin and the crypto industry at large.
- The financial institution has been flocking to the sector following the approval of spot Bitcoin ETFs, despite dinosaur several CEOs remaining wary.
Ahhhhh. So now the whole truth comes out.
Jamie Dimon has been one of cryptocurrency’s most ardent haters. The CEO of financial giants JPMorgan Chase has taken every possible opportunity to pot the industry. Shall I fetch his rap sheet?
- He once compared Bitcoin to smoking, in what was somehow intended as a positive comment on the sector.
- Late last year, Dimon said if he were the government he would simply “close Bitcoin down”.
- He has suggested that BTC is like a pet rock.
So, it would be pretty spectacular if a company led by this man owned any of this clearly ridiculous and valueless asset class. Otherwise, that would probably make Dimon a bit of a hypocrite, right?
Of course, here at cryptonews.com.au, we’re not calling Jamie Dimon a hypocrite.
We’re just saying, maybe as the head of a banking goliath that owns Bitcoin (oops, spoilers), your public comments could be a little more considered.
Related: Mark Cuban Blasts Gary Gensler, Says SEC Chair Has Not Protected Single Crypto Investor Against Fraud
JPMorgan, Wells Fargo and More Part of Institutional Engagement with Industry
The community has seen a shift in sentiment across major institutional players upon the SEC’s approval of Bitcoin. In all honesty, it’s not just JPMorgan that’s flipped its ideals on its head following the approval. Politicians like Donald Trump and even the infamous Jim Cramer have begun endorsing the crypto industry.
Still, it came as a bit of a surprise when JPMorgan filed their 13F disclosures yesterday and showed the world their portfolio. Nestled in there was fairly moderate exposure to spot Bitcoin ETFs, including BlackRock’s, Fidelity’s and Grayscale’s products.
Approximately USD $731,246 (AUD $1.1M) was dedicated to Bitcoin-based ETFs. This is a significant number, more than three times the amount Wells Fargo owned (USD $141K in Grayscale Bitcoin Trust).
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However, it paled in comparison to the Bitcoin industry’s newest best friend, BlackRock. Larry Fink and the crew revealed they have about USD $6.6M (AUD $10M) invested in their own IBIT spot ETF fund.
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