JPMorgan Chase reveals $445 million in combined exposure to Bitcoin and Ethereum through two strategic positions disclosed in its November 7 13F filing with the U.S. Securities and Exchange Commission. The bank increased its stake in BlackRock’s iShares Bitcoin Trust to 5,284,190 shares valued at $343 million as of September 30, while simultaneously establishing a $102 million position in BitMine Immersion Technologies, an Ethereum treasury company.
Bitcoin ETF Holdings Surge 64% in Single Quarter
JPMorgan added 2,067,134 shares of IBIT during the third quarter, bringing total holdings to 5,284,190 shares worth $343 million, according to the 13F-HR filing submitted November 7. The position represents a 64% increase from the 3,217,056 shares valued at approximately $302 million reported at the end of June.
The filing also disclosed significant options activity tied to IBIT. JPMorgan holds $68 million in call options and $133 million in put options, suggesting the bank is hedging client exposure rather than making a directional bet on Bitcoin’s price.
IBIT has over $80 billion in total net assets and cumulative net inflows of over $64.5 billion, making it the world’s largest Bitcoin ETF by assets.
Ethereum Exposure Through Treasury Stock Play
JPMorgan’s filing reveals a new position of 1,974,144 shares in BitMine Immersion Technologies valued at approximately $102 million as of September 30. BitMine commands 2.7% to 2.8% of Ethereum’s total supply, positioning it among the world’s largest corporate ETH reserve holders.
BitMine pivoted from Bitcoin mining to Ethereum treasury accumulation in mid-2025 under the leadership of veteran Wall Street strategist Tom Lee. The company’s stated goal is to control 5% of Ethereum’s circulating supply, mirroring the strategy Michael Saylor employed with Bitcoin at Strategy (former MicroStrategy).
BitMine currently holds over 3.24 million ETH, giving institutional investors a regulated vehicle for Ethereum exposure without directly holding cryptocurrency.
Institutional Crypto Adoption Accelerates
JPMorgan’s expanded crypto holdings come despite a turbulent market environment. U.S. spot Bitcoin ETF markets recently snapped a six-day outflow streak, with November 6 recording $240 million in net inflows after more than $2 billion in withdrawals.
JPMorgan Securities LLC serves as an authorized participant for IBIT alongside Jane Street, Macquarie, and Virtu. These market makers create and redeem ETF shares to maintain price alignment with net asset value, a role that sits alongside JPMorgan’s expanding Onyx blockchain division.
The positions aggregate holdings across all bank divisions, including high-net-worth client accounts, meaning they may not represent solely the bank’s proprietary balance sheet.
Wall Street’s Crypto Pivot Despite CEO Skepticism
The disclosed positions mark a striking evolution for an institution whose CEO Jamie Dimon has been among cryptocurrency’s most vocal critics. Dimon previously made numerous disparaging comments concerning the validity of cryptocurrency, but appears to have softened his stance as institutional demand accelerates.
JPMorgan’s research desk recently lifted its 12-month “fair-value” target for Bitcoin to $170,000, based on a gold-parity framework published in early November after leverage washed out of the market. The bank’s dual approach, combining direct Bitcoin ETF exposure with indirect Ethereum holdings through treasury stocks, provides a template for traditional financial institutions seeking regulated cryptocurrency access.
Chain Street’s Take
JPMorgan’s $445 million crypto bet reveals the playbook for institutional adoption: regulated wrappers, hedged exposure, and client-driven demand masquerading as institutional conviction. The options collar around IBIT suggests this isn’t a Bitcoin bull case, it’s risk management for wealth clients who insisted on crypto access. More telling is the BitMine position, a proxy bet on Ethereum infrastructure without touching ETH directly. Wall Street isn’t buying the asset, it’s buying the companies that warehouse it, effectively outsourcing custody risk while capturing upside. This strategy scales across institutions that can’t or won’t hold crypto on balance sheets but recognize client demand won’t disappear.
