JP Morgan, Wells Fargo Unveil Investments in Spot Bitcoin ETFs – Blockonomi


Two
of
the
largest
banks
in
the
United
States,
JP
Morgan
and
Wells
Fargo,

have
unveiled
their
investments
in
spot
Bitcoin
Exchange
Traded
Funds
(ETFs).

TLDR

According
to
recent
SEC
filings,
JP
Morgan
has
invested
approximately
$760,000
in
various
Bitcoin
ETFs,
including
BlackRock’s
iShares
Bitcoin
Trust
(IBIT),
Fidelity’s
Wise
Origin
Bitcoin
Fund
(FBTC),
Grayscale
Bitcoin
Trust
(GBTC),
Bitwise
Bitcoin
ETF,
and
ProShares
Bitcoin
Strategy
ETF
(BITO).
The
majority
of
JP
Morgan’s
investment,
$477,425,
was
allocated
to
IBIT.

Similarly,
Wells
Fargo
disclosed
that
it
currently
holds
2,245
shares
of
Grayscale
Bitcoin
Trust
(GBTC),
valued
at
$121,207,
which
it
has
since
converted
into
an
ETF.
The
bank
also
holds
37
shares
of
the
ProShares
Bitcoin
Strategy
ETF
(BITO),
valued
at
$1,195.

How To Get Free Crypto  

The
decision
by
these
two
banking
giants
marks
a
significant
turnaround
from
their
previous
cautious
stance
on
cryptocurrencies.
In
January,
JP
Morgan
CEO
Jamie
Dimon
referred
to
cryptocurrencies
as
a
Ponzi
scheme,
while
Wells
Fargo
had
historically
been
resistant
to
digital
assets.

The
growing
interest
in
Bitcoin
ETFs
among
traditional
financial
institutions
is
not
limited
to
JP
Morgan
and
Wells
Fargo.

Other
major
banks,
such
as
BNP
Paribas
and
BNY
Mellon,
have
also
disclosed
investments
in
these
products.

Morgan
Stanley
and
UBS
have
indicated
their
intention
to
allow
clients
to
invest
in
spot
Bitcoin
ETFs.

Industry
experts
believe
that
the
trend
of
institutional
flows
into
Bitcoin
ETFs
is
only
beginning,
with
volume
expected
to
rise
as
more
sophisticated
investors,
such
as
sovereign
wealth
funds,
enter
the
sector.

The
US
House
has
also
passed
a
bill
to
ease
SEC
guidelines,
signaling
growing
acceptance
of
cryptocurrencies
despite
historical
resistance
from
banks.

Go to Source
Author: Oliver Dale


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