JPMorgan increases BlackRock Bitcoin ETF holdings by 64%
November 11, 2025
JPMorgan Chase, a prominent global financial institution, has significantly increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by a substantial 64%, translating to around 5.28 million shares as of the end of September 2025.
The total value of these shares has surged to approximately $343 million, a notable gain from the preceding quarter’s $302 million valuation. This amplified position demonstrates a heightened level of confidence within JPMorgan and its clientele in embracing bitcoin exposure through regulated investment tools.
The iShares Bitcoin Trust, developed by BlackRock, offers investors a means to engage with the bitcoin market without the need to directly hold or secure the asset. To stay abreast of the latest ETF movements, it is advised to monitor U.S. spot Bitcoin ETF inflows and outflows.
Further underlining its commitment to bitcoin, JPMorgan disclosed sizeable options activity concerning IBIT in its recent SEC filing. The bank has engaged in substantial call options valued at about $68 million and put options totaling $133 million. Through these options strategies, JPMorgan can effectively mitigate risk and capitalize on fluctuations in the price of bitcoin, highlighting a more sophisticated utilization of bitcoin-related financial instruments.
This development arrives following a period during which JPMorgan’s stance on bitcoin was largely skeptical. CEO Jamie Dimon had previously discredited bitcoin as a “fraud” and advocated for its proscription. Nevertheless, the recent uptick in holdings and affirmations signifies a notable change in outlook. JPMorgan’s analysts now consider bitcoin to be undervalued when compared to gold, projecting a potential surge to $170,000 over the course of a year.
Despite enduring a substantial 20% decline from its peak at $126,000, bitcoin’s price faced pressure from sell-offs and liquidations in the futures market. Notably, institutional investors exhibited resilience through this period, as observed by Bloomberg ETF analyst Eric Balchunas, who stated, “Somehow the bitcoin ETFs took in cash yesterday and have seen less than $1 billion in outflows during the 20% drawdown—99.5% of the assets hung tough. Told y’all the ETF-using boomers are no joke.”
Overall, JPMorgan’s expanded investment in BlackRock’s IBIT and the associated options strategies reflect a growing institutional appetite for bitcoin exposure amidst price volatility, marking a significant shift in sentiment within the banking sector towards the digital asset.
