Benzinga - The largest bank in the United States, JPMorgan Chase & Co. (NYSE:JPM), has disclosed a significant investment in Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) despite its CEO Jamie Dimon's persistent criticism of cryptocurrencies.
What Happened: JPMorgan has invested approximately $760,000 in spot Bitcoin ETFs on behalf of its clients, according to recent filing with the Securities and Exchange Commission (SEC).
The bank’s holdings are spread across several ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), the ProShares Bitcoin Strategy ETF (BITO), Fidelity’s Wise Origin Bitcoin Fund (FBTC), the Grayscale Bitcoin Trust (GBTC) and the Bitwise Bitcoin ETF.
In addition to this, JPMorgan purchased 25,021 shares of crypto ATM provider Bitcoin Depot Inc. worth $47,415 and 34,662 shares of Bit Digital Inc. worth $99,480.
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This announcement follows a similar disclosure by rival bank Wells Fargo & Co (NYSE:WFC), which revealed its holding of 2,245 GBTC shares worth $121,207.
Dimon previously referred to Bitcoin as a “pet rock” used by criminals and speculators.
Why It Matters: This move by JPMorgan, despite Dimon’s criticism, is indicative of the increasing acceptance of Bitcoin within traditional financial institutions.
In December, Dimon reiterated his long-standing opposition to Bitcoin and other cryptocurrencies, suggesting that the government should shut down the industry.
In January, following the SEC’s approval of a Bitcoin ETF, Dimon’s stance appeared to soften. He said, "I defend your right to do Bitcoin," eliciting a strong reaction from former National Security Agency contractor Edward Snowden.
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