JPMorgan Raises Strategy Stake 36%, Boosts Bitcoin ETF Holdings

JPMorgan Chase increased its exposure to cryptocurrencies in the third quarter, raising its stake in crypto treasury firm Strategy by 36% to 848,932 shares as of Sept. 30 and lifting its holding in BlackRock’s iShares Bitcoin Trust by 10%, according to a regulatory filing cited by YahooStocks0. The New York-based bank, the largest U.S. commercial lender, now owns 11,408,930 IBIT shares worth $540 million.

Bank holdings

The filing also showed positions in Coinbase Global and Robinhood Markets. JPMorgan took positions in several Bitcoin mining companies during the quarter, including MARA Holdings, Riot Platforms and Hut 8. The bank has been expanding both crypto exposure and digital asset offerings, saying it is responding to client demand.

Shift in stance

The move marks a reversal for JPMorgan, whose CEO Jamie Dimon has previously criticized digital assets. At one point, Dimon called Bitcoin a “hyped-up fraud.” JPMorgan’s shares have risen 11% over the past year to trade at $342.82.

Key facts

• JPMorgan raised its Strategy stake by 36% to 848,932 shares as of Sept. 30.
• It increased its iShares Bitcoin Trust stake by 10% in the third quarter and owns 11,408,930 shares worth $540 million.
• The bank reported holdings in Coinbase and Robinhood and took positions in MARA, Riot Platforms and Hut 8.
• CEO Jamie Dimon previously called Bitcoin a “hyped-up fraud.”
• JPM stock is up 11% over the past year at $342.82.