The new 13F documents filed with the SEC reveal investments in spot Bitcoin ETFs by JP Morgan and Wells Fargo.
According to the new 13F report filed with the SEC, JP Morgan and Wells Fargo, two of the largest US banks, have disclosed investments in spot Bitcoin ETFs.
The 13F filing is a quarterly report that investment companies with over $100 million in assets under management are required to submit to the SEC in the United States.
Wells Fargo has stated that it holds 2,245 shares of the Grayscale Bitcoin Trust (GBTC), with a total value of approximately $120,000. The bank also owns 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which invests in bitcoin futures, valued at $1,195.
JP Morgan has revealed that it has purchased shares of several ETFs totaling $731,246. Among these are the iShares Bitcoin Trust (IBIT) by BlackRock, the Wise Origin Bitcoin Fund (FBTC) by Fidelity, the Grayscale Bitcoin Trust (GBTC), the Bitwise Bitcoin ETF, and the ProShares Bitcoin Strategy ETF (BITO).
It is not clear whether the recent purchases represent a direct intent to expose themselves to Bitcoin by the two banks. As noted by Eric Balchunas, a senior analyst at Bloomberg, many large banks are likely to report investments in Bitcoin ETFs as they serve as market makers or authorized participants (APs) in these financial products.
Bloomberg analyst James Seyffart also stated:
