JPMorgan Chase Increases Crypto Exposure
JPMorgan Chase (NYSE: $JPM), the largest U.S. commercial bank, has increased its exposure to cryptocurrencies.
The New York-based lender increased its stake in crypto treasury firm Strategy (NASDAQ: $MSTR) by 36% to 848,932 shares of the company’s common stock as of Sept. 30.
JPMorgan also raised its stake in BlackRock’s (NYSE: $BLK) iShares Bitcoin Trust (NYSE: $IBIT) by 10% during the year’s third quarter, according to a new regulatory filing.
The bank now owns 11,408,930 shares of the IBIT exchange-traded fund (ETF) worth $540 million U.S.
Other crypto holdings reported by the bank in its latest filing include Coinbase Global (NASDAQ: $COIN) and Robinhood Markets (NASDAQ: $HOOD).
In the year’s third quarter, JPMorgan Chase took positions in several Bitcoin mining companies, including MARA Holdings (NASDAQ: $MARA), Riot Platforms (NASDAQ: $RIOT), and Hut 8 (NASDAQ: $HUT).
JPMorgan has been increasing both its exposure to cryptocurrencies and its digital asset offerings, saying it is responding to client demands.
The embrace of cryptocurrencies is a reversal for the bank, whose CEO Jamie Dimon has previously criticized digital assets.
At one point, Dimon called Bitcoin (CRYPTO: $BTC) a “hyped-up fraud.”
JPM stock has risen 11% over the past year to trade at $342.82 U.S. per share.
This story was originally published by CryptoProwl. Read the original article.
