JPMorgan has quietly ramped up its bet on Bitcoin. The banking giant increased its holdings of BlackRock’s IBIT by 64.26%.
Author: Sahil Thakur
8th November 2025 – JPMorgan has quietly ramped up its bet on Bitcoin. The banking giant increased its holdings of BlackRock’s iShares Bitcoin Trust (IBIT) by 64.26%, according to a new filing dated November 7.
The jump is significant. JPMorgan now holds 5.28 million shares of IBIT, up from 3.21 million in the previous quarter. The position is worth over $343 million, making the bank one of the top institutional holders of the world’s largest Bitcoin ETF by net assets.
The move comes just as the U.S. spot Bitcoin ETF market snapped a six-day outflow streak. On November 6, net inflows hit $240 million, with IBIT leading the pack at $112 million.
That reversal followed a tough stretch. Between October 29 and November 5, U.S. spot Bitcoin ETFs saw over $2 billion in outflows. At the same time, from above $116,000 to under $99,000.
Still, JPMorgan isn’t backing off. Instead, it’s doubling down.
J.P. Morgan’s relationship with Bitcoin has evolved significantly over the past decade. At first, the bank, led by CEO Jamie Dimon, was openly critical of Bitcoin. Dimon famously called it “worthless” and compared it to a “pet rock.” During this early phase, J.P. Morgan focused more on developing blockchain technology and distributed ledger systems rather than engaging with cryptocurrencies directly. The company’s stance reflected a broader skepticism within traditional finance about the legitimacy and stability of Bitcoin.
Starting in 2021, the bank began to shift its approach. It became the first major U.S. bank to allow its retail clients access to Bitcoin investment products such as crypto funds. J.P. Morgan also revealed holdings in spot Bitcoin ETFs through regulatory filings. Since then, the firm has expanded its crypto strategy by allowing clients to access cryptocurrencies through platforms like Coinbase and by exploring crypto-backed lending. At the same time, it has continued building digital asset infrastructure through initiatives like Kinexys, its internal blockchain platform. While the bank remains cautious and avoids direct Bitcoin custody, its actions signal a growing institutional acceptance of Bitcoin and a recognition of its role in modern financial markets.
IBIT, managed by BlackRock, has become the go-to vehicle for institutional exposure to Bitcoin. The ETF holds more than $80 billion in net assets, according to SoSoValue. It has attracted over $64.5 billion in cumulative inflows to date.
JPMorgan’s move suggests that institutional conviction is growing, even amid volatility. The bank already made headlines in June when it announced it would accept Bitcoin ETFs as collateral. Now, it’s backing that up with more shares on the books.
Market analysts say this points to a deeper shift. Traditional financial players are increasing crypto ETF allocations, further legitimizing Bitcoin as a mainstream asset class.
While still below recent highs, JPMorgan has publicly stated that BTC could reach $170,000 in the next 6 to 12 months.
That outlook, paired with aggressive ETF buying, suggests the bank is preparing for another leg up.
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