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JPMorgan Chase, the United States' largest bank, has disclosed substantial investments in various Bitcoin ETFs, including those from Grayscale and BlackRock. Concurrently, Susquehanna International Group has bolstered its portfolio with over $1 billion in Bitcoin ETF shares, signaling robust confidence in the cryptocurrency sector.
JPMorgan and Susquehanna Invest Heavily in Bitcoin ETFs Amid Growing Cryptocurrency Acceptance
According to Cointelegraph, JPMorgan Chase, a financial services corporation based in the United States, has declared interest in Bitcoin exchange-traded funds issued by Grayscale, ProShares, Bitwise, BlackRock, and Fidelity.
In a May 10 filing with the United States. According to the Securities and Exchange Commission (SEC), JPMorgan Chase reported holding approximately $760,000 in shares of the ProShares Bitcoin Strategy ETF (BITO), BlackRock's iShares Bitcoin Trust (IBIT), Fidelity's Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), and the Bitwise Bitcoin ETF, as well as 25,021 shares worth roughly $47,000 in Bitcoin Depot, a crypto ATM provider.
The SEC filing occurred on the same day Wells Fargo declared exposure to Grayscale and ProShares Bitcoin ETFs in its holdings and Bitcoin Depot. Susquehanna International Group announced on May 7 that it would purchase more than $1 billion in spot crypto ETF shares in the first quarter of 2024.
JPMorgan Chase is the largest bank in the United States by assets, with over $2.6 trillion. The SEC further stated that viewers should not assume the information provided by the financial business was "accurate and complete."
The SEC allowed the listing and trading spot of Bitcoin ETFs on US exchanges in January. Many observers predict the commission will decide on spot Ether exchange-traded funds by May 23, when an application from asset management VanEck exchange-traded funds by May 23, when an application from asset manager VanEck reaches its final deadline.
Susquehanna's Bold $1 Billion Bet on Bitcoin ETFs Signals Strong Confidence in Crypto Markets
According to a 13F-HR filing on May 7, quantitative trading firm Susquehanna International Group purchased more than $1 billion in shares of spot Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024.
The firm informed the United States Securities and Exchange Commission that it owned 17,271,326 Grayscale Bitcoin Trust (GBTC) shares, which had a market value of roughly $1.09 billion as of March 31, 2024. Susquehanna also reported owning 1,349,414 Fidelity Wise Origin Bitcoin Fund (FBTC) shares worth approximately $83.74 million on the same date.
Furthermore, the firm increased its holding in the ProShares Bitcoin Strategy ETF (BITO), which exposes investors to future contracts for Bitcoin. According to Fintel, Susquehanna owned 7,907,827 shares of BITO as of March 31, worth approximately $255.42 million, up 57.59% from a February filing of 5,021,149 shares.
The company had indirect exposure to Bitcoin's spot price via MicroStrategy stock (MSTR), which had 214,400 BTC on its balance sheet. However, during the portfolio rebalancing, Susquehanna lowered its holding in MicroStrategy by approximately 15%, from 287,180 shares in February to 244,863 on March 31.
Susquehanna's cryptocurrency holdings account for a small portion of the trading firm's portfolio, worth more than $575.8 billion at the end of the first quarter.
Nvidia Corporation and the SPDR S&P 500 ETF Trust are the company's most significant investments. In addition to Bitcoin funds, Susquehanna's new holdings for the quarter include shares of Convertible Zero, bonds from NRG Energy Inc., and Albemarle Corporation preferred stocks.
Traders and financial advisers increasingly use Bitcoin funds to acquire exposure to digital assets. In April, Fidelity's Bitcoin ETF received $40 million from two traditional financial advisers: Legacy Wealth Management and United Capital Management of Kansas. Each fund invested $20 million in FBTC, becoming among the fund's top shareholders.
The advisers are popular with a big group of baby boomers, who control a sizable portion of the country's wealth. Legacy Wealth Management manages assets worth over $359 million, while United Capital Management of Kansas manages over $436 million.
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