JPMorgan Chase has significantly expanded its exposure to Bitcoin, disclosing a 64% increase in its holdings of BlackRock’s spot Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), during the third quarter of 2025. According to the bank’s latest 13-F filing submitted to the U.S. Securities and Exchange Commission (SEC), JPMorgan held approximately 5.28 million shares of IBIT as of September 30, marking a notable jump in its investment in digital assets.
The valuation of JPMorgan’s position in IBIT was around $333 million at the end of Q3, although recent market fluctuations have brought that figure closer to $312 million. Despite this considerable stake, JPMorgan still lags behind other major financial institutions, such as Goldman Sachs, which reported a holding of 30.8 million IBIT shares earlier in 2025.
In addition to its equity holdings in the ETF, JPMorgan also reported significant derivative positions in IBIT. The bank held $68 million in call options and $133 million in put options, signaling a strategic approach to managing risk and potential price fluctuations in Bitcoin.
This aggressive increase in exposure aligns with JPMorgan’s broader outlook on Bitcoin’s market trajectory. According to a recent analysis by strategist Nikolaos Panigirtzoglou and his team, the bank believes the deleveraging phase in the cryptocurrency derivatives market—particularly in perpetual Bitcoin futures—has mostly run its course. This shift could pave the way for more stable upward momentum in the digital asset space.
The report also highlights a growing appeal of Bitcoin in comparison to gold. With rising volatility in the gold market, Bitcoin is becoming more attractive on a risk-adjusted basis. JPMorgan’s analysts argue that Bitcoin is undervalued relative to gold, and they project that BTC could potentially surge to $170,000 within the next 6 to 12 months if current market dynamics persist.
At the time of writing, Bitcoin is trading at approximately $102,900, reflecting a modest 1% rise over the past 24 hours. However, over the past week, BTC has dropped more than 6%, indicating continued volatility and investor caution across broader timeframes.
Meanwhile, BlackRock’s IBIT has faced headwinds in recent weeks. The ETF recorded notable net outflows, with investors withdrawing over $403 million in the previous week alone. Excluding the performance on November 7, IBIT was on track to post another weekly net outflow of around $450 million. Despite these short-term challenges, the iShares Bitcoin Trust remains the largest spot Bitcoin ETF in the market, boasting a net asset value of $80.58 billion.
This dynamic investment behavior from JPMorgan reflects a broader institutional shift toward digital assets, even as regulatory and market uncertainties persist. While retail investors continue to weigh the risks, large financial players are increasingly leveraging ETFs as a vehicle to gain exposure to Bitcoin without directly holding the asset.
The growing institutional interest in Bitcoin ETFs like IBIT also underscores the maturation of the cryptocurrency market. Unlike the speculative frenzy that defined earlier bull runs, today’s market is increasingly shaped by structured financial instruments, risk hedging strategies, and long-term exposure models adopted by traditional finance players.
It’s also worth noting that the increased participation of major banks in spot ETFs indicates a greater level of comfort with the underlying infrastructure and custodial solutions now available for digital assets. These developments are contributing to Bitcoin’s gradual movement from a fringe investment to a recognized component of diversified institutional portfolios.
Another factor influencing institutional investment strategies is the evolving macroeconomic landscape. With central banks around the world grappling with inflation, interest rate adjustments, and economic uncertainty, assets like Bitcoin are being re-evaluated as potential hedges or stores of value alongside traditional assets like gold.
Additionally, the SEC’s approval of multiple spot Bitcoin ETFs has helped legitimize the asset class further, giving large-scale investors compliant and easily accessible entry points into the crypto market. The growing diversity of ETF products—from spot to futures-based offerings—provides institutions with greater flexibility in tailoring their exposure to Bitcoin.
As the digital asset ecosystem continues to evolve, the performance and adoption of ETFs like IBIT will likely serve as a bellwether for institutional confidence in the cryptocurrency sector. The next few quarters will be pivotal in determining whether current inflows and strategic positions result in sustained growth or reveal new vulnerabilities in this still-emerging asset class.
In summary, JPMorgan’s expanded investment in BlackRock’s Bitcoin ETF is more than a portfolio adjustment—it reflects a broader institutional endorsement of Bitcoin’s long-term value proposition. While short-term volatility and ETF outflows remain areas of concern, the trend toward deeper financial integration of crypto assets appears to be gaining momentum.