Overview
- JPMorgan reported holding 5,284,190 shares of BlackRock’s iShares Bitcoin Trust as of Sept. 30, a 64% jump from Q2, valued at about $343 million.
- The 13F also listed IBIT options positions of roughly $68 million in calls and $133 million in puts, with holdings reflecting aggregated client and custodial exposure.
- Bitcoin trades near $100,000 after sharp swings, with U.S. spot ETFs recording a $240 million net inflow on Nov. 6 followed by $558.4 million in net outflows on Nov. 7, including $131.4 million from IBIT.
- JPMorgan analysts argue Bitcoin looks undervalued versus gold on a risk-adjusted basis and estimate a path toward about $170,000 over the next 6–12 months.
- The bank has been accepting Bitcoin ETF collateral since June and is preparing to allow Bitcoin itself as collateral for institutional loans by the end of 2025.