JPMorgan Chase, one of the world’s largest banks, has sharply increased its position in BlackRock’s iShares Bitcoin Trust (IBIT), raising its holdings by 64% to approximately 5.28 million shares as of September 30, 2025.
The value of these shares reached about $343 million, up from $302 million in the previous quarter.
Growing institutional confidence
The substantial increase in IBIT shares signals greater comfort among JPMorgan and its clients in gaining exposure to bitcoin through regulated investment vehicles.
BlackRock’s iShares Bitcoin Trust is designed to allow investors to participate in the bitcoin market without directly holding or storing the asset. For an up-to-date view of ETF flows, see U.S. spot Bitcoin ETF inflows and outflows.
Options strategies in play
JPMorgan’s latest SEC filing also disclosed significant options activity related to IBIT, with about $68 million in call options and $133 million in put options.
This approach enables the bank to manage risk and capitalize on bitcoin price movements, reflecting a more sophisticated adoption of bitcoin-linked financial products.
Shifting sentiment at JPMorgan
This expansion comes after a period of skepticism from JPMorgan’s leadership. CEO Jamie Dimon previously referred to bitcoin as a “fraud” and urged for its prohibition.
However, recent filings and statements indicate a clear shift in attitude. The bank’s analysts now view bitcoin as undervalued relative to gold, and project a potential rise to $170,000 within 12 months.
Institutional resilience despite price volatility
JPMorgan’s increased exposure coincided with a roughly 20% pullback in bitcoin’s price from its all-time high of $126,000, driven by selling pressure and liquidations in the futures market.
Yet, institutional investors have remained steady. As Bloomberg ETF analyst Eric Balchunas noted:
“Somehow the bitcoin ETFs took in cash yesterday and have seen less than $1 billion in outflows during the 20% drawdown—99.5% of the assets hung tough. Told y’all the ETF-using boomers are no joke.”
