On August 12, JPMorgan Chase & Co. filed a mandatory report on institutional assets with the U.S. Securities and Exchange Commission. According to the document, the bank disclosed information about the ownership of approximately ten million four hundred thousand shares of the iShares Bitcoin Trust fund worth about three hundred and fifty-five million dollars as of the end of June. This figure has increased significantly compared to the first quarter, when the cost of this position was about one hundred and sixty-two million dollars. The stake in the bitcoin fund accounts for only a small portion of JPMorgan's total assets under management, which are estimated at more than one trillion eight hundred seven billion dollars. Nevertheless, the growth rate of the bank's cryptos exceeds the indicators for most of its traditional portfolio.

The financial institution's derivatives portfolio has also shifted in a more optimistic direction. The number of call options linked to the bitcoin fund has increased, while the number of defensive put options has decreased markedly. A smaller number of put options compared to call options usually signals a decrease in the level of hedging against a possible price drop. In addition, the bank's share in the iShares Ethereum Trust ethereum fund of BlackRock increased by more than three hundred and thirty-eight percent and reached approximately fourteen million three hundred thousand dollars.

JPMorgan's return to investing in XRP-related instruments deserves special attention. The report for the first quarter showed that the bank had completely withdrawn from positions in the relevant exchange-traded funds. However, new data suggests the opposite: there are small positions in ETFs from Bitwise and Grayscale, as well as a stake in Armada Acquisition Corp II, which is seeking to merge with assets from the Ripple ecosystem. Despite the modest size of these investments in dollar terms, the very fact of the resumption of investments indicates that the bank's asset management division is no longer avoiding this digital asset. This is in line with a more general trend, as JPMorgan analysts have previously noted that institutional investors are increasingly considering cryptocurrency as an alternative to investing in gold.

At the same time, the accumulation of assets by the bank itself contrasts with the dynamics of the broader bitcoin spot fund market over the same week. On August 13, American exchange-traded funds recorded a net outflow of more than sixty-one million dollars, interrupting a short-term recovery. The Fidelity fund became the leader in terms of withdrawal volume, while the BlackRock fund showed a relatively modest outflow. Funds investing in ether, on the contrary, showed a net inflow of capital. JPMorgan's next quarterly report, due in mid-November, will show whether the bank continued to increase its crypto holdings during the third quarter.

***

The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.