- JPMorgan boosts its Bitcoin ETF stake by 64%, now holding 5.28 million IBIT shares worth $343M.
- Corporate treasuries face deep unrealized losses as XRP, Bitcoin, and Ethereum valuations decline.
- Despite falling prices, institutional accumulation of Bitcoin and Ethereum continues across major firms.
Institutional interest in Bitcoin continues to expand despite declining crypto valuations. JPMorgan has substantially increased its Bitcoin ETF holdings while several corporations face large unrealized losses across their digital asset portfolios. The data reveal contrasting trends, strong institutional accumulation on one side and falling valuations on the other.
JPMorgan Expands Bitcoin ETF Holdings
JPMorgan increased its exposure to Bitcoin ETFs, raising its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 64% in the third quarter. According to the bank’s 13F filing, the firm now holds 5.28 million IBIT shares valued at about $343 million as of September 30. In June, it reported 3.21 million shares.
The filing also included derivatives positions tied to IBIT. JPMorgan disclosed $68 million in call options and $133 million in put options related to the ETF. These holdings span multiple divisions and include exposure from high-net-worth clients.
The bank previously projected Bitcoin could reach $170,000 within a year, reflecting continued institutional confidence in crypto-related instruments. Despite a general market decline, institutional interest in Bitcoin-based products remains active. Data show ongoing participation from major financial entities, indicating steady engagement in digital asset markets.
Corporate Treasuries Face Deep Unrealized Losses
CryptoQuant data show widening unrealized losses across corporate crypto holdings. Evernorth’s XRP position, acquired for nearly $947 million, is now worth $868 million, marking a $79 million deficit. The company’s holdings continue to decline as XRP trades near the lower end of its range.
MicroStrategy’s equity valuation has dropped about 53%, aligning with Bitcoin’s price downturn. The company’s stock now trades near the lower band of its BTC-based range. Similarly, Metaplanet, which holds 30.8 BTC at an average price of $106,000, faces nearly $120 million in unrealized losses.
Bitmine also reported reduced value in its Ethereum portfolio, with 442,000 ETH purchased after October’s market shock still showing a $2.1 billion paper loss. Despite these conditions, accumulation continues. Strategy recently acquired 397 BTC, while Sharplink Gaming maintained optimism toward Ethereum’s recovery potential.
