JPMorgan Chase & Co (JPM) has significantly increased its stake in the iShares Bitcoin Trust ETF (IBIT), reporting a 64.26% increase in ownership, according to Fintel data.
According to its latest 13F-HR filing dated November 7, the bank now owns 5,284,190 shares worth approximately $343.47 million per share. September 30.
This marks a significant increase from the 3,217,056 shares reported in its previous filing in August, which was valued at $302.57 million.
The disclosure follows the bank’s recent analysis suggesting that bitcoin’s fair value could reach $170,000 based on its gold parity valuation model, underscoring a bullish long-term outlook for the cryptocurrency.
IBIT rose 1.5% in intraday trading to $58 a share as bitcoin rises above $102,000.
