JPMorgan Chase & Co (JPM) has significantly increased its stake in the iShares Bitcoin Trust ETF (IBIT), reporting a 64.26% rise in ownership, according to Fintel data.
According to its latest 13F-HR filing dated Nov. 7, the bank now holds 5,284,190 shares valued at approximately $343.47 million as of Sept. 30.
This marks a substantial increase from the 3,217,056 shares reported in its previous August filing, which were valued at $302.57 million.
The disclosure follows the bank’s recent analysis suggesting 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 gained 1.5% on the day trading at $58 per share, as bitcoin rises above $102,000.
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