Bitcoin

Grayscale Bitcoin Trust

Spot

<a href="https://bitcoinist.com/wells-fargo-and-jpmorgan-plan-to-introduce-bitcoin-funds/" rel="nofollow">JP Morgan and Wells Fargo</a>, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-60k/">BTC’s price dipping</a> slightly above $60,000.&nbsp; 
<h2 id="us-financial-banks-expose-spot-bitcoin-etf-holdings">US Financial Banks Expose Spot Bitcoin ETF Holdings</h2> 
American financial services companies, <a href="https://bitcoinist.com/crypto-bank-of-america-now-offer-bitcoin-etfs/" rel="nofollow">Wells Fargo</a> and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent <a href="https://www.sec.gov/Archives/edgar/data/72971/000007297124000139/xslForm13F_X02/13F_3_2024.xml" rel="nofollow">filing</a>. This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies.&nbsp; 
Wells Fargo revealed in its<a href="https://www.sec.gov/Archives/edgar/data/72971/000007297124000139/0000072971-24-000139.txt" rel="nofollow"> new filing</a> to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of <a href="https://bitcoinist.com/grayscale-spot-bitcoin-etf/" rel="nofollow">Grayscale Bitcoin Trust (GBTC)</a>, valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195.&nbsp; 
On the other hand, <a href="https://www.newsbtc.com/news/ethereum/jp-morgan-spot-ethereum-etfs/">JP Morgan</a>, which <a href="https://am.jpmorgan.com/us/en/asset-management/adv/about-us/" rel="nofollow">holds</a> about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of <a href="https://bitcoinist.com/blackrock-spot-bitcoin-etf-inflows/" rel="nofollow">BlackRock’s iShares Bitcoin Trust (IBIT)</a>, Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).&nbsp; 
Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, <a href="https://bitcoinist.com/crypto-atm-bitcoin-depot-bags-worth-885-million/" rel="nofollow">Bitcoin Depot</a>. The investment company also unveiled its exposure to Spot BTC&nbsp;ETFs just hours after Wells Fargo’s announcement. 
Despite the <a href="https://bitcoinist.com/grayscale-withdraws-ethereum-spot-etf-proposal/" rel="nofollow">regulatory uncertainty</a> and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also <a href="https://x.com/ericbalchunas/status/1789026897852047366?s=46" rel="nofollow">forecasted</a> that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in <a href="https://bitcoinist.com/morgan-stanley-spot-bitcoin-etf/" rel="nofollow">Spot Bitcoin ETFs</a> as market makers or Authorized Participants (APs).&nbsp; 
<h2 id="btc-price-suffers-more-declines">BTC Price sUFFERS More Declines</h2> 
Despite the increasing interest from traditional financial institutions seeking <a href="https://bitcoinist.com/this-30-billion-investment-firm-has-added-bitcoin-exposure-for-its-clients/" rel="nofollow">exposure to BTC</a>, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its <a href="https://bitcoinist.com/breaking-bitcoin-halving-2024-complete-what-expect/" rel="nofollow">halving event</a> on April 20, BTC has been trading sideways, witnessing <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-63500/">continuous declines </a>that have pushed its price down to around $57,000 previously.&nbsp; 
The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.&nbsp; 
Blockchain analytics platform, Santiment, <a href="https://x.com/santimentfeed/status/1788975787074519310?s=46" rel="nofollow">revealed</a> that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-local-bottom-in-analyst-offers-insights/">getting close to its bottom</a>.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/z09n723f/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

Table of Contents

NewsBTC

Other articles published on May 12, 2024

An Early Investor in ADA Turns to Millionaire, How BlockDAG’s 30,000x ROI Potential Will Turn Ear...

Ethereum (ETH) Price Prediction for May 12

Donald Trump Takes a Pro-Crypto Stand, Slams Biden

NuGenesis, Jenis Blockchain Baru yang Memadukan Kecerdasan Buatan (AI)

Billionaire Cuban Says SEC Should Take Page Out of Japan's Crypto Playbook

Watch Out: Critical Week Ahead – There Are Numerous Economic Developments and Altcoin Events – He...

Join our free newsletter for daily crypto updates!