The largest U.S. bank is deepening its entry into the crypto market on two fronts. According to official SEC filings, the institution has not only significantly increased its holdings in the BlackRock iShares Bitcoin Trust (IBIT) but has also, for the first time, built a substantial indirect position in Ethereum.
As stated in the latest 13F report dated November 8, JPMorgan now owns 1.97 million shares of Bitmine Immersion Technologies, valued at approximately $102 million. Bitmine, once a traditional Bitcoin mining company, completely transformed its business model in 2025 and now holds over 3.4 million Ether (ETH) — one of the largest corporate positions in the world. Through this investment, JPMorgan gains massive indirect exposure to Ethereum without holding the tokens directly.
At the same time, JPMorgan increased its stake in BlackRock’s Bitcoin ETF by around two-thirds in the third quarter to 5.28 million shares, worth roughly $333 million. This makes the bank one of the largest institutional holders of the fund, though industry giants such as Goldman Sachs and Millennium Management still lead.
The expanded involvement comes at a time when crypto markets are under pressure. JPMorgan analysts remain optimistic, predicting Bitcoin could reach $170,000 within the next twelve months, supported by decreasing volatility and strong institutional demand.
The bank’s direct exposure to Ethereum remains modest: only 66 shares of the iShares Ethereum Trust and a delta-neutral options package, showing that JPMorgan remains cautious despite its indirect exposure via Bitmine.
JPMorgan is among the most active major banks in the blockchain and digital asset sector. It operates its own blockchain network called Kinexys, which processes over $2 billion daily — and that figure continues to grow. With its new JPMD stablecoin, the bank is venturing into public blockchains for the first time, after earlier projects like JPM Coin were limited to closed internal systems.