JPMorgan and Wells Fargo buy over $880K in Bitcoin ETFs

empty

InstaForex Loprais Team - Official participant of the Dakar rally

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex Loprais Team - Official participant of the Dakar rally

JPMorgan and Wells Fargo buy over $880K in Bitcoin ETFs

17-05-2024 15:34

JPMorgan and Wells Fargo buy over $880K in Bitcoin ETFs

Open trading account Open demo account

Money withdrawal

JPMorgan and Wells Fargo buy over $880K in Bitcoin ETFs

Two major American banks, Wells Fargo and JP Morgan, disclosed their investments in spot Bitcoin ETFs.

Wells Fargo reported owning 2,245 shares of Grayscale Bitcoin Trust (GBTC) worth $121,208. In addition, the organization holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), worth $1,195.

Earlier, it became known that JP Morgan management invested $760,000 in BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO). In addition, the financial institution holds securities of Bitcoin Depot, a provider of cryptocurrency ATMs. The value of this stake is $47,000.

At the moment, Wells Fargo and JP Morgan own $882,120 worth of Bitcoin ETFs. However, this is at most 0.000018% of the assets’ value managed by the banks.

According to Eric Balchunas, a senior analyst at Bloomberg, other US financial institutions may follow the example of Wells Fargo and JP Morgan. In such a scenario, many banks will invest in Bitcoin ETFs despite the lull in the digital asset market. Bloomberg's positive outlook is supported by current statistics showing that from April 23 to May 10, 2024, capital inflows into Bitcoin ETFs reached an impressive $11.7 million.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Forex humour