JPMorgan Nearly Quadrupled Its IBIT Shares in Three Quarters, Lifting Bitcoin-Linked Holdings to $981 Million

JPMorgan Chase owned 11.41 million shares of BlackRock’s iShares Bitcoin Trust at the end of September, nearly four times the 3.03 million it reported at the end of 2025. Its JPMorgan crypto exposure across spot Bitcoin ETFs, Strategy and Coinbase reached about $981 million.

The figures come from the bank’s quarterly Form 13F, filed with the U.S. Securities and Exchange Commission on Nov. 12. It lists the stocks and funds JPMorgan held on Sept. 30, 2026.

For a bank whose chief executive, Jamie Dimon, has long been one of Bitcoin’s best-known skeptics, the numbers show how deeply the asset class now runs through Wall Street.

IBIT Is Now JPMorgan’s Biggest Bitcoin Position

The iShares Bitcoin Trust, known by its ticker IBIT, is the largest single piece. JPMorgan reported 11,408,930 shares worth about $540 million, up from 10,407,635 shares worth $355.7 million on June 30.

That is a 9.6% increase in shares over the quarter. The value rose faster, by about 52%, because the price of each IBIT share climbed from roughly $34.18 to $47.33 over the three months, based on the reported values.

The longer trend is more striking. JPMorgan held 5.28 million IBIT shares at the end of September 2025, then cut that to 3.03 million by Dec. 31. Since then, it has added shares in every quarter: 8.30 million in March, 10.41 million in June and 11.41 million in September.

JPMorgan also held smaller positions in other spot Bitcoin funds, including Grayscale’s Bitcoin Mini Trust, Bitwise’s Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Fund. Together with IBIT, its spot Bitcoin ETF shares were worth about $549 million.

A 36% Bigger Bet on Strategy

The bank also added to Strategy, the company that holds more Bitcoin on its balance sheet than any other listed firm. JPMorgan reported 848,932 Strategy shares on Sept. 30, up 36% from 624,387 at the end of June.

That stake was worth about $131.3 million, more than double the $57.9 million reported a quarter earlier. The jump reflects both the extra shares and a higher Strategy share price, which worked out to about $154.67 at quarter-end.

Coinbase rounds out the core. JPMorgan held 1,581,814 Coinbase shares worth about $300.6 million, up from 1,395,552 shares in June.

Add the three together, and the total comes to roughly $981 million in spot Bitcoin ETFs, Strategy and Coinbase.

Miners and Brokers Push the Total Higher

The filing also shows stakes in a group of Bitcoin mining and data center companies. The largest were Hut 8 at about $169.1 million, Core Scientific at $79 million and Riot Platforms at $31.5 million.

Smaller positions included Cipher Digital, MARA Holdings and CleanSpark. Several of these companies now also rent out power and space for AI computing, so not all of their value is tied to Bitcoin.

JPMorgan’s largest crypto-adjacent stock is Robinhood, at about $2.11 billion. We left it out of the Bitcoin total because Robinhood is a broad trading platform rather than a pure crypto business.

The bank also reported options tied to IBIT. Its call options covered about 3.7 million IBIT shares, valued at $175.3 million, while put options covered about 2.9 million shares, valued at $138 million. On 13F forms, options are shown at the value of the underlying shares, not the price paid for the contracts.

What a 13F Does and Does Not Tell You

A 13F is a snapshot. It shows positions on the last day of the quarter and does not capture trades made since then. JPMorgan filed this one about six weeks after the Sept. 30 cut-off.

It also does not explain why the shares are held. Large banks often hold ETF shares and options to serve clients, hedge trades or make markets, not only to bet on prices. Calls and puts on the same fund, as seen here, are typical of that kind of activity.

Even so, the scale matters. For a bank to hold more than half a billion dollars of a single Bitcoin ETF, there has to be steady client demand and a business built around serving it. The full filing is available on the SEC’s EDGAR system.

Part of a Wider Bank Trend

JPMorgan is not alone. Third-quarter filings from other big banks have shown similar moves. As we reported earlier this week, Barclays rebuilt its IBIT stake and Citi opened a new Fidelity Bitcoin fund position.

JPMorgan’s own research desk has also turned more constructive, issuing a Bitcoin price outlook that we covered in our look at the bank’s Bitcoin forecast.

The timing of the filing is awkward. Spot Bitcoin ETFs have seen outflows this month, and Bitcoin trades below $69,000, well under its Sept. 30 close of about $84,849 on Coinbase. JPMorgan’s next 13F, covering the quarter to Dec. 31, will show whether the bank kept adding through the pullback.

We believe the direction of travel is what matters most. A year ago, JPMorgan’s IBIT stake was shrinking. Today, after three straight quarters of buying, the largest U.S. bank holds more IBIT shares than at any quarter-end in the past year, a quiet sign that Bitcoin has become part of mainstream finance.