JPMorgan Chase & Co (JPM) significantly increased its stake in the iShares Bitcoin Trust ETF (IBIT), reporting a 64.26% increase in ownership, according to Fintel Data.
According to the latest 13F-HR filing dated Nov. 7, the bank held 5,284,190 shares worth approximately $343.47 million as of Sept. 30.
This marks a significant increase from the 3,217,056 shares reported in the previous August filing, worth $302.57 million.
The disclosure follows the bank’s recent analysis suggesting a fair value of Bitcoin can reach $ 170,000 Based on the gold parity valuation model, emphasizing a bullish long-term outlook for the cryptocurrency.
Ibit gained 1.5% on the day trading at $58 per share, while Bitcoin rose above $102,000.
