JPMorgan Chase reported a larger position in BlackRock’s spot bitcoin ETF at the end of the second quarter, while also expanding its ether exposure and reintroducing small XRP-linked holdings. The disclosures appeared in the bank’s latest 13F-HR filing with the U.S. Securities and Exchange Commission on Aug. 12.

As of June 30, the bank held about 10.4 million shares of BlackRock’s iShares Bitcoin Trust, or IBIT, valued at roughly $355.7 million. That compares with nearly 8.3 million shares three months earlier, when the holding was worth about $162 million.

Bitcoin ETF stake grows in Q2

The increase in IBIT made up only a small share of JPMorgan’s total reportable holdings, which the filing listed at about $1.807 trillion spread across 34,064 positions. Even so, the quarter-over-quarter rise in the bank’s bitcoin ETF exposure was notable relative to much of its broader equity portfolio.

The filing also showed changes in the bank’s IBIT options positions. Call options linked to the fund increased to 3.94 million from 3.77 million, while put options declined to roughly 3.5 million from 4.75 million. That points to less downside hedging than in the prior quarter, though the filing alone does not establish why the bank made those adjustments.

Ether position expands sharply

JPMorgan also added to its holding in BlackRock’s iShares Ethereum Trust, or ETHA. The position rose 338% to about $14.3 million and totaled roughly 1.17 million shares by June 30.

That increase leaves the ether allocation far smaller than the bank’s IBIT stake in dollar terms, but it marks another clear expansion of crypto-linked ETF exposure during the quarter.

Small return to XRP-linked exposure

The filing showed JPMorgan re-entered XRP-related products after previously exiting its Bitwise XRP ETF position in the first quarter. In the second quarter, the bank reported new holdings in the Bitwise XRP ETF, the Grayscale XRP Trust ETF, and Armada Acquisition Corp II, a Ripple-backed special purpose acquisition company trading under XRPN.

Those positions remain modest. The Bitwise XRP ETF stake was valued at $1,356 across 113 shares, while the Grayscale XRP Trust ETF position was worth $3,763 across 181 shares. JPMorgan also disclosed a $207,295 holding in Armada Acquisition Corp II, amounting to 19,894 shares.

Although the dollar amounts are limited compared with the bank’s bitcoin and ether exposure, the move represents a shift from a complete exit in the prior quarter to renewed exposure through multiple XRP-linked vehicles.

Filing contrasts with recent ETF flow data

JPMorgan’s second-quarter accumulation came as the broader U.S. spot bitcoin ETF market showed weaker short-term flows. On Aug. 13, spot bitcoin ETFs recorded a combined net outflow of $61.16 million, ending a brief rebound. Fidelity’s FBTC accounted for $46.82 million of redemptions, while BlackRock’s IBIT posted $14.34 million in outflows that day.

That followed a larger net outflow of $144.67 million on Aug. 11. Ether funds moved in the opposite direction on Aug. 13, posting net inflows of $7.38 million. The contrast suggests that daily fund flows remained uneven even as a large institutional holder disclosed a larger crypto ETF allocation for the quarter ended June 30.

Next disclosure due in November

The next confirmed checkpoint for JPMorgan’s crypto-linked ETF activity will be its following 13F filing, expected in mid-November. That report should show whether the bank continued to build its bitcoin, ether and XRP-related positions in the third quarter or scaled them back after the second-quarter increase.

It may also provide a clearer view of whether the shift toward more IBIT calls and fewer puts reflected a more constructive stance or routine portfolio management. For now, the latest filing documents a larger bitcoin ETF stake, a sharply expanded ether position, and a small but notable return to XRP-linked exposure.

Source: news.bitcoin.com