{"id":607602,"date":"2024-05-12T01:00:27","date_gmt":"2024-05-12T01:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=607602"},"modified":"2024-06-11T07:01:52","modified_gmt":"2024-06-11T07:01:52","slug":"jp-morgan-wells-fargo-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/jp-morgan-wells-fargo-bitcoin\/","title":{"rendered":"US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000"},"content":{"rendered":"

JP Morgan and Wells Fargo<\/span><\/a>, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world\u2019s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in <\/span>BTC\u2019s price dipping<\/span><\/a> slightly above $60,000.\u00a0<\/span><\/p>\n

US Financial Banks Expose Spot Bitcoin ETF Holdings<\/h2>\n

American financial services companies, <\/span>Wells Fargo<\/span><\/a> and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent <\/span>filing<\/span><\/a>. This decision to invest in BTC ETFs marks a notable change from the banks\u2019 previous cautious approach to cryptocurrencies.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says XRP Price Can Break Out From Falling Pennant, But Can It Reach $1?<\/a><\/div>\n

Wells Fargo revealed in its<\/span> new filing<\/span><\/a> to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of <\/span>Grayscale Bitcoin Trust (GBTC)<\/span><\/a>, valued at $121,207, which it has since converted into an ETF. <\/span>Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195.\u00a0<\/span><\/p>\n

On the other hand, <\/span>JP Morgan<\/span><\/a>, which <\/span>holds<\/span><\/a> about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of <\/span>BlackRock’s iShares Bitcoin Trust (IBIT)<\/span><\/a>, Fidelity\u2019s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).\u00a0<\/span><\/p>\n

Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, <\/span>Bitcoin Depot<\/span><\/a>. The investment company also unveiled its exposure to Spot BTC\u00a0ETFs just hours after Wells Fargo\u2019s announcement.<\/span><\/p>\n

Despite the <\/span>regulatory uncertainty<\/span><\/a> and the market\u2019s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also <\/span>forecasted<\/span><\/a> that more financial services companies would likely follow JP Morgan and Wells Fargo\u2019s footsteps to unveil holdings in <\/span>Spot Bitcoin ETFs<\/span><\/a> as market makers or Authorized Participants (APs).\u00a0<\/span><\/p>\n

BTC Price sUFFERS More Declines<\/h2>\n

Despite the increasing interest from traditional financial institutions seeking <\/span>exposure to BTC<\/span><\/a>, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its <\/span>halving event<\/span><\/a> on April 20, BTC has been trading sideways, witnessing <\/span>continuous declines <\/span><\/a>that have pushed its price down to around $57,000 previously.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90%<\/a><\/div>\n

The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.\u00a0<\/span><\/p>\n

Blockchain analytics platform, Santiment, <\/span>revealed<\/span><\/a> that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is <\/span>getting close to its bottom<\/span><\/a>.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from PlasBit, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world\u2019s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC\u2019s price dipping slightly above $60,000.\u00a0 US Financial Banks Expose Spot Bitcoin ETF Holdings American financial services companies, Wells Fargo and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent filing. This decision to invest in BTC ETFs marks a notable change from the banks\u2019 previous cautious approach to cryptocurrencies.\u00a0 Related Reading: Crypto Analyst Says XRP Price Can Break Out From Falling Pennant, But Can It Reach $1? Wells Fargo revealed in its new filing to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195.\u00a0 On the other hand, JP Morgan, which holds about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity\u2019s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).\u00a0 Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, Bitcoin Depot. The investment company also unveiled its exposure to Spot BTC\u00a0ETFs just hours after Wells Fargo\u2019s announcement. Despite the regulatory uncertainty and the market\u2019s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also forecasted that more financial services companies would likely follow JP Morgan and Wells Fargo\u2019s footsteps to unveil holdings in Spot Bitcoin ETFs as market makers or Authorized Participants (APs).\u00a0 BTC Price sUFFERS More Declines Despite the increasing interest from traditional financial institutions seeking exposure to BTC, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its halving event on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around $57,000 previously.\u00a0 Related Reading: Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90% The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.\u00a0 Blockchain analytics platform, Santiment, revealed that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom.\u00a0 BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com Featured image from PlasBit, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":607603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,92092,1122,1144,78790,1944,89193,2627,84647,4455],"class_list":["post-607602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news-bitcoin-etf","tag-btc-price","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-jp-morgan","tag-spot-bitcoin-etf","tag-wells-fargo"],"acf":[],"yoast_head":"\nUS Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000<\/title>\n<meta name=\"description\" content=\"JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000","url":"http:\/\/wncen.com\/news\/jp-morgan-wells-fargo-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/jp-morgan-wells-fargo-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-bank.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-bank.jpeg?fit=300%2C168"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news bitcoin etf","btc price","btcusd","btcusdt","etf","etf news","jp morgan","spot bitcoin etf","wells fargo"],"dateCreated":"2024-05-12T01:00:27Z","datePublished":"2024-05-12T01:00:27Z","dateModified":"2024-06-11T07:01:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/jp-morgan-wells-fargo-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/jp-morgan-wells-fargo-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-bank.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-bank.jpeg?fit=300%2C168\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news bitcoin etf\",\"btc price\",\"btcusd\",\"btcusdt\",\"etf\",\"etf news\",\"jp morgan\",\"spot bitcoin etf\",\"wells fargo\"],\"dateCreated\":\"2024-05-12T01:00:27Z\",\"datePublished\":\"2024-05-12T01:00:27Z\",\"dateModified\":\"2024-06-11T07:01:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-bank.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607602"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=607602"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/607603"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=607602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=607602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=607602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}