![[Bitop Review] JPMorgan Significantly Increases Holdings in IBIT in the Third Quarter, Indirectly Holds ETH via BMNR](/api/image-proxy?url=https%3A%2F%2Facademy-public.coinmarketcap.com%2Fsrd-optimized-uploads%2Fea7a8e8226734a29a91f543ab19f18fa.png)
JPMorgan Boosts BlackRock's Bitcoin Spot ETF Holdings
In the third quarter of 2025, Wall Street investment bank JPMorgan substantially increased its stake in BlackRock's Bitcoin spot ETF, identified as IBIT. The bank's holdings now amount to approximately $343 million, marking a significant quarterly increase of 64%. Specifically, JPMorgan's share count rose from 3,217,056 at the close of June 2025 to 5,284,190 by the end of the third quarter.
In addition to direct share ownership, JPMorgan also holds options positions related to IBIT, comprising approximately $67.76 million in call options and $133 million in put options.
Indirect Ethereum Investment Through BitMine Immersion
Interestingly, JPMorgan's engagement with the Ethereum market is not primarily through direct holdings in Ethereum spot ETFs, although minor options positions exist. Instead, the bank is indirectly participating in the Ethereum market by investing in BitMine Immersion, a company focused on Ethereum reserve strategies. JPMorgan holds 1,974,144 shares of BNR (BitMine Immersion) through this strategy, valued at approximately $102 million.
It is important to note that these reported holdings encompass the entire JPMorgan group, including its asset management divisions and accounts managed for high-net-worth clients. Therefore, not all of these holdings may represent JPMorgan's proprietary capital.
JPMorgan Analysts Project Bitcoin Price at $170,000
JPMorgan's analysis team has expressed a bullish outlook on Bitcoin, projecting a price target of approximately $170,000. This forecast is based on their gold parity model, which considers volatility. The analysts believe that the market has largely moved past its deleveraging cycle, following significant liquidations observed in perpetual contracts on October 10 and a smaller liquidation event in early November. They anticipate this theoretical price point to be reached within the next six to twelve months.