2024-05-12 11:44:12

Two of the largest American banks, Wells Fargo and J.P. Morgan, have announced the purchase of shares of spot Bitcoin ETFs.

In the Wells Fargo report, it is stated that the company owns 2245 shares of Graуscale Bitcoin Trust (GBTC) with a value of $121,208 at the current exchange rate. In addition, the organization acquired 27 shares of ProShares Bitcoin Strategy ETF (BITO) with a value of $912.
J.P. Morgan invested $760,000 in iShares Bitcoin Trust (IBIT), Wise Origin Bitcoin Fund (FBTC), GBTC, Bitwise Bitcoin ETF (BITB), and BITO. In addition, the bank holds securities for the owner of the Bitcoin Depot cryptocurrency ATMs with a value of $47,000.
Thus, Wells Fargo and J.P. Morgan own Bitcoin ETFs worth $882,120, which represents only 0.000018% of the assets managed by the banks.
An analyst from Bloomberg, Eric Balchunas, believes that other American financial organizations will follow the example of Wells Fargo and J.P. Morgan and invest in Bitcoin ETF, despite the market downturn of BTC. The positive forecast is supported by statistical indicators, according to which from April 23 to May 10, the capital inflow into Bitcoin ETF reached $11.7 million. #BTC #ETH

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