JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline

U.S. banking giant JPMorgan has disclosed a major increase in its BlackRock Bitcoin ETF (IBIT) holdings. However, several corporate treasury portfolios are facing sharp unrealized losses in their crypto holdings.

JPMorgan Boosts IBIT Stake by 64%

A new 13F filing shows the bank now holds 5.28 million shares of IBIT valued at roughly $343 million as of September 30. The position marks a 64% jump from the 3.21 million shares recorded in June.

The filing also lists sizeable options activity tied to the ETF. JPMorgan reported $68 million in IBIT call positions and $133 million in put positions. These holdings cover multiple divisions within the bank and include exposure connected to high-net-worth clients. This filing follows a recent prediction by JPMorgan that BTC price would reach $170,000 within the next year.

The data highlights that institutional involvement in Bitcoin-related products remains active despite the current market downturn. The firm’s increase comes at a time when treasury companies throughout the industry have started registering massive losses.

Value of Corporate Crypto Holdings Plunge Amid Market Downturn

CryptoQuant data shows that these losses have become more visible as token prices continue to fall. One of the most discussed corporate entrants, Evernorth has seen its XRP position fall quickly.

Evernorth purchased about 388.7 million XRP for nearly $947 million just two and a half weeks ago. The current value sits near $868 million, leaving an unrealized loss of around $79 million.

CryptoQuant’s charts show that the firm’s position is slipping deeper into negative territory as XRP trades near the lower end of its recent range. MicroStrategy is experiencing similar stress on the equity side. The company’s stock is now down about 53%.

Also, it is trading close to the lower band of its Bitcoin-based valuation range. The drawdown reflects the market’s response to Bitcoin’s drop. It further highlights how closely the firm’s share price tracks its massive BTC holdings.

Corporate Treasuries Continue Accumulation Amid Heavy Losses

Metaplanet, another corporate Bitcoin accumulator, holds 30.8 BTC at an average purchase price of $106,000. Its unrealized loss has reached almost $120 million, and the firm’s stock has fallen nearly 80% from its peak.

Bitmine has also taken a hit. Although it added 442,000 ETH after the October 10 market shock, the firm still holds an unrealized loss of about $2.1 billion.

The data shows no consistent pattern of retreat among corporate holders. Recently, Saylor’s Strategy continued its Bitcoin accumulation trend, buying 397 BTC.

Also, Sharplink Gaming an ETH treasury firm remains bullish. Recently, the firm said it expects a strong and quicker recovery in the price of this token.