TLDR

• JPMorgan Chase has invested $984,000 in Bitcoin ETFs and $32,300 in Ethereum ETFs, showing a 30% increase from May 2024
• Goldman Sachs holds $1.27 billion in BlackRock’s Bitcoin ETF and $288 million in Fidelity’s Bitcoin ETF
• Goldman’s Bitcoin ETF holdings increased 88% from the previous quarter
• Digital asset investment products saw $415 million in outflows last week
• Fed Chairman Powell’s comments on delayed rate cuts influenced recent crypto market sentiment

JPMorgan Chase and Goldman Sachs have increased their holdings in cryptocurrency exchange-traded funds (ETFs) according to recent regulatory filings with the Securities and Exchange Commission (SEC).

JPMorgan Chase, the largest bank in the United States, now holds $984,000 in Bitcoin ETFs spread across multiple funds. The bank has invested $523,000 in the ProShares Bitcoin ETF, $290,000 in BlackRock’s iShares Bitcoin Trust ETF, $68,000 in the Bitwise Bitcoin ETF, $55,000 in Fidelity Wise Origin Bitcoin ETF, and $37,000 in the Grayscale Bitcoin Trust ETF.

The bank’s investment represents a 30% increase from May 2024, when it reported Bitcoin ETF holdings of $760,000. This growth amounts to more than $220,000 in additional investment over just a few months.

In addition to its Bitcoin holdings, JPMorgan has allocated $32,300 to Ethereum ETFs. This investment includes $23,800 in the Grayscale Ethereum Trust ETF, $6,200 in the iShares Ethereum Trust ETF, $2,100 in the Fidelity Ethereum Fund, and $102 in the Grayscale Ethereum Mini Trust ETF.

Goldman Sachs has made even larger moves in the cryptocurrency ETF space. The investment bank currently holds $1.27 billion worth of shares in BlackRock’s iShares Bitcoin Trust ETF, amounting to 24,077,861 shares.

The bank has also invested $288 million in the Fidelity Wise Origin Bitcoin ETF, holding 3,530,486 shares. These positions show an 88% increase in Goldman Sachs’ Bitcoin ETF holdings compared to the previous quarter, while its stake in the Fidelity ETF grew by 105%.

Recent Outflows Challenge Growth Trend

These investments by major banks come at a time when the broader cryptocurrency market is experiencing its first major outflows of 2025. Last week, investors withdrew $415 million from digital asset investment products.

The majority of these outflows came from Bitcoin-based investment products, including spot ETFs, which saw $430 million in withdrawals.

The recent market movement appears to be connected to statements made by Federal Reserve Chairman Jerome Powell regarding interest rate policies. Powell indicated that the central bank does not need to rush into cutting interest rates.

These comments have prompted investors to reassess their expectations about when monetary policy might become less restrictive.

The contrast between increasing institutional investment and recent market outflows highlights the complex dynamics at play in the cryptocurrency investment landscape.

Banks’ growing involvement in cryptocurrency ETFs represents a shift from previous years when many traditional financial institutions maintained distance from digital asset investments.

The detailed breakdown of JPMorgan’s investments shows a diversified approach to cryptocurrency exposure, with holdings spread across multiple fund providers.

Goldman Sachs’ investment strategy appears more concentrated, with large positions in two major Bitcoin ETFs.

The timing of these investments and disclosures comes as the cryptocurrency market adapts to the presence of spot Bitcoin ETFs, which were approved by the SEC in January 2024.

Each bank’s approach to cryptocurrency investment reflects different strategies, with JPMorgan taking a broader but smaller-scale approach across multiple funds, while Goldman Sachs has made larger investments in fewer products.

The latest data from regulatory filings shows that both banks have increased their exposure to cryptocurrency products despite recent market volatility and outflows.