JPMorgan Boosts Bitcoin Exposure as Bank Predicts BTC Could Hit $170,000

JPMorgan Chase has increased its exposure to Bitcoin through a significant rise in holdings of BlackRock’s iShares Bitcoin ETF (IBIT), underscoring the growing institutional confidence in the leading cryptocurrency. According to the bank’s latest regulatory filing on Friday, JPMorgan held 5.284 million shares of IBIT as of September 30, valued at approximately $343 million. This marks a notable increase from the second quarter, when it held 3.2 million shares worth about $302.6 million.

The move highlights the bank’s expanding interest in digital assets amid Bitcoin’s strong performance in recent months. Bitcoin (BTC) is currently trading around $103,376, continuing to attract institutional investors seeking exposure to the crypto market through regulated exchange-traded funds. JPMorgan’s growing stake in IBIT aligns with broader trends showing traditional financial institutions integrating cryptocurrency investments into their portfolios.

Earlier this week, JPMorgan issued a bullish report on Bitcoin, projecting that the cryptocurrency could surge to $170,000 within the next 12 months. The forecast was based on market momentum, increasing institutional adoption, and expectations of further inflows into spot Bitcoin ETFs. Analysts also cited Bitcoin’s reputation as “digital gold,” especially during periods of economic uncertainty and inflationary pressure, as a key factor supporting potential long-term growth.

JPMorgan’s increased investment and optimistic outlook reflect a broader shift in sentiment among Wall Street firms, which are gradually embracing Bitcoin as a viable asset class. As the world’s largest cryptocurrency continues to gain mainstream traction, the bank’s positioning could signal a pivotal moment for institutional participation in the evolving digital asset ecosystem.