US financial giants invest in Bitcoin ETFs. But the amounts are pitifully small

The largest U.S. bank, JPMorgan, which manages $2.6 trillion in assets, told the SEC it has bought shares of spot bitcoin ETFs. It's a good news. And the bad one? He only invested about $760,000. Another giant followed in the same footsteps.

JPMorgan invests in Bitcoin ETF

JPMorgan admitted that it invested in BTC ETFs. In an application submitted to the US Securities and Exchange Commission (SEC) on May 10, the bank stated that it holds shares of ProShares Bitcoin Strategy ETF (BITO), iShares Bitcoin Trust (IBIT) by BlackRock, Wise Origin Bitcoin Fund by Fidelity (FBTC), Grayscale Bitcoin Trust (GBTC) and Bitwise Bitcoin ETF.

The problem is that the investment is poor. That's only $760,000. Many private investors have invested more money in BTC.

Wells Fargo also invests in BTC

Wells Fargo made a similar decision. In a document dated May 10, the company announced that it holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to BTC futures, and 2,245 shares of the Grayscale Bitcoin Trust (GBTC), which has been transformed into an ETF. The company also reported 52 shares of Bitcoin Depot, a Bitcoin ATM provider.

However, the total value of the three bitcoin-related investments was only $143,111. And again: it's a ridiculous amount. Wells Fargo manages approximately $1.7 trillion in capital as of June 2023, making it the third-largest U.S. bank by assets under management.

So is there anything to get excited about at all? Yes and no. No, because, as I mentioned, these are pitifully low amounts for such giants. On the other hand, it is good that the largest banks in the US are slowly starting to enter the cryptocurrency market. They probably need the current, low exposure to explore the possibilities of such assets. It cannot be ruled out that after some time they will buy more units of bitcoin spot ETFs.