TL;DR
- JPMorgan raised its IBIT holdings about 25% to 10.4 million shares and more than quadrupled its ETHA position to roughly 1.17 million shares.
- Morgan Stanley increased IBIT holdings 23% to 16.5 million shares, while its ETHA position jumped about 202% to 4.6 million shares.
- Analysts caution that 13F filings include client and inventory positions and exclude shorts, so higher reported ETF holdings do not prove outright bullish bets by themselves.
JPMorgan and Morgan Stanley both increased reported exposure to Bitcoin and Ether exchange-traded funds during the second quarter, according to their latest Form 13F filings. JPMorgan raised its BlackRock iShares Bitcoin Trust position about 25% to 10.4 million shares from 8.3 million, while Morgan Stanley lifted its IBIT stake 23% to roughly 16.5 million shares. The notable development is that two Wall Street giants expanded crypto fund holdings during a quarter when digital asset prices weakened. That contrast makes the filings look significant, even if they do not reveal each bank’s true directional conviction overall.
ETF holdings rise, but filings do not tell the whole story
JPMorgan’s Ether exposure expanded even faster. Its position in BlackRock’s iShares Ethereum Trust climbed to about 1.17 million shares from roughly 267,000, more than quadrupling during the quarter. Morgan Stanley increased its own ETHA holding about 202% to 4.6 million shares and raised its Grayscale Ethereum Staking Mini ETF position about 26% to 5.1 million shares. The scale of those increases suggests institutions are broadening reported crypto exposure beyond Bitcoin. JPMorgan also disclosed small positions in XRP investment products, while Morgan Stanley added exposure to Solana funds during the same reporting period across institutional portfolios.
Morgan Stanley’s larger IBIT position carried an unusual wrinkle: despite adding about 3.04 million shares, the reported value fell 18% to $549 million from $667 million because Bitcoin declined during the quarter. It also reported 2.57 million shares of its own Morgan Stanley Bitcoin Trust, valued at about $43.3 million. More shares did not necessarily mean a larger dollar position, underscoring how market prices can distort headline comparisons between quarters. The bank also increased holdings in Circle and several Bitcoin mining and infrastructure companies while reducing Coinbase, CleanSpark and Bitfarms exposure during a difficult quarter.
Still, the filings require caution. Analyst Jonatan Randin noted that JPMorgan’s 13F combines positions across 17 investment managers and may include client activity or inventory rather than proprietary bets. The filings also exclude short positions, meaning reported longs cannot show net exposure. The strongest conclusion is therefore about portfolio activity, not a definitive bullish call from either institution. JPMorgan reduced several Bitcoin miner positions, while Morgan Stanley made selective additions and cuts elsewhere, showing that rising Bitcoin and Ether ETF holdings were part of broader portfolio adjustments rather than simple all-in crypto bets overall today.
