Global banking behemoth JPMorgan Chase has disclosed its increased exposure to the world’s largest cryptocurrency through BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT).
Furthermore, the filing with the SEC shows that JPMorgan held IBIT call options worth $68 million and put options worth $133 million as of September 30.
The JPMorgan analysts revealed that the recent rise in gold volatility has made BTC a more attractive investment option on a risk-adjusted basis. Using this gold-based model, the pundits argued that Bitcoin is fairly undervalued compared to gold and could see a significant upward movement to around $170,00 over the next 6 to 12 months.
Excluding its performance on Friday, November 7, BlackRock’s IBIT looks set to record a weekly net outflow of roughly $450 million. Nevertheless, the iShares Bitcoin Trust still ranks as the largest spot BTC exchange-traded fund with a net asset of $80.58 billion under management.
