TLDR:
- JP Morgan bought 1.97 million BitMine shares worth $102.5 million and expanded into Ethereum-linked assets.
- The bank reduced its $SBET stake by 70%, signaling a pivot towards blockchain exposure.
- Ark Invest added 240,000 BMNR shares across three ETFs amid a 9.8% price drop.
- Institutional investors are increasingly targeting Ethereum-friendly stocks for indirect crypto exposure.
JP Morgan has acquired 1,974,144 shares of BitMine ($BMNR) worth about $102.5 million, according to multiple filings shared by market followers on X. The investment gives the largest US bank a notable position in a public company accumulating Ethereum.
Analyst suggests that this move marks a shift in institutional positioning towards Ethereum-based assets. The purchase comes as traditional finance continues to adapt to digital assets, despite mixed crypto market sentiment.
JP Morgan expands exposure to Ethereum through BitMine
Data posted by BMNR Bullz and SamAlτcoin.eth revealed that JP Morgan now has a nine-figure position in BitMine. The bank’s acquisition of 1.97 million shares puts it among the largest institutional owners of the Ethereum staking company.
maxxTFSA reported that the purchase coincided with a 70 percent reduction in JP Morgan’s previous stake in the Seamwhich indicates a strategic portfolio shift towards blockchain-related stocks.
The move underscores the growing interest of Wall Street institutions in companies tied to Ethereum accumulation and infrastructure. BitMine, whose business model involves holding and managing Ethereum as a balance sheet asset, has become a magnet for traditional investors seeking digital asset exposure without directly holding crypto.
Market analysts tracking institutional inflows noted that the timing is consistent with a broader rotation into Ethereum-related stocks after spot ETFs discussions in the U.S. Additionally,
JP Morgan’s purchase suggests an attempt to secure an early position ahead of potential Ethereum-based product approvals and liquidity expansion.
Ark Invest joins buying spree amid BMNR drawdown
While JP Morgan’s investment grabbed headlines, Ark Invest also increased its BitMine exposure this week.
Treasury Edge reported that Cathie Wood’s company acquired 240,507 BMNR shares worth about $9 million across three ETFs. These include 167,348 shares for the ARK Innovation ETF (ARKK), 48,361 shares for the ARK Next Generation Internet ETF (ARKW) and 24,798 shares for the ARK Fintech Innovation ETF (ARKF).
The purchases came as BMNR shares fell 9.8%, extending a weak streak across digital assets. Despite the decline, Ark’s consistent allocation signals continued confidence in BitMine’s long-term value within its diversified crypto strategy.
According to the data, Ark adheres to a portfolio exposure limit of 10% per holding, suggesting scope for further rebalancing if the BMNR valuation changes.
JP Morgan and Ark Invest’s simultaneous purchases have drawn attention from traders who have observed increasing institutional overlap in Ethereum-related assets. The development shows a shifting trend where traditional funds and banks are opting for indirect crypto exposure through equity positions in blockchain-focused companies.
