JPMorgan invests in Ethereum holder BitMine, eyes $170 000 Bitcoin
According to a Form 13F filed this Friday with the U.S. Securities and Exchange Commission (SEC), JPMorgan holds 1,974,144 shares of BitMine Immersion Technologies, valued at approximately $102 million.
This marks a radical shift in stance from JPMorgan’s CEO Jamie Dimon, who had repeatedly voiced opposition to cryptocurrencies in the past.However, with Donald Trump’s return to the White House and his pro-crypto policies, the bank’s position appears to have changed significantly.
BitMine was previously engaged in Bitcoin mining, but earlier this year the company decided to follow a MicroStrategy-style strategy for Ethereum, beginning to accumulate ETH.
According to its Q3 earnings report published last month, BitMine currently holds 3.24 million ETH and continues to expand its holdings.
Will Bitcoin rise again?
Meanwhile, JPMorgan analysts, led by Nikolaos Panigirtzoglou, shared their latest crypto market outlook in a report published on Wednesday.
They noted that the cryptocurrency market has fallen by about 20% from recent highs, highlighting October 10 as the date of the sharpest decline — triggered by what they described as the largest liquidation of perpetual futures in crypto history.
A second wave of liquidations followed on November 3, further undermining confidence, especially after the Balancer protocol incident, which resulted in losses exceeding $120 million.
The report also mentioned that crypto-related ETFs have recently seen notable outflows.
“Overall, we view perpetual futures as the most critical instruments to monitor in the current environment,” JPMorgan analysts wrote. “The recent stabilization suggests that the deleveraging process in perpetual futures is likely behind us.”
The Panigirtzoglou team forecasts that Bitcoin could reach $170,000 within six to twelve months, depending on how leverage recovery and volatility trends align with gold.
As we wrote, JPMorgan prepares to launch crypto trading services
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