JPMorgan’s reported position in BlackRock’s Bitcoin exchange-traded fund increased by about 25% in the second quarter, while its Ether ETF position more than quadrupled, according to its latest securities filing.

The Form 13F filing with the US Securities and Exchange Commission, submitted Wednesday, covers holdings as of June 30 and includes 17 other investment managers across JPMorgan.

That makes it difficult to determine whether individual positions reflect a directional market view, Jonatan Randin, senior market analyst at PrimeXBT, told Cointelegraph.

“It gives you some idea of what they are doing but not their opinion about the future direction of a specific market,” Randin said.

JPMorgan reports larger Bitcoin, Ether ETF positions

The filing showed about 10.4 million shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT) in Q2, up from 8.3 million shares in Q1 with a reported value of roughly $356 million.

Its position in the iShares Ethereum Trust ETF (ETHA) rose more sharply, climbing more than fourfold to about 1.17 million shares from roughly 267,000.

Randin said a 13F can combine holdings from different parts of an institution, including positions related to client activity and inventory, making it difficult to determine the purpose behind individual holdings. Form 13F filings also exclude short positions, meaning JPMorgan’s reported long holdings do not show its net exposure.

XRP appears in JPMorgan’s holdings

Beyond Bitcoin and Ether, Randin pointed to small positions reported in XRP investment products.

JPMorgan reported 181 shares of Grayscale’s XRP product worth $3,763 and 113 shares of Bitwise’s XRP ETF worth $1,356 in Q2, after reporting no positions in either product in Q1.

Randin linked the timing to regulatory developments around XRP and the emergence of spot XRP investment products in the US.

“From my point of view this adds credibility to the regulatory improvements surrounding XRP,” he said.

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Additionally, JPMorgan cut positions in several Bitcoin miners, which Randin said have become less straightforward proxies for Bitcoin as some expand into artificial intelligence and high-performance computing.

“If that was the reason for holding them, trimming that part of the portfolio makes a lot of sense regardless of your view of the future direction of price,” he said.

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