Last week at a congressional hearing, JP Morgan Chairman and CEO Jamie Dimon described cryptocurrency, and bitcoin in particular, as “decentralized Ponzi schemes.”
But despite Dimon’s longstanding opposition to digital currencies, the bank he runs has a history of dealing with cryptocurrencies.
As of last year, JP Morgan allowed its private clients to buy Bitcoin and other cryptocurrencies from a select number of funds, namely Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust.
This was around the same time the bank was building a small bet on Coinbase. According to its annual report, it has built a small position on the American Stock Exchange by June of last year. He owns the American Growth Fund 3025 Coinbase Sharesvalued at $758,247, making up 0.04% of the fund.
She also owns 44,900 Coinbase shares, valued at $11,254,634 in the US Technology Fund, and also owns 0.5% Coinbase bond coupons maturing in 2026 in the Multi-Manager Alternatives Fund. In total, she had an investment of $15,448,631 in Coinbase.
By December 2021, JP Morgan had slightly reduced Coinbase’s holdings.
- The bank had 525 shares. worth $118,986 It makes up 0.02% of the equity fund of the Enhanced Global Research Index.
- She owns 45,800 shares worth $11,774,951 representing 0.17% of the US Technology Fund.
- The company also sold 3,025 shares of the US Growth Fund.
During this time, the company also added more bonds to its coffers. Specifically, Coinbase’s $235,000 bond coupons for its Global Sustainable Bond Opportunity Fund, $385,000 of the same type of bond coupons for its Global Strategic Bond Fund, and another $1,228,000 for her Income Fund$80,000 in coupons for the US High Yield Bond Fund Plus.
In all, by December 2021, JP Morgan funds owned $18,189,467 worth of Coinbase stock and bonds.
Then, by June of this year, the company had sold all of its Coinbase shares — likely at a loss, given that Coinbase shares had been down since the beginning of the year. However, it I held some Coinbase bonds.
In all, as of late June, the company’s funds held $9,490,094 worth of Coinbase bonds it had purchased for a total of $16,274,000. However, that number pales in comparison to the company’s total net assets under management of $55 billion.
Read More: ConsenSys Lawsuit Reveals JPMorgan Owns Critical Ethereum Infrastructure
JP Morgan also engages in private crypto investments
JP Morgan also has a number of private investments in the crypto industry such as its stake in crypto analytics firm TRM Labs. She also has Some tenants from the crypto industry in its real estate portfolioIncluding Coin Cloud, which leases properties from JP Morgan’s Moonwater Office Portfolio Properties.
However, the bank may have been hiding the extent of its involvement in the private investment portion of the cryptocurrency industry. Recently, ConsenSys shareholders accused it of owning a share of the intellectual property rights of MetaMask and Infura which was exchanged by ConsenSys CEO and founder Joseph Lubin in exchange for a $39 million loan.
JP Morgan isn’t as actively involved in cryptocurrencies as Morgan Stanley, but it doesn’t shy away from dipping its toes in the market, for sure. He doesn’t seem eager to turn down money from the industry.
For more insider news, follow us on Twitter And the Google News Or listen to our investigative podcast Innovator: Blockchain City.
from San Jose News Bulletin https://sjnewsbulletin.com/decrypting-jp-morgans-crypto-investments/
No comments:
Post a Comment