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.

Related: Crypto whales accumulate as bear market nears late stage: CryptoQuant

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.

Magazine: Sorry everyone, Bitcoin is headed down to $43,500: Michael Terpin

Morgan Stanley increased its reported cryptocurrency-related positions in the second quarter, according to its Q2 13F filing with the US Securities and Exchange Commission. The most notable change was a significant step-up in holdings of BlackRock’s Bitcoin ETF, alongside broader adjustments across other crypto-linked equities and exchange-traded funds.

Specifically, Morgan Stanley’s reported exposure to the iShares Bitcoin Trust ETF (IBIT) rose to roughly 16.5 million shares from 13.4 million, an increase of about 23%, as reflected in the SEC filing submitted on Thursday. The firm also reported 2.57 million shares of its own Morgan Stanley Bitcoin Trust (MSBT), which began trading in April.

Key takeaways

• Morgan Stanley boosted its IBIT share count by more than 3 million shares in Q2, even as the reported dollar value declined due to weaker Bitcoin prices during the quarter.
• Its MSBT position was initiated in the period, adding a new channel for the firm’s own spot Bitcoin product exposure.
• Ether exposure expanded as well, with major increases in iShares Ethereum Trust (ETHA) and Grayscale’s Ethereum staking-focused mini fund.
• The filing shows uneven positioning across the broader crypto equity complex, with gains in some miners and Circle (USDC issuer) contrasted by cuts in others.
• Morgan Stanley’s Circle (CRCL) holdings rose sharply, while reported holdings in Coinbase and some mining names declined.

IBIT adds volume, valuation drops with Bitcoin

While Morgan Stanley added approximately 3.04 million shares to its IBIT position, the value of that stake fell by about 18% to $549 million from $667 million. The filing’s figures reflect a common dynamic for large investors: even when share counts rise, reported portfolio value can still decline if the underlying asset—here, Bitcoin—trades lower over the reporting window.

The SEC filing indicates the increase in IBIT shares occurred alongside also adding to several other Bitcoin ETF exposures. Morgan Stanley reported higher allocations to products including Grayscale’s Bitcoin Mini Trust ETF and Bitwise’s Bitcoin ETF, while its Fidelity Wise Origin Bitcoin Fund (FBTC) position rose by nearly 38%.

Beyond the headline IBIT change, the broader pattern suggests Morgan Stanley was concentrating more into established spot Bitcoin vehicles rather than trimming exposure at the start of Q2. Investors often watch this kind of behavior for clues on whether institutional demand is strengthening at the ETF level, particularly when the share count rises faster than the reported valuation.

Ether positions expand across spot and staking-linked products

Morgan Stanley’s Q2 filing also showed substantial growth in reported Ether-related ETF holdings. Its iShares Ethereum Trust ETF (ETHA) position increased by about 202% to around 4.6 million shares. Morgan Stanley also raised its Grayscale Ethereum Staking Mini ETF (ETH) holding by approximately 26% to about 5.1 million shares.

These increases matter because they signal that Morgan Stanley’s crypto ETF footprint is not limited to Bitcoin. For market participants, large incremental allocations to Ether products can be interpreted as broader institutional participation—especially when the increases span both mainstream spot-style Ether exposure (ETHA) and products linked to staking (Grayscale’s staking-focused mini fund).

In addition, Morgan Stanley initiated new exposure to Solana-related funds. The filing showed additions to Grayscale Solana Staking ETF (GSOL) and Fidelity’s Solana fund (FSOL), with those positions reported at about $4.25 million and $2.26 million, respectively.

Circle and mining/infrastructure names show selective momentum

Beyond ETFs, Morgan Stanley also adjusted its holdings in crypto-adjacent public companies. The firm dramatically increased its reported stake in Circle Internet Group (CRCL), the company behind the USDC stablecoin. According to the Q2 filing, Circle shares rose from roughly 1.46 million to about 8.32 million.

On the mining and infrastructure side, the filing reflected additions to several names, including Cipher Digital (CIFR), Core Scientific (CORZ), Hut 8 (HUT), and Bitdeer Technologies (BTDR). For investors tracking institutional risk appetite, expanding positions across multiple miners and infrastructure providers can indicate confidence in the sector’s operational resilience—or at least a willingness to accumulate exposure while valuations and market conditions fluctuate.

However, the changes were not uniformly positive across every crypto-linked equity. Morgan Stanley reported about 550,000 fewer shares of Coinbase (COIN). It also cut its CleanSpark (CLSK) position by more than 3.1 million shares and fully exited a roughly 8 million-share holding in Bitfarms (BITF).

That mix—adding in some areas while trimming others—suggests a more selective approach rather than a broad increase across the entire crypto equity basket.

What to watch after Morgan Stanley’s Q2 adjustments

Going into the next reporting period, investors will likely focus on whether Morgan Stanley continues to build its ETF share counts—particularly in IBIT and ETHA—or whether the firm’s activity reverts toward valuation-driven changes as crypto prices move. The SEC 13F updates also remain a key way to observe institutional positioning shifts, even though they are inherently lagging compared with day-to-day market flows.

US investment banking giant Morgan Stanley reported larger crypto fund positions in the second quarter, led by an increase of more than 3 million shares in BlackRock’s Bitcoin exchange-traded fund (ETF).

Morgan Stanley’s reported holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) increased by 23% to around 16.5 million shares from 13.4 million, according to its Q2 13F filing with the US Securities and Exchange Commission on Thursday.

Morgan Stanley also reported 2.57 million shares of its own Morgan Stanley Bitcoin Trust (MSBT), worth about $43.3 million. The product began trading in April.

The filing showed increases across several direct crypto fund positions in Q2, even as reported holdings declined in Coinbase and some other crypto-linked companies.

Morgan Stanley grows Bitcoin and Ether ETF exposure

Despite adding about 3.04 million IBIT shares, the position’s value fell about 18% to $549 million from $667 million as Bitcoin fell during the quarter.

Morgan Stanley also sharply increased several smaller Bitcoin ETF positions, including the Grayscale Bitcoin Mini Trust ETF (BTC) and Bitwise Bitcoin ETF (BITB), while its Fidelity Wise Origin Bitcoin Fund (FBTC) holding rose nearly 38%.

Bitcoin (BTC) price chart year-to-date. Source: CoinGecko

Ether holdings grew as well, with Morgan Stanley increasing its iShares Ethereum Trust ETF (ETHA) position by about 202% to 4.6 million shares and its Grayscale Ethereum Staking Mini ETF (ETH) position by about 26% to 5.1 million shares.

Related: Italy’s biggest bank triples staked Ether ETF holdings while cutting IBIT shares

In addition to initiating its MSBT position, Morgan Stanley added new exposure to the Grayscale Solana Staking ETF (GSOL) and Fidelity Solana Fund (FSOL), worth about $4.25 million and $2.26 million, respectively.

Circle and Bitcoin miners gain ground

Morgan Stanley made an even larger move in Circle Internet Group (CRCL), the company behind the USDC stablecoin, with reported holdings increasing from about 1.46 million shares to 8.32 million shares.

The filing also showed substantial additions to several Bitcoin mining and infrastructure companies, including Cipher Digital (CIFR), Core Scientific (CORZ), Hut 8 (HUT) and Bitdeer Technologies (BTDR).

Not every crypto-linked position grew. Morgan Stanley reported about 550,000 fewer Coinbase (COIN) shares, cut its CleanSpark (CLSK) position by more than 3.1 million shares and fully exited a roughly 8 million-share Bitfarms (BITF) position.

Magazine: Bitcoin will never fall below $60K again: Nansen founder

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

RedotPay’s planned US initial public offering (IPO) has reportedly been pushed back as the stablecoin payments firm focuses on expanding into the United States. Bloomberg reported on Friday that the timing of the offering has been delayed, citing people familiar with the matter as RedotPay works through regulatory approvals and ongoing legal disputes.

A RedotPay representative declined to comment on specific IPO timing when asked by Cointelegraph. Instead, the company highlighted its near-term operational priorities, saying it obtained a US money transmitter license this week and is preparing to launch its product in the country.

Key takeaways

• Bloomberg reports RedotPay’s US IPO plans have been delayed while the company pursues additional approvals and manages legal risk.
• RedotPay says it secured a US money transmitter license this week and is preparing a US product launch.
• The delay comes amid a lawsuit in which Binance affiliates are seeking nearly $473 million in damages.
• RedotPay has previously discussed a potential New York listing and has also explored raising additional funding ahead of a public-market debut.

US IPO ambitions meet a shifting priority list

RedotPay first drew attention in February, when reports said the company was considering a New York listing. At the time, the prospect included the involvement of major Wall Street firms—JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group were reported to be involved—and RedotPay was said to be targeting a valuation above $4 billion.

Bloomberg’s latest report frames the IPO slowdown less as a withdrawal of intent and more as a timing adjustment: RedotPay appears to be working to strengthen its US compliance footing while legal challenges continue to play out. For investors and market watchers, the practical question is whether the company can align its regulatory rollout with public-market readiness, especially in a US environment where stablecoin-related businesses face heightened scrutiny.

Separately, Cointelegraph reported earlier this year that RedotPay had been in discussions to raise as much as $150 million, even as it adjusted its organization to support a potential “unicorn” transition. Those reported funding and leadership changes suggest RedotPay was already positioning itself for a future listing—making any IPO deferral notable for shareholders watching catalysts and timelines.

New US licensing is a near-term catalyst

While RedotPay’s IPO timetable appears to have moved, the company’s immediate focus is its US expansion. According to a statement provided to Cointelegraph, RedotPay obtained a money transmitter license in the US this week and is preparing to launch its product in the country.

That licensing step matters because it speaks directly to whether a stablecoin payments business can operate with the regulatory infrastructure required in the United States. If the company’s launch proceeds as planned, it could help RedotPay generate real-world traction in one of the most important markets for crypto-adjacent payment services—even if the public offering itself takes longer than originally contemplated.

Still, the licensing win does not automatically resolve everything needed for an IPO. Public listings typically require a clear path through regulatory and legal uncertainties, along with disclosure and risk management that underwriters and boards must be comfortable with. RedotPay’s recent legal entanglements therefore remain a central factor shaping how quickly investors may see a filing or public-market debut.

Binance lawsuit raises pressure on timing and risk profile

Legal issues have intensified around RedotPay. Earlier in August, Binance affiliates filed a lawsuit in Hong Kong against RedotPay’s founders, seeking nearly $473 million in damages. The plaintiffs allege that confidential information—obtained through prior work with Binance—was used to build a competing payments business and to attract Binance users to RedotPay.

RedotPay denies the allegations and told Cointelegraph it would “vigorously defend all claims.” Even so, litigation of this size can affect corporate decision-making, particularly for companies weighing a US IPO where due diligence, disclosures, and investor risk appetite are tightly linked to ongoing disputes.

The conflict has also spread into Singapore. Cointelegraph previously reported that Binance and RedotPay disagree on the outcome of a related case. RedotPay told Cointelegraph this week that it expected Binance to discontinue that matter, while Binance rejected RedotPay’s account and stated its claims remain active.

This multi-jurisdiction picture is part of what may be pushing IPO timing later. For potential investors, it creates uncertainty around the company’s future legal costs, settlement risk, and potential operational distractions—factors that can weigh on underwriting timelines and the composition of any public-market narrative.

What to watch next for RedotPay

RedotPay’s next moves likely hinge on two tracks running in parallel: regulatory execution in the US and the evolution of its legal disputes. The company’s money transmitter license and planned product launch provide a concrete operational milestone, but the reported IPO delay suggests that legal overhang still matters for capital market plans.

For readers tracking the story, the key developments to monitor are whether RedotPay’s US launch progresses smoothly, whether any court proceedings shift in the Binance-related cases, and whether RedotPay revises its earlier public-market timeline after regulatory and legal questions become clearer.

Long positions in XRP have grown rapidly over the last few weeks, with well over $1.5 billion worth of exposure being added to the derivatives market since the start of August.

This buildup of leverage exposure is indicative of increased bullish positioning among traders who expect the coin to stage a recovery.

According to Crypto Rover, XRP is building up “parabolic” exposure, and this has been attributed to the recent growth in long positions. It is evident from the above chart that exposure has been steadily increasing to reach around $1.596 billion.

Notably, while futures exposure growth might indicate similar demand for XRP in the spot markets, it is possible for traders to build up such exposure without buying any XRP at all.

XRP Testing $1 Support as Price Structure Narrows

XRP is currently trading at $1.0056, and the psychological $1.00 level has been the focus of the present market structure. For the past few months starting from February, the daily chart has created lower highs under a descending trendline, thus signifying that sellers have been controlling the market more.

Another trendline has been created since June on the $1.00 support level, thereby forming a narrowing structure in the form of a descending wedge. Now, XRP is nearing an important level as the price narrows under both support and descending resistance levels.

The crucial resistance level is seen in the range of $1.10–$1.15. Any daily close above this region will make the existing bearish market structure weaker and move the market toward the next technical level of $1.20. In case of a breakdown below $1.00, the current setup will be invalidated.

Weak RSI Keeps Momentum Under Pressure

Momentum indicators are keeping their guard up. The daily RSI comes in at 35.64, while the moving average holds at 39.90. Both figures continue trading below the neutral 50 line, suggesting that bearish momentum is still prevailing within the overall pattern.

On the other hand, the RSI approaches the oversold area. Although this is a signal that selling has gone too far, it does not mean that a reversal will happen immediately. Traders may want to see some RSI recovery before calling the momentum change a definite one.

Trading volume also remains relevant. Previously, lower levels had been seen alongside increased trading, while consolidation is now seen amid low volume. This means buyers have not shown enough interest in the asset yet.

Crowded Longs Lead to a Double-Edged Structure

The emergence of more bullish XRP longs, along with $1 support and a squeezed price range, creates a high-risk structure. If spot demand improves and XRP breaks above $1.10–$1.15, the bullish positioning could help to continue the uptrend toward $1.20.

Nevertheless, if XRP fails to hold $1.00, the situation could turn out differently. In such an event, crowded longs could get liquidated, adding to downside momentum.

XRP is now at a crossroads in terms of the technical picture. A breakout from descending resistance lines would indicate a rally, while a daily close below $1.00 could confirm the bearish structure.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Security incidents and corporate balance-sheet decisions are reshaping how mainstream investors think about Bitcoin, even as regulated products pull in fresh capital. A reported $116 million hardware wallet exploit has reignited the debate over self-custody, while US spot Bitcoin ETFs notched their strongest weekly inflows since April—suggesting demand is returning alongside renewed concern about holding funds directly.

Meanwhile, major industry players are making moves on the edges of the Bitcoin ecosystem: Strategy is signaling a return to accumulation after a period of small sales, Riot Platforms is reportedly lining up long-term power for a large AI compute deal, and Trump Media is revisiting how it manages a crypto-linked treasury after a steep quarterly loss.

Key takeaways

• A Coldcard-related hardware wallet vulnerability tied to roughly $116 million drained in Bitcoin has pushed attention back toward self-custody risks.
• US spot Bitcoin ETFs saw about $1 billion in net inflows for the week, marking their strongest performance since April.
• Strategy CEO Phong Le says the company intends to resume Bitcoin accumulation later this year after scrutinized, smaller sales this year.
• Riot Platforms is reportedly securing a 20-year, 191 MW power arrangement tied to a major “frontier AI” customer identified by Bloomberg as Anthropic.
• Trump Media disclosed large unrealized losses tied to its crypto and securities holdings and said it will revamp its digital asset treasury strategy.

Strategy signals renewed Bitcoin accumulation

Strategy CEO Phong Le told FOX Business that the company plans to resume Bitcoin accumulation later this year, aiming to reassert its long-term treasury approach after a stretch of relatively small sales drew public scrutiny. Le said Strategy has “bought” roughly 175,000 BTC and sold about 7,000 BTC this year—roughly 25 times more buying than selling.

Even with that imbalance, the company’s willingness to sell periodically has remained a point of focus. Le said Strategy now holds more than 840,000 BTC and remains the largest institutional Bitcoin holder, but has sold Bitcoin on four occasions since May. The most recent sale referenced in the report was the unloading of 1,690 BTC to fund preferred dividends, buybacks, and its dollar reserve.

Analysts note that the issue is not just whether a company sells, but what those sales mean for capital efficiency. According to Novaque Research, when corporate treasuries trade below Bitcoin net asset value, raising additional capital can be increasingly dilutive—making the financing cycle harder to sustain. In that context, Strategy’s stated intent to accumulate again may be interpreted as an attempt to reduce the long-term friction created by repeated sales for shareholder and reserve needs.

ETF inflows strengthen as self-custody concerns resurface

While Bitcoin’s spot price has remained subdued, US spot Bitcoin ETFs attracted roughly $1 billion in net inflows for the week, according to Cointelegraph’s reporting referenced to data on weekly ETF flows. Bloomberg analyst Eric Balchunas described the period as the third-best week since October, using the term “silent IPO” to explain how early supply dynamics can keep price action muted even as institutional demand grows.

The renewed inflow momentum has also come as attention returns to a major self-custody failure: a Coldcard hardware wallet exploit linked to faulty key generation that reportedly drained about $116 million in Bitcoin. Balchunas said the incident could ultimately enhance the appeal of ETFs for investors concerned about self-custody risks, pointing to the post-hack rebound as a possible—though not proven—connection.

In his comments, Balchunas also cautioned that correlation does not imply causation. Still, his broader point was that if security scares continue to surface, some investors may decide that regulated products better match their risk tolerance—particularly those who want exposure without managing key storage themselves. What remains uncertain is whether inflows will persist beyond a short-term narrative effect, or whether the ETF market will return to a more typical pattern as memories fade and wallets fix vulnerabilities.

Riot’s reported 191 MW AI power deal highlights capacity constraints

Bitcoin miners are increasingly positioning their infrastructure for demand outside traditional hash-rate competition. Riot Platforms is reportedly negotiating a major compute-adjacent arrangement: a 20-year contract for 191 megawatts of capacity from Riot’s Texas campus. The report identifies the customer as “a leading frontier AI” company, with Bloomberg naming Anthropic.

According to the coverage, Riot said the agreement was tied to a long-term supply of power from its Rockdale campus. The timing matters because data center expansion has faced persistent constraints, and power availability is often the limiting factor for large-scale AI deployments. In that sense, miners with energy access can present themselves not only as Bitcoin producers, but also as suppliers of the physical capacity AI builders require.

The broader trend is visible across the sector. The report lists several Bitcoin miners that have expanded or announced AI-adjacent efforts, including Bitdeer, CleanSpark, MARA Holdings, Core Scientific, Hut 8, and IREN. Riot’s stock performance also reflected investor appetite for this shift: shares fell 5.4% Monday before rising 21% overnight and were up roughly 50% year-to-date at the time of the report.

Trump Media revises crypto treasury approach after large quarterly loss

Corporate exposure to crypto remains a sensitive balancing act, and Trump Media’s latest disclosures underline how quickly valuation changes can hit financial results—even without selling. The company said it will revamp its digital asset treasury strategy after unrealized losses contributed to a $238 million second-quarter net loss, emphasizing the risks of holding digital assets and related securities on a balance sheet.

Trump Media reported $190.4 million in unrealized losses across its digital assets during the quarter and pledged digital assets and equity securities in the period. It also disclosed that it held 9,477.16 Bitcoin as of June 30, down from 9,542.16 in the prior quarter. In July, the company sold $159.6 million in Bitcoin-related securities and used proceeds to buy more Bitcoin, increasing its holdings to about 14,139 BTC worth $890.5 million by July 31.

Beyond the mark-to-market impact, the company warned that generating additional income from its Bitcoin holdings could introduce counterparty risk. It noted the possibility that a counterparty could default or become insolvent, potentially limiting recovery of Bitcoin committed under unsecured arrangements. The company also indicated that it plans to redirect more resources toward Truth Social, Truth+ and other media operations as part of broader capital allocation changes.

Going forward, investors should watch whether Strategy’s renewed accumulation language translates into measurable buy activity, whether ETF inflows remain resilient beyond the immediate post-hack period, and how corporate treasuries adjust their risk controls as more security incidents and valuation swings test the durability of different Bitcoin exposure models.