The Proxy Eclipse
How Spot ETFs Are Rendering Bitcoin Leverage Vehicles Obsolete
By Shanaka Anslem Perera
November 25, 2025
On November 7, 2025, JP Morgan Chase & Co filed a routine quarterly disclosure with the Securities and Exchange Commission. Buried within the 13F-HR form was a single data point that, upon closer examination, reveals a tectonic shift in how institutional capital interfaces with Bitcoin: the bank had reduced its h…
