MSTR holdings are 660 million versus the entire crypto ETF at just 53 million—banks are still doing arbitrage in the US stock market.

According to a Q1 13F filing released by Bank of America, its total holdings in crypto ETFs and related stocks are about $53 million. BlackRock’s IBIT is its largest single holding, at approximately $37 million; Bitwise at about $7.98 million; Grayscale Mini Fund at $3.32 million; Fidelity at $1.71 million; and others including GBTC. The Ethereum ETF holdings were cut significantly, leaving only about 67,000 shares of the BlackRock ETF, with Solana exposure also declining. The XRP ETF remains at about 13,000 shares. It also holds about 3.96 million shares of MicroStrategy, valued at approximately $660 million.