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JPMorgan might enable clients invest in Bitcoin: CoinDesk

Monday 26 April 2021 13:53 CET | News

JPMorgan Chase might be preparing to offer an actively managed Bitcoin fund to certain clients, becoming the latest large US bank to embrace crypto as an asset class, according to CoinDesk.

The JPMorgan Bitcoin fund could roll out as soon as this summer, two sources familiar with the matter told CoinDesk. Institutional Bitcoin shop NYDIG will serve as JPMorgan’s custody provider, a third source said.

The JPMorgan fund will be for private wealth clients, a source familiar with the situation told CoinDesk. Also, different from passive fare offered by other crypto industry providers, which let clients buy and hold Bitcoin through funds without ever touching it themselves, the fund will be actively managed.

JPMorgan issued its first crypto-adjacent investment product in March 2021, a structured note tied to the performance of Bitcoin proxy stocks like MicroStrategy and Riot Blockchain. JPMorgan’s new fund product, however, will be its first directly dependent on Bitcoin’s performance.

Bank representatives did not respond to CoinDesk’s questions by press time.


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Keywords: JP Morgan, cryptocurrency, Bitcoin, investment, funding
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies