JPMorgan Reportedly Planning To Offer A Bitcoin Fund
A news report indicates that JPMorgan will soon offer an “actively-managed” bitcoin fund to clients.
JPMorgan Chase & Co. is preparing to allow its clients to invest in an “actively-managed” bitcoin fund, according to CoinDesk.
“The JPMorgan bitcoin funding could roll out as soon as this summer,” per the report. “Institutional bitcoin shop NYDIG will serve as JPMorgan’s custody provider.”
This fund would reportedly only be available to private wealth clients.
If and when such a fund does become available, JPMorgan would be joining a growing number of legacy financial firms that want to offer bitcoin exposure to clients. Goldman Sachs announced a similar move in March, while Morgan Stanely announced one earlier this month.
But JPMorgan’s potential pivot to bitcoin is particularly notable, due to the chief’s previously-expressed attitude toward the emerging asset. During an institutional investors conference in 2017, JPMorgan CEO Jamie Dimon infamously called bitcoin “worse than tulip bulbs,” saying that, “It won’t end well. Someone is going to get killed.”
However, in a February 2021 interview with Bloomberg, JPMorgan co-president Daniel Pinto sounded optimistic about Bitcoin.
“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved,” Pinto said. “The demand isn’t there yet, but I’m sure it will be at some point.”