JPMorgan Chase & Co. signage is displayed outside the company's Park Avenue office building in New York, U.S., on Friday, Oct. 7, 2016. JPMorgan Chase & Co. is scheduled to release earnings figures on October 14. Photographer: Mark Kauzlarich/Bloomberg via Getty Images
JP Morgan, a leading bank in the United States, has decided to take the next step by expanding its ETF product offerings to include crypto.
In April 2021, it was announced that JP Morgan was starting an actively managed crypto ETF for select clients, very wealthy ones.
Now, the banking giant is expanding crypto funds to retail customers.
In a memo, JP Morgan has instructed wealth-management advisors that they could receive trading orders for five funds invested in cryptocurrencies – 4 are offered by Grayscale Investments and one is available from Osprey Funds.
The funds give investors indirect exposure to:
The investment vehicles are available to JP Morgan clients who use a variety of wealth-management products – self-directed customers that use the bank’s:
Chase trading app
Mass-affluent JPMorgan Advisors users
Ultra-rich private bank customers
This move represents a 360-turn-around for an institution whose leader has previously described buying bitcoin as “stupid.”
In 2017, JPMorgan CEO, Jamie Dimon, threatened to fire employees who traded bitcoin.
JP Morgan has however become the first major bank to offer crypto exposure to a large swathe of their clients.
In 2019, the bank launched JPM coin, a digital currency that tracks the dollar, to facilitate payments with other commercial banks.