JP Morgan offers bitcoin to its wealthy clients - A Dantesque ETF in sight

By: Bharggavi Ssayee

August 11, 2021 6:36 AM

Big bank JP Morgan has for some time moved from bashing Bitcoin (BTC) and cryptocurrencies to integrating this new asset class into its services. Now, the multinational banking company is going even further, by offering its own “house” fund on the king of cryptos.

A Bitcoin fund signed JP Morgan

JP Morgan & Chase bank has not criticized Bitcoin for a few months and has even made several forays into the cryptosphere. Recently, the bank has allowed its wealthy clients to trade shares in Grayscale Investments' crypto funds, including those on Bitcoin and Ethereum.

But JP Morgan is going even further today, as we learn that the bank will offer a Bitcoin fund that it has created itself.

An alliance of giants to bet on Bitcoin

According to “knowledgeable” sources cited by CoinDesk, this equity fund was concocted in partnership with NYDIG (New York Digital Investment Group), a company specializing in providing BTC to institutional investors.

It is even possible that this BTC fund by JP Morgan is doomed to become an exchange-traded fund (ETF), which would add one more to the long waiting list of Bitcoin ETFs that have long hoped for a decision from the part of the Securities and Exchange Commission (SEC).

Even though Jamie Dimon, the CEO of JP Morgan, still said recently that he is skeptical about the future of Bitcoin, the banker also explained that he is obligated to provide his clients with what they ask: investments in Bitcoin and cryptos. The same is true of their great banking rival Goldman Sachs, which is being forced to adopt the cryptosphere reluctantly.