Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

J. P. Morgan May Launch Fund To Let Clients Invest In Bitcoin

Published 04/26/2021, 08:17 PM
Updated 04/26/2021, 08:21 PM
© Reuters.

© Reuters.

By Dhirendra Tripathi

Investing.com – JPMorgan (NYSE:JPM) is preparing to launch an actively managed Bitcoin fund in what would be one of the unlikeliest embraces of the cryptocurrency, according to a crypto industry publication.

The fund will be for private wealth clients and could roll out this summer, a report by CoinDesk said.

The bank's investment banking business issued its first crypto-adjacent investment product in March, a structured note tied to the performance of Bitcoin proxy stocks.

The new product will be its first directly tied to Bitcoin’s performance, CoinDesk said.

The move is a sharp departure for the Wall Street giant. CEO Jamie Dimon, whose words carry a lot of weight not just in the U.S. banking industry but outside as well, had called it a “dangerous fraud” in 2017 and had warned that the bank would fire any trader found dealing in Bitcoin or other cryptocurrencies.

Dimon hasn’t lately commented on crypto but, with other financial services firms like PayPal and Mastercard (NYSE:MA) embracing digital currencies, the report hints at a change of heart.

Bitcoin prices, which had already been rebounding from a sharp sell-off last week, added to their gains on the back of the report. By 8:29, Bitcoin traded at $53,825 on the Bitfinex exchange, up 7.9% on Friday's close.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.