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JPMorgan is gearing up to provide its clients with an actively managed Bitcoin fund, according to Coindesk. JPM's fund will be accessible to the bank's private wealth clients with NYDIG acting as its custody provider.  

The fund is set to roll out as soon as the summer, according to sources that spoke with Coindesk. The fund's active management sets it apart from other large funds in the space that are predominantly passively managed. 

JPMorgan's move is in direct conflict with the bank's previous sentiment on Bitcoin. In 2017, JPM's CEO, Jamie Dimon, said in a CNBC interview that “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed. It’s just not a real thing, eventually it will be closed.”

Dimon had also said that Bitcoin was a "fraud" and that he would "fire in a second" any JPMorgan trader who was trading Bitcoin. 

In a more recent letter to shareholders, Dimon noted that cryptocurrency is an emerging issue for that bank that needs to be addressed. 

"Not only are we slow in dealing with the past, but it distracts us from dealing with the future. There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency," said Dimon in the letter. 

JPMorgan's announcement brings the institution in line with Morgan Stanley, Goldman Sachs and other large players who have started to give their clients more options for crypto-related investments. 

Mary Rich, Goldman's global head of digital assets, recently said in an interview with CNBC that "There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”

In an internal memo from mid-March, Morgan Stanley said it would begin to offer Bitcoin products. Since then, qualifying clients have already invested at least $29 million as of April 8th. 

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