“JPMorgan Chase is preparing to offer an actively managed bitcoin fund to certain clients, becoming the latest, largest and – if its CEO’s well-documented distaste for bitcoin is any indication – unlikeliest U.S.
JPMorgan’s plans for an active Bitcoin strategy come as the Securities and Exchange Commission is nearing review of a pair of Bitcoin exchange traded fund applications.
That’s a notable break from the passive fare offered by crypto industry stalwarts like Pantera Capital and Galaxy Digital, which let well-heeled clients buy and hold bitcoin through funds without ever touching it themselves.
Although JPMorgan Chase CEO Jamie Dimon previously knocked Bitcoin, some analysts at the bank are bullish on the digital asset and are actively engaged in research on the asset.
“JPMorgan’s hulking investment, commercial banking and wealth management divisions have gradually evolved in their treatment of crypto and blockchain, even if the client-facing bitcoin fund is new.