JPMorgan is preparing to offer an actively managed bitcoin fund: Report

Bitcoin • April 26, 2021, 9:59AM EDT
The Block

JPMorgan, the largest bank in the U.S., is reportedly preparing to offer its own actively managed bitcoin fund to private wealth management clients.

CoinDesk reported the news on Monday, citing anonymous sources. The JPMorgan bitcoin fund could launch as soon as this summer, "two sources familiar with the matter" told CoinDesk.

Bitcoin broker NYDIG will serve as the fund's custody provider, per the report.

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JPMorgan declined to comment to The Block when contacted. NYDIG did not return The Block's query by press time.

JPMorgan CEO Jamie Dimon has previously called bitcoin a "fraud." In 2017, he said: "governments are going to crush it one day" and "if you're stupid enough to buy it, you'll pay the price for it one day."

In light of bitcoin's meteoric price rise this year, a number of major financial institutions have warmed up to the world's largest cryptocurrency. Goldman Sachs said last month it would offer bitcoin and other crypto investment vehicles to private wealth management clients in the second quarter of this year. Morgan Stanley has also started offering clients investments in the crypto space.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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