### JPMorgan Chase's Bitcoin-Related Programs and Offerings
JPMorgan Chase, the largest U.S. bank by assets, has gradually expanded its involvement in Bitcoin despite CEO Jamie Dimon's longstanding personal skepticism toward the asset (he has called it a "pet rock" and a "hyped-up fraud" in the past). The bank does **not** offer direct buying, selling, or custody of Bitcoin itself to retail or most clients—instead, it provides **indirect exposure** through regulated financial products and services, primarily targeting institutional and high-net-worth clients. This approach allows clients to participate in Bitcoin's price movements without the bank holding the underlying cryptocurrency. Below is a breakdown of their key programs as of December 2025, based on recent announcements and filings.
#### 1. **Access to Bitcoin ETFs via Self-Directed Investing and Brokerage Accounts**
- **Description**: Retail and wealth management clients can invest in spot Bitcoin exchange-traded funds (ETFs) through J.P. Morgan Self-Directed Investing. This includes major products like BlackRock's iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Trust (GBTC), and ProShares Bitcoin Strategy ETF (BITO). Clients gain exposure to Bitcoin's spot price without needing a crypto wallet.
- **Availability**: Accessible via the Chase Mobile app or chase.com for eligible brokerage accounts. No direct crypto trading; only ETF-based exposure.
- **Recent Developments**: In May 2025, JPMorgan explicitly began allowing clients to buy Bitcoin-linked ETFs, with Dimon stating, "We’re going to allow you to buy it... I defend your right to buy Bitcoin."<grok:render card_id="e22e52" card_type="citation_card" type="render_inline_citation">
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</grok:render> The bank holds about $760,000 in spot Bitcoin ETFs for its own accounts, per SEC filings.<grok:render card_id="bccdf5" card_type="citation_card" type="render_inline_citation">
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- **Target Audience**: Retail investors and wealth management clients.
#### 2. **In-House Bitcoin Fund for Private Bank Clients**
- **Description**: A passively managed Bitcoin fund launched in partnership with NYDIG, providing indirect exposure to Bitcoin's performance. This is not a direct holding but tracks the asset through managed investments.
- **Availability**: Exclusive to Private Bank clients (high-net-worth individuals).
- **Recent Developments**: Rolled out alongside broader ETF access in 2025, emphasizing diversification without direct crypto ownership.<grok:render card_id="d33132" card_type="citation_card" type="render_inline_citation">
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#### 3. **Authorized Participant Role in Bitcoin ETFs**
- **Description**: JPMorgan acts as an **authorized participant** for spot Bitcoin ETFs, such as BlackRock's IBIT. This involves creating and redeeming ETF shares to provide liquidity, helping stabilize the funds' market price.
- **Availability**: Behind-the-scenes institutional service; not directly client-facing but supports broader ETF trading.
- **Recent Developments**: Expanded in 2025 to facilitate smoother ETF operations amid surging demand.<grok:render card_id="46c8ee" card_type="citation_card" type="render_inline_citation">
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#### 4. **Loans Backed by Bitcoin and Crypto ETF Collateral**
- **Description**: Clients can use Bitcoin holdings (or Bitcoin-linked ETFs) as collateral for secured loans. This includes global financing where pledged assets count toward net worth and liquidity calculations. The program relies on third-party custodians for safekeeping.
- **Availability**: Launched for crypto ETFs in June 2025 (retail and institutional); expanded to direct Bitcoin (and Ether) pledges for institutional clients by end-2025.
- **Recent Developments**: Builds on earlier ETF collateral acceptance; now treats Bitcoin as a legitimate asset class alongside stocks or gold for lending purposes.<grok:render card_id="7f0aba" card_type="citation_card" type="render_inline_citation">
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</grok:render> Bloomberg reported this as a "major step" in integrating crypto into traditional banking.<grok:render card_id="67eb94" card_type="citation_card" type="render_inline_citation">
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#### 5. **Structured Notes Linked to Bitcoin ETFs**
- **Description**: Derivative-style investment notes tied to BlackRock's IBIT ETF, offering leveraged exposure to Bitcoin's price over multi-year horizons. For example, one product provides 1.5x amplified returns if Bitcoin drops in 2026 but surges by 2028 (aligned with halving cycles), with uncapped upside, fixed returns if flat, and some downside protection. These are not FDIC-insured bank deposits.
- **Availability**: Proposed for institutional and accredited investors via SEC filings; sales could begin soon after approval.
- **Recent Developments**: Filed in November 2025; hailed by figures like Anthony Scaramucci as a "huge milestone" for Wall Street's crypto embrace.<grok:render card_id="36e936" card_type="citation_card" type="render_inline_citation">
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</grok:render> Similar to offerings from Morgan Stanley.
#### Additional Context and Limitations
- **No Direct Crypto Services**: JPMorgan explicitly avoids direct Bitcoin sales, custody, or trading due to regulatory and risk concerns (e.g., volatility, illicit use). Exposure is always indirect via ETFs, funds, or derivatives.<grok:render card_id="b28a14" card_type="citation_card" type="render_inline_citation">
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- **Expansion for Advisors**: In late November 2025, JPMorgan began offering new Bitcoin exposure options to financial advisors, broadening access within its network.<grok:render card_id="4b2afe" card_type="citation_card" type="render_inline_citation">
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- **Broader Strategy**: These programs reflect JPMorgan's pivot toward blockchain (e.g., via JPM Coin stablecoin) while cautiously navigating Bitcoin. With $3+ trillion in assets, this signals mainstream adoption, though Dimon maintains, "I'm not a fan."<grok:render card_id="c3f6bd" card_type="citation_card" type="render_inline_citation">
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For the latest details or eligibility, check chase.com or consult a JPMorgan advisor, as offerings evolve with regulations. If you're interested in direct Bitcoin ownership, platforms like BitcoinIRA provide alternatives outside traditional banking.<grok:render card_id="30e51a" card_type="citation_card" type="render_inline_citation">
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