JPMorgan Chase to allow clients to buy Bitcoin via ETFs

JPMorgan Chase will allow clients to buy Bitcoin, but the bank will not provide custodial services or store digital assets. This was confirmed by the company’s CEO Jamie Dimon during the annual investor meeting.

Focus on Spot Bitcoin ETFs

«We’re going to let you buy it [Bitcoin]. But we’re not going to hold those assets. We’ll include it in customer statements,» said Dimon. According to CNBC, this means allowing trading of spot Bitcoin ETF shares rather than direct purchases of crypto assets.

This move aligns JPMorgan Chase with Morgan Stanley, which began offering spot ETF access to certain investors as early as August 2024.

Skepticism Without Bans

Despite embracing new instruments, Dimon remains skeptical about cryptocurrencies. He previously called Bitcoin a «decentralized Ponzi scheme» and supported banning digital assets. Yet, he stated: «I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.»

Like Morgan Stanley, JPMorgan operates under the rules of the U.S. Federal Reserve, which prevents the direct offering of crypto assets by banks.

Earlier, Bitwise CIO Matt Hougan predicted that major financial institutions like Merrill Lynch, UBS, and Wells Fargo would eventually join the spot Bitcoin ETF market as well.