3 weeks ago
JPMorgan CEO Jamie Dimon said the Wall Street lender plans to connection Bitcoin (BTC) to its customers successful a stark displacement from his humanities stance toward the integer asset.
During JPMorgan’s Investor Day, Dimon reiterated that helium is “not a fan” of Bitcoin, but acknowledged that clients volition proceed to request entree to it.
He said:
“I don’t deliberation you should smoke, but I support your close to smoke. I support your close to bargain Bitcoin.”
He besides clarified that the slope does not program connected offering custody services.
Dimon maintains skepticism
Dimon’s disapproval of crypto is accordant with past remarks. In a January interview, helium called Bitcoin “worthless.” He tied it to transgression activity, repeating concerns raised successful his 2023 Senate testimony, successful which helium advocated for shutting down the manufacture altogether.
At the 2024 World Economic Forum successful Davos, he referred to Bitcoin arsenic a “pet rock,” portion successful April of the aforesaid year, Dimon called crypto a “Ponzi Scheme.”
In his May 19 remarks, helium besides stated that “blockchain doesn’t substance arsenic much” arsenic radical think. However, JPMorgan has continued to physique infrastructure astir blockchain exertion for organization use.
Earlier this month, Kinexys completed a trial transaction that bridged its backstage web to a nationalist layer-1 blockchain, utilizing tokenized short-term Treasury assets and real-time colony protocols. Chainlink and Ondo Finance participated successful this pilot.
Additionally, Kinexys processes implicit $2 cardinal successful transactions regular and plans to standard up dollar-euro settlements utilizing JPM Coin, JPMorgan’s proprietary token.
JPMorgan increases crypto exposure
Amid the remarks connected Bitcoin offering, JPMorgan’s 13F filing with the US Securities and Exchange Commission (SEC) for the archetypal 4th of 2025 showed a melodramatic summation successful crypto vulnerability done exchange-traded funds (ETFs).
As of March 31, the steadfast reported $16.3 cardinal successful crypto-related holdings, up from $1 cardinal astatine the extremity of 2024. The lender’s crypto vulnerability is chiefly via Bitcoin and Ethereum-linked instruments.
As of March 31, JPMorgan held a small implicit 263,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT) and astir 3000 shares of Bitwise’s spot Bitcoin ETF (BITB).
The lender besides held shares of Grayscale’s Bitcoin Trust (GBTC) and Mini Trust ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC), and caller allocations to Bitwise and Franklin Templeton Ethereum products.
The firm’s crypto-related holdings are conscionable a tiny fraction of its $4.4 trillion successful assets nether management astatine the extremity of the archetypal quarter.
It’s unclear however overmuch of the portfolio reflects proprietary positioning versus facilitation of lawsuit demand. The slope has antecedently clarified that holding immoderate ETF allocations could beryllium a portion of its market-making services.
The station JPMorgan to enactment Bitcoin buying contempt Jamie Dimon’s ongoing skepticism appeared archetypal connected CryptoSlate.
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