Money

The US investment bank that will offer a Bitcoin fund

Published

5 years ago

April 27, 2021

J.P. Morgan Chase is offering customers an actively managed Bitcoin fund. Two of the funds on offer are from Galaxy Digital. The third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.

The Bitcoin fund will be targeted at private wealth clients

JP Morgan will offer the fund to customers with “an aggressive risk tolerance.” They also must have at least $2 million in assets. Investment firms need at least $5 million at the bank to qualify for the new stakes.

The move signals a significant change for traditional banks

Perhaps one of the most unlikely candidates to embrace cryptocurrency as an asset class, JP Morgan’s CEO has a well-documented distaste for Bitcoin.

This comes after the company’s CEO called Bitcoin a “dangerous fraud,” threatening to“fire in a second” any trader who touched the stuff. “If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said.

Although the CEO quickly walked back the “fraud” label, he continues to argue that government regulation of cryptocurrencies is inevitable,

JP Morgan: “Bitcoin is worse than tulip bulbs. It won’t end well.”

Also JP Morgan: “We will be offering a bitcoin fund to our clients.”
— Douglas A. Boneparth (@dougboneparth) April 26, 2021

The fund could be rolled out as soon as mid-year. New York Digital Investment Group will serve as J.P. Morgans custody provider for the project.

Related Topics:bitcoin Finance fund JP Morgan

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