JPMorgan Chase is preparing to offer a Bitcoin fund to wealthy clients, the latest sign that Wall Street is warming to the largest cryptocurrency after it soared in recent months.
The actively managed fund will be available as soon as this summer,
Bitcoin rose as much as 12% Monday morning to trade at almost $54,000, the biggest intraday gain since early February.
Wall Street banks are grappling with whether to offer clients exposure to cyptocurrencies after staying mostly on the sidelines as Bitcoin and other tokens surged in popularity. JPMorgan has been taking some of the biggest strides, adding Bitcoin exchanges Coinbase and Gemini Trust as banking clients last year. The firm also turned to crypto to help speed up corporate payments, launching JPM Coin in 2019.
Non fungible tokens aren’t vaporware, nor are they tulips — they’re blockchain’s promise, realized, writes Gregg Schoenberg.
JPMorgan co-President Daniel Pinto said last week that the firm will “accompany the clients” when it comes to Bitcoin. The biggest U.S. bank joins Morgan Stanley in planning to offer rich clients access to funds that enable ownership of Bitcoin.
