Just In: JPMorgan Pitching Bitcoin Fund to Wealthy Clients

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JPMorgan is set to roll out its Bitcoin fund for wealthy clients. The fund is said to be actively-managed” — Paul Ebeling

JPMorgan Chase & Co. is pitching a Bitcoin fund to wealthy clients, according to CoinDesk.

The firm is offering customers of JPMorgan Private Bank a passively managed fund in partnership with NYDIG, CoinDesk said.

It does not yet have any investments from clients, but the bank held a call with advisers recently, the people told CoinDesk.

NYDIG is a Bitcoin-focused institutional-grade platform for secure custody, execution, asset management and more, and is a subsidiary of Stone Ridge, an alternative asset manager.

The fund will be presented to clients as the safest and cheapest Bitcoin investment vehicle available on the private markets, CoinDesk said. CoinDesk reported in April that JPMorgan was planning to offer the fund.

Traditional financial companies have been moving to offer crypto assets due to increasing client demand as the space matures and after a huge run-up in digital-asset prices over the past couple of yrs.

Also, Morgan Stanley and DBS Group Holdings Ltd. are getting in on digital assets too.

Rothschild’s RIT Capital lead funding round for Aspen Digital to provide crypto services for institutional investors.

The platform will bring together key offerings from digital assets service providers, such as Hong Kong-based cryptocurrency exchange FTX, Celsius Network, Hex Trust, and allow institutional clients to execute trades, enhance yield and automate investment strategies. Aspen Digital will also provides portfolio reporting, risk management, market insights and custody services to their clients.

JPMorgan added crypto exchanges Coinbase and Gemini Trust Co. as banking clients last year. It launched JPM Coin in Y 2019 to speed up payments between corporate customers.

JPMorgan representatives declined to comment on the CoinDesk report.

Have a prosperous day, Keep the Faith!

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