As interest in cryptocurrencies grows, J.P. Morgan Chase has decided to give some of its customers what they want.
The company is setting up an actively managed bitcoin fund for well-heeled clients.
Unique from Pantera Capital and Galaxy Digital
A J.P. Morgan fund would differ from existing offerings by Pantera Capital and Galaxy Digital, which let wealthy clients buy and hold bitcoin without ever actually handling it.
Galaxy and NYDig already offer bitcoin funds to Morgan Stanley clients
Date of launch
The fund could be ready by summer, with the bank enlisting NYDIG, an institutional technology and financial services firm dedicated to bitcoin BTCUSD , to act as custody provider, the report said.
What analyst says
Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed.
Impact on Bitcoin Market
Bitcoin rose as much as 12% Monday morning to trade at almost $54,000, the biggest intraday gain since early February.
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