JPMorgan CEO Jamie Dimon has made a surprising announcement during the company’s Investor Day – the Wall Street giant plans to offer Bitcoin (BTC) to its customers. This marks a significant shift from Dimon’s previous stance on the digital asset, where he has been known to criticize and dismiss Bitcoin.
Dimon reiterated that he is not a fan of Bitcoin, but recognizes that there is a growing demand for access to the cryptocurrency among clients. He compared it to smoking, stating, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.” However, he made it clear that JPMorgan does not intend to offer custody services for Bitcoin.
Despite this move to offer Bitcoin, Dimon’s skepticism towards cryptocurrency remains evident. In the past, he has referred to Bitcoin as “worthless” and a “Ponzi Scheme.” He has also downplayed the importance of blockchain technology, stating that it doesn’t matter as much as people think. However, JPMorgan has been actively building infrastructure around blockchain for institutional use.
Recently, JPMorgan’s 13F filing with the US Securities and Exchange Commission revealed a significant increase in the firm’s crypto exposure through exchange-traded funds (ETFs). As of March 31, the company reported $16.3 million in crypto-related holdings, primarily in Bitcoin and Ethereum-linked instruments. This is a significant jump from the $1 million reported at the end of 2024.
The firm’s crypto holdings include shares of BlackRock’s iShares Bitcoin Trust (IBIT), Bitwise’s spot Bitcoin ETF (BITB), Grayscale’s Bitcoin Trust (GBTC), and Fidelity’s Wise Origin Bitcoin Fund (FBTC), among others. These holdings are just a small fraction of JPMorgan’s $4.4 trillion in assets under management.
It remains unclear whether these holdings reflect proprietary positioning or are in response to client demand. JPMorgan has previously stated that holding ETF allocations could be part of its market-making services.
Overall, JPMorgan’s decision to offer Bitcoin to its customers signals a significant shift in attitude towards cryptocurrency. While Dimon maintains his skepticism, the firm’s increased crypto exposure reflects a growing acceptance of digital assets within the traditional finance sector.