Key Takeaways
- JPMorgan will now let clients invest in Bitcoin ETFs.
- CEO Jamie Dimon says the bank won't custody Bitcoin or promote it.
- All major U.S. investment banks now allow Bitcoin ETF access.
JPMorgan Chase will now allow its clients to invest in Bitcoin ETFs, ending its position as the last major U.S. investment bank to ease restrictions on Bitcoin exposure.
CEO Jamie Dimon announced the policy shift during the firm’s annual investor day on May 19, stating:
We are going to allow you to buy Bitcoin.
Jamie Dimon’s stance on Bitcoin
Despite the move, Dimon made clear he hasn’t changed his personal stance:
I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin. We’re not going to custody it. We’re going to put it in statements for clients.
Comparison with other major banks
The announcement marks a major shift for the bank, which had previously prohibited its advisors from pitching Bitcoin ETFs to clients, even as other Wall Street firms moved forward.
Rivals including Goldman Sachs, Morgan Stanley, Citigroup, and Bank of America already offer Bitcoin ETF access to their brokerage clients.
Goldman Sachs’ investment in Bitcoin
Goldman Sachs, for instance, purchased $418 million worth of Bitcoin fund shares in Q2 2024 and is now the largest holder of BlackRock’s iShares Bitcoin Trust.
JPMorgan’s modest holdings
Although JPMorgan has kept its holdings modest, its latest SEC filing shows around $1 million invested in Bitcoin and Ether ETFs—likely on behalf of high-net-worth individuals under special arrangements.
Broader shift in banking industry
This change reflects a broader shift across major banks as spot Bitcoin ETFs, approved by the SEC in January 2024, continue to open regulated pathways for clients to gain exposure.
