The cryptocurrency sector is witnessing quick developments with JPMorgan releasing a Bitcoin fund and Ethereum launching its London update. The former startled the community, given JPMorgan’s non-accepting tendencies towards Bitcoin. The institution has changed its views 180° and launched a BTC fund for wealthy consumers.
The recent development puts JPMorgan among the most potent players in the digital assets industry. The institution is taking NYDIG’s assistance to offer a passively managed fund. Although there is no news about investments from clients, JPMorgan will certainly gather them in no time.
CoinDesk already talked about the fund back in April, which was a big surprise for everyone. JPMorgan presents the fund as the securest and most economical Bitcoin investment alternative present in the private market.
Jamie Dimon (JPMorgan’s CEO) has repeatedly talked about the phenomenon previously. Jamie stated that the consumers want the change, so JPMorgan is responsible for delivering the change. The CEO openly stated that he is not a supporter of Bitcoin and does not care about the cryptocurrency. However, in an interview with Wall Street back in May, Jamie commented that consumers and clients are interested in it. Therefore, JPMorgan is in no position to oppose the sentiment. The recently established private fund will serve the role of a port over the BTC exchange-traded fund. It will happen after the SEC (Securities and Exchange Commission) clears the product.
The institution has not prepared any bid in front of the Securities and Exchange Commission. However, almost a dozen firms have already done so. Firms like Grayscale (CoinDesk’s sister company) are waiting eagerly for the decision. If the SEC approves JPMorgan’s proposal, the company might convert its expensive Grayscale BTC Trust product into an ETF.
The Commission is currently reviewing an appeal submitted by NYDIG. In addition, JPMorgan has provided BTC funds to wealth management clients via its brokerage account. However, the latest fund is restricted to clients of JPMorgan Private Bank.
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