JPMorgan Is Pitching A Private Bitcoin Fund to its Wealthy Clients
JPMorgan Chase is now planning to offer a passively managed Bitcoin fund in-house to its wealthy clients and has already started pitching it to them this week.
Citing two people familiar with the matter, CoinDesk reported that the fund would be offered in partnership with NYDIG. This Bitcoin financial services provider is the subsidiary of StoneyRidge and is working with banks all over the US to support the cryptocurrency.
The private fund does not have any investments from its clients yet, but advisors were filled in only earlier this week.
The banking giant aims to offer its fund to the clients of JPMorgan Private Bank as the cheapest and safest bitcoin investment vehicle available on the private markets.
This fund would reportedly also act as an access port over to a Bitcoin exchange-traded fund (ETF). But while JPMorgan isn’t in the race for a Bitcoin ETF approval, NYDIG has filed for an application that is being reviewed by the SEC.
As we reported, wealth management clients recently gained exposure to Bitcoin through investment vehicles like GBTC using a JPMorgan's brokerage account.