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-11.08%Reading
JP Morgan, one of the biggest investment banks in the world, has given its wealth management clients access to Bitcoin and other cryptocurrency funds, according to reports.
Clients are now able to buy and sell five cryptocurrency products through JP Morgan advisors, Business Insider reported today, citing a memo it had seen. Advisors have access to four Grayscale Investments products and one Osprey Funds product.
The orders—effective from July 19—give clients exposure to Bitcoin, Ethereum, Bitcoin Cash and Ethereum Classic via Grayscale's Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles. Clients also can invest in Osprey Fund’s Bitcoin Trust, Business Insider reported.
Grayscale, crypto’s most dominant asset manager, has released a new guide for investors looking to get started with Ethereum. Valuing Ethereum is a paper from Grayscale’s research arm, which puts out reports on different aspects of the broader crypto ecosystem; last summer, Grayscale released a similar guide called Valuing Bitcoin. The timing makes sense—the crypto market is still buzzing from Ethereum’s breaking through its previous all-time high earlier this week. It’s up 26% over the past se...
Such funds do not mean JP Morgan’s clients will personally own cryptocurrency—they’ll just have exposure to it. Grayscale and Osprey are firms that allow investors to have a stake in the crypto world by letting them buy shares that track the price of assets like Bitcoin and Ethereum. Grayscale and Osprey do all the complicated stuff—like buying and storing the cryptocurrencies.
Grayscale is the biggest asset manager in the crypto world—currently managing $27.5 billion. It is owned by Digital Currency Group, a New York City-based venture capital firm. But as of late, the firm’s shares have been trading at a discount to the price of Bitcoin. Prior, these shares traded at a premium, meaning it was more expensive to buy them than to invest in Bitcoin directly.
07/21/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $27.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $UMA $BNT $ADA pic.twitter.com/GZ5t7Gayrs
— Grayscale (@Grayscale) July 21, 2021
Business Insider added that JP Morgan's advisors can only execute “unsolicited” crypto trades: they are not allowed to recommend the products but can and sell the products if a client requests them to do so.
In March, Morgan Stanley, another huge investment bank, allowed wealthier investors to gain exposure to Bitcoin via the Galaxy Bitcoin Fund LP, Galaxy Institutional Bitcoin Fund LP, and the FS NYDIG Select Fund. Morgan Stanley, however, only made this available to clients with at least $2 million in assets in the bank.
New York City-based JP Morgan is becoming more open to the crypto world. The company’s CEO, Jamie Dimon, previously called Bitcoin a “fraud” but now the firm regularly speaks about digital assets and provides banking services to top crypto exchanges Coinbase and Gemini.
Equity analysts from investment firms Benchmark and Bernstein reiterated their buy ratings and lofty price targets for Strategy (MSTR), a day after the company said that it had recorded a loss of $5.9 billion on its Bitcoin holdings in its first quarter of 2025. The analysts highlighted Strategy’s continued strategy to purchase more Bitcoin, which has become its core business after the company pivoted from software development about five years ago. “While the number of companies that have soug...
Riot Platforms posted mixed earnings results for the first quarter as it took steps to mitigate the effects of mining industry headwinds on its business. The Bitcoin miner clocked $161.39 million in revenue in the three-month period ending on March 31, up 13% from the previous quarter, the firm said Thursday in a statement. That's roughly 2% above Wall Street’s expectations of $160.72 million. The company's total revenue was largely boosted by its Bitcoin mining income, which jumped 100% in th...
Fortnite maker Epic Games’ antitrust case against Apple benefited the crypto industry on Thursday, when the iPhone maker loosened restrictions on developers’ ability to offer apps in the U.S. that direct users to non-standard purchasing methods or digital collectibles. Apple updated its iOS App Store review guidelines after a U.S. District Judge found this week that the tech titan “willfully” violated a court injunction issued in 2021. Moving forward, the federal court prohibited Apple from coll...
