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-6.14%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.
France-based public investment bank Bpifrance announced Thursday plans to invest $27 million (€25 million) directly into tokens and decentralized technologies in an effort to “strengthen the French blockchain ecosystem.” Announced during a blockchain-focused event in Paris, the bank’s investment seeks to accelerate its “digital asset investment strategy” by bolstering French crypto startups and assisting the local venture capital players in Web3. “We are convinced of the growing importance that...
Tether revealed Thursday it is investing in a pair of firms unrelated to the crypto industry, continuing an investment spree that has only intensified since the company reported record profits earlier this year. The El Salvador-based company snapped up 49,596,510 shares of Latin American-focused agricultural firm Adecoagro, growing its stake in the business to 70%, according to an SEC filing published Thursday. "Our investment aligns with Tether's broader strategy to back infrastructure, techn...
GameStop’s announcement on Wednesday that it would sell convertible debt to buy Bitcoin and bolster its balance sheet seems contrary to its past approach to digital assets. In recent years, the video game retailer debuted an ill-fated NFT platform and sold large quantities of IMX, the native token of Ethereum layer-2 network Immutable X. GameStop now appears to be following the path of Bitcoin hodler Strategy, saying it will offer $1.3 billion worth of convertible senior notes and potentially u...
