JPMorgan's Retail Customers Can Now Tap Crypto – Just Not Directly

JPMorgan will let wealth management clients invest in Grayscale and Osprey crypto trusts.

Jul 22, 2021 at 4:17 p.m. UTC
Updated Sep 14, 2021 at 1:29 p.m. UTC

JPMorgan Chase & Co. is allowing its wealth management clients to invest in a selection of crypto funds, including Grayscale Bitcoin Trust (GBTC), a source told CoinDesk.

The mega-bank will also help retail clients invest in GBTC, Grayscale’s Ethereum Trust, Bitcoin Cash Trust, Ethereum Classic Trust as well as Osprey Bitcoin Trust through their brokerage accounts, as Business Insider first reported. The Grayscale products are issued by Grayscale, a subsidiary of CoinDesk parent company Digital Currency Group.

The move gives a wide array of JPMorgan clients – including those plugged into the commission-free Chase trading app – easy access to indirect crypto investing. Trust products from Grayscale and Osprey are "price exposure" vehicles that sidestep custody headaches. These clients, however, cannot invest in crypto directly through their JPM accounts.

Advisers are prohibited from soliciting orders in the crypto funds, Business Insider reported. They cannot make buy or sell recommendations for their clients.

In April, CoinDesk reported that JPMorgan was preparing to launch a bitcoin fund for its private bank clients.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown