JPMorgan Chase, led by CEO Jamie Dimon, has announced its intention to allow clients to purchase bitcoins. It has been revealed that this involves shares of spot bitcoin ETFs, which has become a hot topic of discussion in financial circles.
This is reported by Finway
Dimon emphasized that while the bank will provide this opportunity, it will not offer custodial services for the storage of crypto assets. In his statement, the CEO noted that:
“We are going to allow you to buy it [bitcoin]. But we will not be storing these assets. We are going to include it in client statements.”
Thus, JPMorgan Chase is taking a step towards offering services similar to those provided by Morgan Stanley, which already allowed its advisors to offer shares of spot bitcoin ETFs to certain investors in August 2024.
In early May 2025, information emerged about the possibility that JPMorgan Chase might expand its offerings to include trading of crypto assets on the E*Trade platform. It is worth noting that Dimon himself remains skeptical about cryptocurrencies: in December 2023, he testified before the U.S. Senate Banking Committee, where he called for a complete ban on crypto assets. He considers bitcoin a
“decentralized Ponzi scheme.”
At the bank’s annual investor day, which took place on May 19, 2025, Dimon reaffirmed his stance on virtual assets, stating:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoins.”
CNBC’s press service also added that this concerns trading in shares of spot bitcoin ETFs, rather than direct purchases of assets. However, details about which investors will have access to this opportunity have not been disclosed.
It is important to emphasize that both JPMorgan Chase and Morgan Stanley are subject to the regulations of the U.S. Federal Reserve, which complicate the direct provision of crypto assets. Noted investment director of Bitwise, Matt Hougan, previously predicted that the largest financial institutions would adopt spot bitcoin ETFs, including Morgan Stanley, Merrill Lynch, Wells Fargo, and UBS in this list.