In a significant shift for one of Wall Street’s most influential financial institutions, JPMorgan Chase CEO Jamie Dimon has announced that the bank will now allow its clients to invest in Bitcoin exchange-traded funds (ETFs)—even as he personally maintains skepticism about the digital asset class.
While JPMorgan had previously restricted its financial advisors from recommending crypto-related products, this policy change marks the bank’s formal entry into the expanding world of institutional cryptocurrency investing. The move aligns JPMorgan with other major U.S. investment banks that have embraced regulated crypto exposure through ETFs, signaling a broader acceptance across traditional finance.
Clients Can Now Access Bitcoin ETFs
During JPMorgan’s annual investor day on May 19, 2025, Dimon confirmed that clients would be permitted to purchase Bitcoin ETFs through the bank’s platform. However, he emphasized a key limitation: JPMorgan will not custody these assets.
“We are going to allow you to buy [Bitcoin],” Dimon stated. “We’re not going to custody it. We’re going to put it in statements for clients.”
This means that while investors can include Bitcoin ETFs in their portfolios and see them reflected in their account summaries, the bank itself will not hold or safeguard the underlying assets. Instead, third-party custodians will manage the actual holdings—a cautious approach that reflects both regulatory prudence and the bank’s ongoing reservations about crypto.
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A Shift in Wall Street’s Stance on Crypto
For years, JPMorgan stood out as one of the last holdouts among major U.S. investment banks resisting direct client access to crypto investments. While competitors like Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs began offering Bitcoin ETF options following the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs in January 2024, JPMorgan maintained tighter restrictions.
That landscape has now changed. The bank’s latest SEC filing reveals it holds approximately $1 million in Bitcoin and Ether ETF shares—likely stemming from private arrangements for high-net-worth individuals. With this updated policy, broader client access is expected to grow steadily.
The SEC’s greenlighting of spot Bitcoin ETFs was a watershed moment, enabling mainstream investors to gain exposure to cryptocurrency through familiar, regulated investment vehicles. Since then, institutional adoption has accelerated rapidly.
Goldman Sachs, for instance, made a major move in Q2 2024 by acquiring $418 million worth of Bitcoin ETFs. It has since become the largest single holder of shares in BlackRock’s iShares Bitcoin Trust, underscoring growing confidence among elite financial players.
Advisors No Longer Barred from Discussing Crypto
Initially, most Wall Street firms allowed crypto ETF purchases only upon explicit client request, prohibiting financial advisors from proactively promoting them. But that is beginning to change.
As demand increases and risk frameworks mature, the largest wealth management firms—including Merrill Lynch, Morgan Stanley, Wells Fargo, and UBS—are moving toward fully integrating Bitcoin ETFs into their product offerings.
Matt Hougan, Chief Investment Officer at Bitwise, recently predicted that these "big four wirehouses" would be “open for business on bitcoin ETFs by the end of the year,” indicating a tipping point in institutional acceptance.
This evolution reflects a broader trend: from skepticism to structured engagement. Financial institutions are no longer ignoring crypto—they’re building compliant pathways for clients to participate safely.
Jamie Dimon’s Personal Skepticism Persists
Despite this policy shift, Jamie Dimon remains personally cautious about cryptocurrency. Known for his blunt commentary, he reiterated his long-standing concerns about money laundering, fraud, and speculative risk within the crypto ecosystem.
“I’m still not a fan,” Dimon said, echoing previous criticisms where he labeled Bitcoin a “fraud” and compared it to a Ponzi scheme.
Yet, he drew a clear distinction between personal opinion and client freedom:
“I don’t think you should smoke, but I defend your right to smoke. Likewise, I defend your right to buy bitcoin.”
This metaphor captures JPMorgan’s nuanced stance—supporting client choice while maintaining institutional distance. It also highlights a growing norm in wealth management: offering diversified options without endorsing every asset.
Why This Move Matters
JPMorgan’s decision isn’t just symbolic—it reflects deeper market dynamics:
- Increased legitimacy: When even skeptical institutions provide access, it signals maturation in the crypto market.
- Regulatory comfort: The use of SEC-approved ETFs reduces compliance risks compared to direct ownership of digital assets.
- Client demand: High-net-worth individuals and institutional investors increasingly expect crypto exposure as part of diversified portfolios.
Moreover, the separation between advisory access and custody allows banks to meet demand without taking on operational or reputational risk.
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Frequently Asked Questions
Q: Can JPMorgan clients now buy Bitcoin directly through the bank?
A: No—clients can invest in Bitcoin via SEC-approved exchange-traded funds (ETFs), but JPMorgan does not support direct purchases or custody of actual Bitcoin.
Q: Will JPMorgan advisors recommend Bitcoin ETFs to clients?
A: While advisors are now allowed to discuss and facilitate Bitcoin ETF investments, the bank maintains a neutral stance and does not actively promote them.
Q: Why won’t JPMorgan custody Bitcoin ETFs?
A: The bank cites risk management and regulatory considerations. Custody is handled by third-party providers specializing in digital assets.
Q: How do Bitcoin ETFs differ from owning actual Bitcoin?
A: ETFs offer exposure to Bitcoin’s price movements without requiring users to manage private keys or wallets. They trade like stocks on traditional exchanges and are subject to SEC oversight.
Q: Is this a sign that banks fully trust cryptocurrency?
A: Not entirely. This reflects a response to client demand within a regulated framework—not an endorsement of crypto as a superior asset class.
Q: What impact could this have on the broader market?
A: Greater access through major banks increases mainstream adoption, improves liquidity, and strengthens the long-term viability of digital assets in traditional finance.
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Conclusion
JPMorgan’s decision to allow client access to Bitcoin ETFs—even without direct custody—marks a pivotal moment in the convergence of traditional finance and digital assets. While Jamie Dimon may remain personally unconvinced about cryptocurrency’s value, his leadership is adapting to market realities.
As more institutions follow suit, the line between legacy banking and crypto-native finance continues to blur. For investors, this means greater choice, enhanced transparency, and increasingly seamless integration of digital assets into long-term wealth strategies.