JPMorgan, With $3 Trillion in Assets, Lets Clients Buy Bitcoin Near $105,300 Without Custody Service
JPMorgan Chase, the largest U.S. bank with over $3 trillion in assets, will allow clients to buy Bitcoin, according to CEO Jamie Dimon. Speaking at the bank's annual investor day, Dimon stated, "I defend your right to buy Bitcoin. Go at it," while maintaining his personal skepticism and referencing Bitcoin's use in illicit activities and lack of intrinsic value.
JPMorgan will not custody Bitcoin for clients but will include Bitcoin holdings on client statements. The bank's move follows similar actions by Morgan Stanley and Goldman Sachs, which have begun offering access to spot Bitcoin exchange-traded funds (ETFs) to clients after the SEC approved such products in January 2024.
Bitcoin is currently trading at around $105,300, near its all-time high. The announcement comes as the Trump administration has rolled back anti-crypto guidance and accounting rules, enabling banks to expand crypto-related services.
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