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© Reuters.
By Dhirendra Tripathi
Investing.com – JPMorgan (NYSE:JPM) is preparing to launch an actively managed Bitcoin fund in what would be one of the unlikeliest embraces of the cryptocurrency, according to a crypto industry publication.
The fund will be for private wealth clients and could roll out this summer, a report by CoinDesk said.
The bank's investment banking business issued its first crypto-adjacent investment product in March, a structured note tied to the performance of Bitcoin proxy stocks.
The new product will be its first directly tied to Bitcoin’s performance, CoinDesk said.
The move is a sharp departure for the Wall Street giant. CEO Jamie Dimon, whose words carry a lot of weight not just in the U.S. banking industry but outside as well, had called it a “dangerous fraud” in 2017 and had warned that the bank would fire any trader found dealing in Bitcoin or other cryptocurrencies.
Dimon hasn’t lately commented on crypto but, with other financial services firms like PayPal and Mastercard (NYSE:MA) embracing digital currencies, the report hints at a change of heart.
Bitcoin prices, which had already been rebounding from a sharp sell-off last week, added to their gains on the back of the report. By 8:29, Bitcoin traded at $53,825 on the Bitfinex exchange, up 7.9% on Friday's close.
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