JPMorgan to Let Clients Buy Bitcoin, Won’t Custody It

JPMorgan CEO Jamie Dimon said customers will soon be able to buy Bitcoin. However, the bank will not offer crypto custody services. This reflects the growing mainstream acceptance of BTC in traditional finance.

Bitcoin access coming to JPMorgan clients

JPMorgan CEO Jamie Dimon announced on May 19 that the bank will allow its customers to buy Bitcoin. However, the bank will not custody the digital asset.

“We’re going to allow you to buy it,” he said during the firm’s investor day. “We’re not going to custody it, but we’ll show it in client statements.”

This move signals JPMorgan’s gradual entry into the crypto space, despite Dimon’s historically negative stance on digital assets.

Rivals already offering Bitcoin ETFs

According to CNBC, JPMorgan will offer access to spot Bitcoin ETFs. Until now, it limited crypto exposure to futures-based products. Meanwhile, Morgan Stanley has already started offering spot ETFs to qualified clients.

Spot Bitcoin ETFs in the U.S. have attracted nearly $42 billion since launching in January 2024.

Dimon’s controversial crypto views

Dimon has been one of the most outspoken critics of Bitcoin. In 2023, he told the U.S. Senate that crypto was mostly used by criminals and should be shut down. At the 2024 Davos forum, he called Bitcoin “a pet rock” even as it surpassed $100,000 for the first time.

Despite this, JPMorgan’s latest shift shows that even the harshest critics may now be embracing crypto — at least for their clients.