JPMorgan to Facilitate Bitcoin Purchases Despite Jamie Dimon’s Continued Doubts

JPMorgan’s CEO Jamie Dimon announced that the Wall Street bank intends to provide Bitcoin (BTC) options for its clients, marking a notable change from his previous views on the cryptocurrency.

During the Investor Day event at JPMorgan, Dimon expressed that while he remains “not a fan” of Bitcoin, he recognizes the increasing demand from clients for access to it.

He stated:

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”

He added that the bank does not intend to provide custody services for digital assets.

Dimon’s Ongoing Doubts

Dimon’s views on cryptocurrency have remained consistent over time. Earlier in the year, he labeled Bitcoin as “worthless” and associated it with criminal activities, reinforcing concerns that he previously voiced in testimony before the Senate, where he advocated for the closure of the sector entirely.

At the 2024 World Economic Forum in Davos, he characterized Bitcoin as a “pet rock,” and in April of that year, he referred to cryptocurrencies as a “Ponzi Scheme.”

In comments made on May 19, he remarked that “blockchain doesn’t matter as much” as commonly believed. Nonetheless, JPMorgan has been actively developing infrastructure for blockchain technology geared towards institutional clients.

Recently, Kinexys executed a test transaction bridging its private network to a public layer-1 blockchain, employing tokenized short-term Treasury assets and real-time settlement protocols. This pilot involved participation from Chainlink and Ondo Finance.

Moreover, Kinexys processes transactions exceeding $2 billion daily and aims to expand dollar-euro settlements utilizing JPM Coin, the bank’s proprietary token.

JPMorgan Expands Cryptocurrency Investments

In light of Dimon’s statements regarding Bitcoin offerings, JPMorgan’s latest 13F filing with the SEC for the first quarter of 2025 revealed a significant upsurge in crypto-related investments via exchange-traded funds (ETFs).

As of March 31, the bank reported $16.3 million in cryptocurrency holdings, a sharp increase from $1 million at the end of 2024. The firm’s exposure is mainly through Bitcoin and Ethereum-linked financial instruments.

As of that date, JPMorgan owned just over 263,000 shares in BlackRock’s iShares Bitcoin Trust (IBIT) and approximately 3,000 shares of Bitwise’s spot Bitcoin ETF (BITB).

The bank also held shares in Grayscale’s Bitcoin Trust (GBTC), Mini Trust ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC), and newly allocated investments in Bitwise and Franklin Templeton Ethereum products.

These crypto-related investments represent a minor portion of JPMorgan’s total assets under management, which stood at $4.4 trillion at the end of the first quarter.

The exact breakdown between proprietary investments and client demand facilitation remains somewhat unclear. The bank has indicated that some ETF holdings may form part of its market-making services.