JPMorgan Weighs Crypto Trading for Institutional Clients
The largest U.S. bank is exploring spot and derivatives crypto trading for institutions, marking a significant shift in Wall Street's approach to digital assets.
Jamie Dimon once called Bitcoin a "pet rock." Now his bank is figuring out how to trade it.
JPMorgan Chase is exploring cryptocurrency trading services for institutional clients, according to Bloomberg. The bank's markets division is assessing spot and derivatives products, though concrete plans depend on client demand and regulatory feasibility.
The Regulatory Shift
The timing isn't coincidental. Earlier this month, the Office of the Comptroller of the Currency issued guidance allowing U.S. banks to act as intermediaries for crypto transactions. That's a meaningful change from the previous posture, which kept major banks on the sidelines while crypto-native firms dominated institutional flow.
Trump's return to the White House brought crypto-friendly regulators, and Wall Street is responding accordingly.
What JPMorgan Is Already Doing
This isn't JPMorgan's first move into digital assets—it's an expansion. The bank recently arranged a short-term bond for Galaxy Digital on the Solana blockchain, handling creation, distribution, and settlement. They're also preparing to let institutional clients use Bitcoin and Ether holdings as loan collateral.
And there's JPM Coin. In November, Bloomberg reported the bank was rolling out its deposit token to institutional clients, enabling transactions on the Coinbase-affiliated Base blockchain. The infrastructure is being built.
Dimon's Evolution
The CEO's public stance has shifted from dismissal to reluctant acceptance. At JPMorgan's investor conference in May, he framed it this way: "I don't think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin."
That's not an endorsement. But it's also not the hostility of years past.
The Competitive Landscape
JPMorgan isn't moving in isolation. Goldman Sachs has run a crypto derivatives desk for years. Morgan Stanley and Standard Chartered are expanding their offerings. BlackRock's Bitcoin ETF has accumulated $68 billion since launching in 2024.
The question for JPMorgan isn't whether institutional crypto demand exists—it clearly does. It's whether the bank wants to capture that revenue or cede it to competitors and crypto-native firms. Monday's report suggests they're leaning toward competing.
JPM shares rose roughly 1% on the news.