‘I’m Not a Fan’: Jamie Dimon Says JPMorgan Clients Can Buy Bitcoin, But Bank Won’t Hold It

Key Takeaways

• JPMorgan will let clients invest in Bitcoin ETFs, CEO Jamie Dimon announced on Monday.
• Wall Street has warmed significantly to crypto since the first Bitcoin ETFs hit the market in 2024.
• Major banks are starting to ease restrictions that prevent advisors from pitching crypto funds to clients.

JPMorgan Chase was the last of the bulge bracket U.S. investment banks that prohibited its financial advisors from pitching Bitcoin ETFs to clients.

However, in a surprise turnaround on Monday, May 19, CEO Jamie Dimon announced a change in the bank’s policy, despite his own personal reservations about the asset class.

JPMorgan Clients Can Invest in Bitcoin

During JPMorgan’s annual investor day on Monday, Dimon said, “We are going to allow you to buy [Bitcoin].”

However, “We’re not going to custody it. We’re going to put it in statements for clients,” he added.

The move reflects an ongoing thaw in the bank’s approach to crypto.

Under Dimon’s leadership, JPMorgan has largely kept crypto at arm’s length. While rival banks’ crypto ETF holdings have swelled to the hundreds of millions, JPMorgan’s have remained more modest.

Nevertheless, according to its latest SEC filing , the bank holds around a million dollars worth of Bitcoin and Ether ETF shares.

With Citigroup, Bank of America, Morgan Stanley and Goldman Sachs all offering crypto ETF exposure to their brokerage clients, JPMorgan was the final holdout. (The bank’s existing holdings likely reflect special arrangements for wealthy individuals.)

Jamie Dimon Still Skeptical of Crypto

In his comments, Dimon stressed that he remains personally wary of crypto investments. Citing concerns around money laundering and financial crime risks, he said he is “still not a fan” of the asset class.

“I don’t think you should smoke, but I defend your right to smoke,” he said. Likewise, he added: “I defend your right to buy bitcoin,” he said.

How American Banks Embraced Crypto

For American investment banks, the SEC’s approval of spot Bitcoin ETFs in January 2024 opened the door for their customers to gain crypto exposure in a regulated investment vehicle.

Goldman Sachs made its debut in the market later that year, purchasing $418 million worth of bitcoin funds in the second quarter.

The bank has continued to direct funds toward crypto ETFs in the year since and is now the largest single holder of shares in BlackRock’s iShares Bitcoin Trust.

In the early days of the crypto ETF boom, most Wall Street banks prohibited advisors from pitching the new funds to clients, and most purchases were driven by investors who specifically asked for them.

However, the largest firms are starting to ease their restrictions, paving the way for more widespread adoption.

In a recent note , Bitwise Chief Investment Officer Matt Hougan predicted that the big four wirehouses—Merrill Lynch, Morgan Stanley, Wells Fargo and UBS—“will be open for business on bitcoin ETFs by the end of the year.”