Financial holding company JPMorgan has opened up wealthy clients to a passively managed bitcoin fund launched with Stone Ridge Assets Management subsidiary NYDIG. This was reported by CoinDesk, citing knowledgeable sources.
The publication's interlocutors noted that the entity has not yet had time to attract any investment. Financial advisors of the holding company were informed about the launch of the product only on August 4. It is positioned as "the safest and cheapest bitcoin investment vehicle available in the private markets".
CoinDesk's sources also stressed that the structure could be converted into a bitcoin-ETF in the future, if this class of financial instruments receives SEC approval.
Earlier, it was reported that JPMorgan has opened retail asset management clients' access to three Grayscale Investments funds and the Osprey bitcoin trust. The offer extends to users of the Chase app, among others.
In May, the head of the organisation, Jamie Dimon, acknowledged that the consumers served by the bank were interested in the first cryptocurrency. He stressed that he himself remains sceptical about digital gold.
Recall that in June NYDIG and FS Investments applied to the SEC to register a bitcoin fund aimed at clients of investment bank Morgan Stanley.
In the same month, NYDIG entered into an agreement with technology giant NCR. The deal will give 650 banks in the US access to cryptocurrencies.