From CoinDesk.com….
JPMorgan Chase is preparing to offer an actively managed bitcoin (BTC, +2.9%) fund to certain clients, becoming the latest, largest and – if its CEO’s well-documented distaste for bitcoin is any indication – unlikeliest U.S. mega-bank to embrace crypto as an asset class.
The JPMorgan bitcoin fund could roll out as soon as this summer, two sources familiar with the matter told CoinDesk. Institutional bitcoin shop NYDIG will serve as JPMorgan’s custody provider, a third source said.
JPMorgan’s bitcoin fund will be actively managed, multiple sources told CoinDesk. That’s a notable break from the passive fare offered by crypto industry stalwarts like Pantera Capital and Galaxy Digital, which let well-heeled clients buy and hold bitcoin through funds without ever touching it themselves. Galaxy and NYDIG are now offering bitcoin funds to Morgan Stanley clients.
The JPMorgan fund will be for private wealth clients, a source familiar with the situation told CoinDesk.
