JPMorgan has again made it plain: its clients will be able to trade Bitcoin and other cryptocurrencies through the bank. What the bank won’t do right now is hold those coins for you (custody); that part remains on the roadmap, not live today. From ‘Bitcoin is a fraud’ to ‘You can trade it with us.’ It only took eight years and one global awakening.”
What exactly is changing?
- Client trading: The bank is preparing venues and workflows so JPMorgan clients can trade BTC and other major coins through the firm’s markets business.
- No custody (for now): JPMorgan says custody isn’t on the table yet; clients will rely on approved third-party custodians.
- Stablecoins and tokens in the mix: The bank continues to test deposit tokens (its JPMD prototype) and stablecoin rails for payments and cash management, signalling how on-chain money could sit next to traditional rails.
JPMorgan is the world’s largest bank by assets. Its decision to let clients trade crypto, even without in-house custody, is a big signal to institutions that crypto markets are being wired into mainstream finance. It also dovetails with a much larger push the bank announced today.
A massive backdrop: JPMorgan’s new $1.5T plan
The move arrives alongside JPMorgan’s 10-year, $1.5 trillion “Security and Resiliency Initiative,” aimed at financing and investing in U.S. strategic industries (defense, energy, advanced manufacturing, frontier tech). The bank also plans up to $10 billion in direct equity/VC checks as part of that effort.
JPMorgan research this month argued Bitcoin looks undervalued versus gold on a volatility-adjusted basis and could reach about $165,000 if the “debasement” trade endures, pointing to demand for hard-cap assets when currencies are being diluted.
Earlier this year, the bank began letting clients use spot Bitcoin ETFs as loan collateral, a practical bridge between crypto exposure and traditional credit lines, and has explored lending directly against client crypto (beyond ETFs).
The simple takeaway
- You can trade: JPMorgan clients will be able to trade BTC and other majors through the bank.
- You can’t park coins at JPM (yet): Custody will rely on outside, bank-approved custodians until that piece matures.
- Rails are forming: Deposit tokens, stablecoins, and ETF collateral show how old and new plumbing are being connected.
- Macro tailwind: The bank’s $1.5T initiative and its research call on BTC’s upside set a supportive tone for digital assets entering the mainstream.
For a bank that once dismissed Bitcoin, the message is clear: crypto has officially crossed the marble floors of Wall Street.
