Media: JPMorgan teams up with NYDIG to launch a bitcoin fund for wealthy clients

The financial holding JPMorgan has opened to wealthy clients access to a passively managed bitcoin fund launched jointly with Stone Ridge Assets Management’s subsidiary — NYDIG. CoinDesk, citing informed sources.

Sources noted that the structure has not yet attracted any investments. The group’s financial advisers were informed about the product launch only on 4 August. It is pitched as “the safest and cheapest of the private-market instruments available for investing in bitcoin”.

CoinDesk sources also emphasised that, in the future, the structure could be converted into a bitcoin ETF, should this class of financial instruments receive approval from the SEC.

Earlier reports said that JPMorgan opened to retail asset-management clients access to three Grayscale Investments funds and the Osprey Bitcoin Trust. The offering extends, among others, to users of the Chase app.

In May, the bank’s chief Jamie Dimon acknowledged that the bank’s clients are interested in the first cryptocurrency. He emphasised that he himself remains sceptical about digital gold.

In June, NYDIG and FS Investments filed with the SEC to register a bitcoin fund intended for clients of Morgan Stanley, the investment bank.

In the same month, NYDIG entered into an agreement with technology giant NCR. The deal will give 650 banks in the United States access to cryptocurrencies.

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