TLDR
Despite CEO Jamie Dimon’s long-standing criticism of Bitcoin, the bank has invested nearly $1 million in spot BTC ETFs and is responding to growing client demand for digital asset services. While Dimon remains skeptical, JPMorgan is expanding its crypto offerings, including a blockchain-based platform (Onyx) for tokenized real-world assets. The move signals a major shift in traditional banking’s approach to crypto.
JPMorgan Chase, one of the largest banking institutions in the world, is reportedly exploring the possibility of allowing its clients to lend money against their cryptocurrency holdings. The move comes amid favorable regulatory developments in the United States surrounding crypto assets and growing client demand for digital asset-related services.
While America’s largest bank does not explicitly hold Bitcoin in its reserves, it has invested nearly $1 million in regulated products like spot Bitcoin exchange-traded funds (ETFs), which began trading in the US in January 2024.
The bank, which manages an estimated $4 trillion in assets as of December 2024, could begin offering loans secured by Bitcoin (BTC) and Ethereum (ETH) as early as 2026. The financial giant is also discussing plans to lend against customers’ holdings in crypto exchange-traded funds (ETFs).
JPMorgan CEO Jamie Dimon’s Anti-Bitcoin Stance
US banks are increasingly embracing cryptocurrencies despite JPMorgan CEO Jamie Dimon repeatedly criticizing Bitcoin over the years. In the past, he has called the apex crypto a “fraud” and “decentralized Ponzi scheme”, even likening it to a pet rock. Dimon expressed concerns about BTC’s use in illicit activities such as money laundering, drug trafficking, and sex trafficking, while arguing that it lacked intrinsic value and is unable to serve as a viable currency.
While speaking at the Barclays Global Financial Services Conference in September 2017, Dimon referred to Bitcoin as “stupid” and “dangerous”, and warned that if he caught any of his employees buying or selling BTC, he would “fire them in a second”. He predicted that Bitcoin would crash, comparing it to the Dutch “tulipmania” of the 1600s, when the price of tulips hit multiple peaks before collapsing to never return to their former glory.
The price of Bitcoin when the CEO made his speech was $4,344 per coin, and investors could have gotten 0.2302 BTC with $1,000. Bitcoin has skyrocketed ever since, and fast-forward to today, and $1,000 would get you just 0.0085 BTC. A quarter-BTC in today’s money is worth nearly $30,000 as of July 2025.
For comparison, the same $1,000 invested in an ETF tracking the S&P 500 Index would be worth $2,278 today, representing a 127% ROI over the last eight years, while Bitcoin returned a 1,357% gain on the initial investment during the same period.
JPMorgan to Cater to Clients’ Bitcoin and Crypto Demands
However, the billionaire has seemingly softened his anti-crypto tone in recent months, which could be attributed to the fast-evolving regulatory landscape in the US and globally. In May, he stated that JPMorgan could soon allow clients to purchase Bitcoin through exchanges, but would not custody the assets on their behalf.
He also defended customers’ rights to access Bitcoin and other cryptocurrencies, comparing it to people’s right to smoke, even if he disapproves of it or the health risks the habit poses. While JPMorgan gradually embraces crypto, Dimon remains “not a fan” of digital currencies.
JPMorgan’s Bitcoin Holdings
Specific details about JPMorgan’s Bitcoin holdings are not available. However, the bank has previously disclosed exposure to the world’s largest cryptocurrency through US-listed spot crypto ETFs. The firm seems to be more focused on providing crypto-related services than directly holding Bitcoin on its balance sheet.
Earlier this year, in its 13F filing with the US Securities and Exchange Commission (SEC), JPMorgan disclosed that it has invested $984,000 in Bitcoin ETFs and $32,300 into Ethereum ETFs across multiple funds.
Its Bitcoin ETF allocations include, $523,000 in the ProShares Bitcoin ETF (BITO), $290,000 in BlackRock’s iShares Bitcoin Trust ETF (IBIT), $68,000 in the Bitwise Bitcoin ETF (BITB), $55,000 in the Fidelity Wise Origin Bitcoin ETF (FBTC), and $37,000 in the Grayscale Bitcoin Trust ETF (GBTC). This represented a 30% increase from the numbers disclosed in May 2024, when the bank said it invested $760,000 in the BTC-backed products.
Final Thoughts
While Jamie Dimon continues to suspect Bitcoin’s utility, his company and the broader market have no doubts about the apex crypto’s intrinsic value. As ETFs and corporate treasuries continue to hoard as much BTC as they can, banks like JPMorgan are prepared to offer customers digital asset investment services.
The bank also has exposure to Bitcoin’s price performance through the spot BTC ETFs, in which it has invested nearly $1 million across multiple funds from issuers such as BlackRock, Bitwise, Fidelity, and Grayscale.
JPMorgan is set to launch a loan product next year that will allow clients to lend against their Bitcoin, and will soon allow account holders to purchase the asset from regulated exchanges. The bank is also developing a blockchain-based platform for handling tokenized real-world assets (RWAs), such as stocks and bonds, called Onyx.
2026 is shaping up to be a transformational year for the banking sector, and especially JPMorgan. After years of criticizing the alpha crypto, the bank has finally come to terms with it and understands its relevance to the financial markets.