JPMorgan to offer crypto ETF financing, considers letting clients use crypto as loan collateral: report

JPMorgan & Chase plans to expand some of its crypto offerings for trading and wealth-management clients as the United States regulatory environment warms to digital assets, Bloomberg reported, citing anonymous sources. 

The bank intends to let its clients use cryptocurrency assets as loan collateral for certain cryptocurrency exchange-traded funds (ETFs), including BlackRock's iShares Bitcoin Trust (IBIT). Previously, clients could only do so on a case-by-case basis. JPMorgan will also include a wealth-management client's crypto holdings when assessing their total net worth and liquid assets when determining the amount a client can borrow against their assets, according to the report. 

The Block reached out to JPMorgan for confirmation and comment. 

The expanded offerings for trading and wealth-management clients join other crypto-focused services JPMorgan plans to roll out this year. Just last month, crypto critic and JPMorgan CEO Jamie Dimon said the firm will allow its customers to buy bitcoin, although the bank won't custody the asset.

Beyond client offerings, the firm is helping other businesses broaden their reach in the crypto industry. In May, the stablecoin issuer Circle tapped JPMorgan to assist with its long-awaited initial public offering, as previously reported by The Block. 

BlackRock's IBIT is the largest spot bitcoin ETF with $69 billion in assets under management. Initially approved in January 2024 alongside 10 other funds, The Block's Data Dashboard indicates that IBIT now holds approximately 78% of the total spot bitcoin ETF market share. 

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