Key Takeaways
JPMorgan is evaluating bitcoin spot and derivatives trading for institutional clients, though no final decision has been made.
Growing demand from large investors and easing U.S. regulations are driving the bank’s review.
The move would mark a shift despite CEO Jamie Dimon’s long-standing skepticism toward bitcoin.
Weighing Institutional Bitcoin Trading Amid Rising Demand
JPMorgan Chase, the largest bank in the United States, is reportedly thinking about offering digital asset trading to its institutional clients. A report by Bloomberg says the bank is studying whether it should allow big investors to trade digital assets like bitcoin. But the discussions are still early, and no final decision has been made.
According to people familiar with the matter, JPMorgan is reviewing whether its markets division could offer bitcoin-related products such as spot trading and derivatives. The bank is looking closely at demand from clients, possible risks, and whether these services would meet U.S. regulations.
JPMorgan has declined to comment publicly on the reports.
One major reason for this review is the growing demand from large investors. Hedge funds, asset managers, and pension funds are showing more interest in bitcoin. Many of these institutions want to trade digital assets through trusted banks instead of using retail or 3rd party exchanges.
Big investors often need strong compliance rules, reliable systems, and deep liquidity. Retail-focused platforms may not meet these needs. Because of this, traditional banks like JPMorgan are seen as safer and more suitable partners for institutional bitcoin trading.
Another important factor is the changing regulatory environment in the United States. Banking regulators have recently said that U.S. banks can act as intermediaries in some digital-asset-related activities.
New digital asset laws are also expected, which could bring more clarity to the market. These regulatory changes are partly linked to the current political climate.
President Donald Trump has promised to make the U.S. the “crypto capital of the world.” His administration has appointed regulators who are more supportive of digital assets, easing long-standing restrictions on banks.
If JPMorgan moves forward, it would mark a major change for the bank and its CEO, Jamie Dimon. Dimon has long criticized Bitcoin, calling it a “pet rock” and a “hyped-up fraud.”
However, his tone has softened in recent years. At an investor conference in May, Dimon said, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin. Go at it.” This comment shows that while he remains skeptical, he supports clients’ freedom to invest.
Many believe this is not a genuine change of heart, but rather the result of the bank realizing it is missing out on potential profits by blocking bitcoin purchases, potentially driving customers to other banks and platforms instead.
JPMorgan has become significantly more lenient toward bitcoin over the past year, announcing plans to accept bitcoin ETF shares as collateral for loans, and has also launched a new structured bitcoin note.
Other major financial institutions are already moving ahead. Standard Chartered offers bitcoin and ether trading in the U.K., while Goldman Sachs runs a digital asset derivatives desk. Morgan Stanley and Charles Schwab plan to launch bitcoin trading services in 2026.
Competition is increasing across Wall Street. Large asset managers like BlackRock have also entered the space, with its Bitcoin ETF attracting tens of billions of dollars. This puts pressure on banks like JPMorgan to keep up with client demand.
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