The head of JPMorgan Chase, Jamie Dimon, announced that the bank will provide its clients with the opportunity to purchase bitcoins. According to reports, this involves shares of spot bitcoin ETFs, which have been covered in the press. Dimon, known for his skeptical stance on crypto assets, noted that while clients will be able to buy bitcoins, the bank will not offer custodial services.
This is reported by Business • Media
In his speech, Jamie Dimon said:
“We are going to allow you to buy it [bitcoin]. But we will not be holding these assets. We are going to include it in client statements.”
This decision places JPMorgan Chase on par with Morgan Stanley, which in August 2024 allowed its advisors to offer shares of spot bitcoin ETFs to certain investors. It has also been reported that by early May 2025, the bank may introduce the ability to trade crypto assets on the E*Trade platform.
Notably, Jamie Dimon himself continues to maintain a critical view of cryptocurrencies. During his appearance in December 2023 before the U.S. Senate Banking Committee, he supported a complete ban on crypto assets. Dimon even expressed his opinion on bitcoin, calling it a
“decentralized Ponzi scheme.”
At the bank’s annual investor day, held on May 19, 2025, he reaffirmed his position on virtual assets, stating:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoins.”
According to CNBC, shares of spot bitcoin ETFs will become available to certain investors, but details on who will gain access have not yet been disclosed. Both JPMorgan Chase and Morgan Stanley are subject to the rules of the U.S. Federal Reserve, which prohibit the direct offering of crypto assets.
Previously, Bitwise’s Chief Investment Officer Matt Hougan predicted that major financial institutions would adopt spot bitcoin ETFs. His list included Morgan Stanley, Merrill Lynch, Wells Fargo, and UBS.