Previous to the policy change, JPMorgan only let private wealth clients invest in an actively managed Bitcoin fund, with crypto firm NYDIG providing custody services. After BTC hit its all-time-high price of $65,654 in April, many investors were interested in the surging cryptomarkets.
In March, JPM launched its BTC proxy stocks with the launch of crypto exposure baskets—a debt instrument that leaned heavily on companies like MicroStrategy, Square, and Riot Blockchain. With positions in 11 companies total, these “basket companies” were the ones that JPMorgan thought were directly or indirectly engaging cryptocurrencies or other digital assets, according to the prospectus. Priced at a minimum of $1,000, the payout would be based on the basket companies’ performance less a 1.5 percent deduction, which is essentially the fee.
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