JPMorgan Chase & Co. is preparing to offer a Bitcoin fund to wealthy clients, the latest sign that Wall Street is warming to the largest cryptocurrency after it has soared in recent months. The actively managed fund will be available as soon as this summer, CoinDesk reported Monday, citing sources familiar with the plans.
Bitcoin rose as much as 12% Monday morning to trade at almost $54,000, the biggest intraday gain since early February.
Wall Street banks are grappling with whether to offer clients exposure to cyptocurrencies after staying mostly on the sidelines as Bitcoin and other tokens surged in popularity. JPMorgan has been taking some of the biggest strides, adding Bitcoin exchanges Coinbase Inc. and Gemini Trust Co. as banking clients last year. The firm also turned to crypto to help speed up corporate payments, launching JPM Coin in 2019.
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Sourced Directly From Bloomberg