JPMorgan, the largest bank in the U.S., is reportedly preparing to offer its own actively managed bitcoin fund to private wealth management clients.
CoinDesk reported the news on Monday, citing anonymous sources. The JPMorgan bitcoin fund could launch as soon as this summer, "two sources familiar with the matter" told CoinDesk.
Bitcoin broker NYDIG will serve as the fund's custody provider, per the report.
JPMorgan declined to comment to The Block when contacted. NYDIG did not return The Block's query by press time.
JPMorgan CEO Jamie Dimon has previously called bitcoin a "fraud." In 2017, he said: "governments are going to crush it one day" and "if you're stupid enough to buy it, you'll pay the price for it one day."
In light of bitcoin's meteoric price rise this year, a number of major financial institutions have warmed up to the world's largest cryptocurrency. Goldman Sachs said last month it would offer bitcoin and other crypto investment vehicles to private wealth management clients in the second quarter of this year. Morgan Stanley has also started offering clients investments in the crypto space.