Financial conglomerate JPMorgan has just launched a passively managed Bitcoin fund for wealthy clients. It has been launched together with NYDIG, a subsidiary of Stone Ridge Assets Management, CoinDesk has reported citing sources.
According to them, the fund has not yet attracted any investment. JPMorgan's financial advisors were not informed of the product launch until yesterday, August 4. The fund is positioned as "the safest and cheapest Bitcoin investment vehicle available on the private markets".
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Sources have also noted that in the future, the structure could be converted into a Bitcoin ETF if this class of financial instruments receives approval from the US Securities and Exchange Commission (SEC).
It has recently been reported JPMorgan has opened access to three Grayscale Investments funds and the Osprey Bitcoin trust. These products are also available to users of the Chase app.