JPMorgan Chase, one of the world’s largest investment banks, is reportedly preparing to let its clients use Bitcoin and Ether as collateral for loans — another sign that Wall Street’s relationship with crypto is maturing.
According to a Bloomberg report citing people familiar with the matter, the new offering would enable JPMorgan’s global customers to borrow funds secured by their Bitcoin (BTC) and Ether (ETH) holdings. These crypto assets would be held with an independent third-party custodian, ensuring proper storage and compliance standards.
If confirmed, the move would mark a significant milestone for institutional crypto adoption, comparable to the launch of the first U.S. spot Bitcoin ETF in January 2024. A JPMorgan spokesperson declined to comment on the report.
The news also follows ongoing speculation that the bank could soon begin accepting Bitcoin and Ether exchange-traded funds (ETFs) as collateral for institutional borrowing.
JPMorgan’s expanding crypto ambitions
JPMorgan has reportedly been exploring crypto-backed lending products since at least mid-2024, with early reports suggesting that the service could launch as early as 2026.
The bank has shown increasing openness toward digital assets despite CEO Jamie Dimon’s long history of skepticism. During a July 15 earnings call, Dimon noted that JPMorgan intends to engage more with stablecoins, emphasizing the need to “understand the space” as it evolves.
JPMorgan has already taken several early steps into the crypto world. In 2020, it introduced JPM Coin, its own U.S. dollar–pegged stablecoin for institutional clients. And in 2024, it revealed holdings in several U.S.-listed spot Bitcoin ETFs — a move that surprised many given Dimon’s previous criticism of the industry.
While Dimon once dismissed cryptocurrencies as “decentralized Ponzi schemes,” his company’s growing involvement shows a clear shift in attitude, as traditional finance continues to blend with the digital asset ecosystem.
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