According to a Bloomberg report published on December 22, 2025, JPMorgan Chase is actively exploring the possibility of offering cryptocurrency trading services to its institutional clients.
This includes potential spot trading; direct buying/selling of cryptocurrencies like Bitcoin and derivatives products. The initiative is in early stages, driven by growing client demand from hedge funds, pension managers, and other large investors seeking regulated, bank-grade access to crypto markets.
It would expand JPMorgan’s existing blockchain activities via its Kinexys platform, formerly Onyx, but mark a deeper entry into direct crypto trading—something the bank has historically avoided despite CEO Jamie Dimon’s longstanding criticism of Bitcoin.
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No final commitment has been made; plans depend on sufficient demand, internal risk assessments, and regulatory feasibility.
JPMorgan declined to comment on the report.
This aligns with broader Wall Street trends: competitors like Goldman Sachs already operate crypto derivatives desks, Morgan Stanley plans to launch trading on ETrade in 2026, and Standard Chartered offers spot Bitcoin/Ether trading for institutions.
Recent U.S. regulatory shifts like OCC guidance allowing banks to intermediate crypto and the GENIUS Act for stablecoins have created a more favorable environment for such moves.While not yet operational, this signals accelerating institutional adoption of digital assets through traditional banks.
JPMorgan’s potential entry into offering spot and derivatives cryptocurrency trading to institutional clients like hedge funds, pension managers represents a major step in bridging traditional finance and digital assets. While still in early evaluation stages—with no firm commitment—this move, could have wide-ranging effects.
JPMorgan, the largest U.S. bank by assets managing over $4 trillion, entering direct crypto trading would signal strong mainstream validation for cryptocurrencies like Bitcoin and Ethereum. It addresses growing client demand for regulated, bank-grade access, as many institutions avoid retail platforms due to compliance, custody, and execution risks.
This aligns with broader Wall Street trends: Goldman Sachs already offers crypto derivatives, Morgan Stanley plans ETrade crypto trading in 2026, and Standard Chartered provides spot BTC/ETH trading. JPMorgan’s involvement could encourage more banks to follow, normalizing crypto as an asset class.
Increased institutional inflows could boost liquidity, reduce volatility from retail-driven swings, and stabilize long-term price trajectories for major assets like BTC and ETH. Potential for upward pressure: Similar moves have historically driven rallies and higher trading volumes.
Derivatives offerings could enable sophisticated hedging and speculation, deepening markets but also introducing new risks like amplified leverage. Dimon has long criticized Bitcoin calling it “fraud” or “worthless” in past years, yet the bank has expanded blockchain efforts.
This highlights a pragmatic business response to client demand and regulatory shifts, separate from personal views—common in finance where banks serve market needs despite executive opinions.
Driven by favorable U.S. changes: OCC guidance allowing banks to intermediate crypto, the GENIUS Act for stablecoins, and a pro-crypto stance under President Trump aiming to make the U.S. the “crypto capital”. Heightens competition among banks and platforms, potentially lowering fees and improving services.
Globally, it could pressure other regions to clarify rules, fostering cross-border institutional flows. Furthers the convergence of TradFi and crypto: Builds on JPMorgan’s existing activities vis BTC/ETH as loan collateral, tokenized funds on Ethereum/Solana.
Long-term could reshape payments, settlements, and asset management, with blockchain enabling faster, cheaper institutional transactions. Volatility exposure for banks, potential regulatory scrutiny if markets crash, or conflicts with ongoing “debanking” concerns in crypto circles.
If launched, this could mark a pivotal moment for crypto maturation in 2026+, attracting billions in new capital and reducing perceived risks. However, outcomes depend on demand, risk assessments, and regulatory feasibility—no timeline has been announced. This underscores crypto’s evolution from fringe to core financial infrastructure.