JPMorgan Chase Preparing ‘Cryptocurrency Exposure Basket’

JPMorgan Chase on Tuesday filed a number of documents for a “Cryptocurrency Exposure Basket.” The basket includes 11 unequally weighted reference stocks including Microstrategy, Square, PayPal, CME Group, NYSE-parent Intercontinental Exchange, Overstock and Silvergate Capital (and does not include Tesla). These […]

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key takeaways

  • JPMorgan Chase basket includes 11 US stocks related to digital assets
  • Stocks include Microstrategy, Square, PayPal, CME Group, NYSE-parent Intercontinental Exchange, Overstock and Silvergate Capita

key takeaways

JPMorgan Chase on Tuesday filed a number of documents for a “Cryptocurrency Exposure Basket.”

The basket includes 11 unequally weighted reference stocks including Microstrategy, Square, PayPal, CME Group, NYSE-parent Intercontinental Exchange, Overstock and Silvergate Capital (and does not include Tesla).

These are companies JPMorgan Chase “believes to be, directly or indirectly, related to cryptocurrencies or other digital assets,” the bank said in a fact sheet included in the filing. It also emphasized the notes don’t provide direct exposure to cryptocurrencies and that the basket’s performance may not be correlated with the price of a digital asset.

The filing comes a month after the bank’s co-president Daniel Pinto said client demand for crypto “isn’t there yet” but that he’s “sure it will be at some point.”

In the same month it distributed a report to its Private Bank clients (who maintain a balance of $10 million) that said bitcoin can be a portfolio diversifier “if sized correctly,” among other things.

Last week, Charles Schwab expanded its strategy to include digital assets, following in the footsteps of BNY Mellon.

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