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U.S. bank JPMorgan Chase will open a managed bitcoin fund for a small fraction of its customers



U.S. bank JPMorgan Chase will open an actively managed bitcoin fund for a limited group of clients. The new product could be introduced this summer. NYDIG will be responsible for custody of the assets.

The main difference with the JPMorgan fund is that it will be actively managed by the bank. Whereas existing offerings, including those from Pantera Capital and Galaxy Digital, involve only buying and storing cryptocurrency on behalf of clients.

In March, the financial conglomerate filed documents with the U.S. Securities and Exchange Commission (SEC) to create a new product - a basket of shares of cryptocurrency-related companies. The tool will feature securities from MicroStrategy, Square, PayPal, Riot Blockchain, NVIDIA, AMD, TSMC, Intercontinental Exchange, CME Group, Overstock and Silvergate.

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