JPMorgan Enables Bitcoin Buying for Clients, But Custody Excluded
Jamie Dimon says JPMorgan is rolling out BTC buying access for clients. Still, the bank won’t offer custody or wallet services, and all transactions will show up in regular statements. Dimon remains a known crypto skeptic.
Jamie Dimon, chairman and CEO of JPMorgan Chase, has unveiled a new offering enabling bank clients to gain exposure to Bitcoin. The service will not involve direct custody of the digital asset on JPMorgan accounts.
- BTC purchases will be reflected in clients’ bank statements.
- The bank will refrain from providing crypto custody services.
Speaking at the annual Investor Day event in New York on May 19, 2025, JPMorgan Chase CEO Jamie Dimon confirmed the bank’s intention to broaden its crypto services. However, he reiterated his skepticism toward Bitcoin and highlighted ongoing concerns around its risk profile.
Dimon on Crypto: A Decade of Doubt
Jamie Dimon has never been shy about his distrust of crypto. For years, he’s dismissed digital currencies as baseless investments. Back in 2021, he said Bitcoin was “worthless” and criticized its association with crime, money laundering, and human trafficking.
“We've been talking about blockchain for 12 years, not much has happened — it ain't like AI,”
In September 2024, speaking at a CNBC conference, Dimon downplayed the blockchain hype.
Jamie Dimon might still trash-talk Bitcoin, but JPMorgan is opening the gates. BTC maxis took notice—especially Michael Saylor, who called Dimon’s pivot a “tectonic shift” in a post on X.
Service Design and Compliance Considerations
Executives clarified that clients will access Bitcoin via JPMorgan’s digital channels, but the asset will not be custodied or reflected on the bank’s balance sheet. Simultaneously, JPMorgan is advancing its proprietary blockchain initiative, Kinexys, which recently trialed tokenized Treasury bond transactions on Ondo Chain’s testnet.
From a regulatory standpoint, Federal Reserve Chair Jerome Powell has reiterated that banks may engage with crypto clients as long as risk frameworks are adequately enforced.
”The threshold has been a little higher for banks engaging in crypto activities and that's because they're so new,”
Jerome Powell said in early 2025.
JPMorgan is reportedly exploring the option of offering Bitcoin ETF exposure, in line with competitors like Morgan Stanley. Even with the rollback of some restrictions like SAB 121, banks remain wary—regulatory pressure and monitoring standards still loom large.
Read on: Crypto Win: SEC Overturns SAB 121
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
