JPMorgan Confirms Clients Will Soon Trade Bitcoin And Crypto

JPMorgan has reconfirmed that it will allow customers to trade Bitcoin and other cryptocurrencies.

Although the bank will not offer custody services immediately, it is expanding its blockchain initiatives and exploring how cryptocurrencies fit into its broader markets strategy.

Scott Lucas, Global Head of Digital Asset Markets at JPMorgan shown The bank’s approach in an interview with CNBC, focusing on an “and” strategy that balances existing financial infrastructure with emerging blockchain opportunities.

Regarding cryptocurrency trading, Lucas said: “Jamie (Damon) was very clear during the investor day that we would be involved in trading that, but custody is not on the table at the moment.”

The bank is experimenting with deposit tokens and stablecoins, tools that make money-like digital assets available on distributed ledgers.

“Naturally, we need custodians,” Lucas said. “So we are exploring what custodians are right for us in terms of the business footprint.”

Lucas highlighted JPMorgan’s deposit token, Freezewhich is currently a prototype in the United States, as a platform for lead services and cash management solutions.

Stablecoins also remain a focus, although Lucas noted that any future issuance would likely be led by the bank’s payments business, rather than its markets division.

Instead, JPMorgan’s trading clients can use stablecoins to execute transactions and explore new financial workflows, reflecting the bank’s interest in connecting traditional markets with blockchain-based infrastructure.

Lucas also acknowledged the growing role of public blockchains in capital markets, noting that while JP Morgan maintains its own in-house platforms, it expects an increasing share of market activity to shift toward public networks.

Earlier in the day, JP Morgan also Announce The $1.5 trillion, decade-long “Security and Resilience Initiative” to strengthen key U.S. industries, including energy, manufacturing and defense.

Bank He said It will invest up to $10 billion in equity and venture capital to support local companies that are driving innovation and strategic manufacturing.

JPMorgan: Bitcoin is undervalued

Earlier this month, JP Morgan research suggested that bitcoin may be undervalued compared to gold, with potential upside if the “discount trade” continues. Analysts estimate that Bitcoin’s price could reach $165,000, about 450% above current levels, based on volatility-adjusted comparisons with gold.

They noted that Bitcoin is becoming increasingly attractive compared to gold as the Bitcoin-to-gold volatility ratio drops below 2.0.

Earlier this year, JPMorgan Chase was also said to be considering a policy of lending directly against clients’ bitcoin and cryptocurrency holdings, marking the bank’s first possibility of accepting digital assets — not ETFs — as collateral for a loan.

Earlier in 2025, JPMorgan allowed clients to use Bitcoin ETFs as collateral and began including cryptocurrency holdings in net worth assessments alongside traditional assets.