JPMorgan Chase has partnered with the Bitcoin-focused institutional-grade platform New York Digital Investment Group to offer the passively managed Bitcoin fund in-house, CoinDesk reports citing two sources close to the matter.
Advisers at the bank were prepared for the offering in a launch call just yesterday, according to CoinDesk, who also reported that the fund will be “presented to clients as the safest and cheapest bitcoin investment vehicle available on the private markets.”
A source told CoinDesk that the fund would be easily convertible to an ETF once that product has set a precedent of approval by the SEC. The fund hasn’t secured any clients’ investments yet.
Note that NYDIG, the partners of JPMorgan in offering this fund, have already filed for a Bitcoin ETF, following many other firms, such as Invesco, who filed just today.