The large American investment bank JPMorgan Chase may already launch a new bitcoin (BTC) fund for some of its wealthy clients this summer. The fund will be actively managed, according to sources familiar with the case against CoinDesk.

The big bank’s bitcoin fund, which has nearly $ 3 trillion in assets under management, could be launched in the relatively short term. The institutional bitcoin asset manager NYDIG will operate as the fund’s custody provider.

According to the sources, the fund will be actively managed, meaning that managers will open and close positions. This is different from a passively managed fund that only offers exposure to bitcoin and therefore does not close positions based on how the market develops.

CoinDesk calls JPMorgan Chase the “most recent, largest and most unlikely bank” in the United States to launch a bitcoin fund. The bank has expressed negative about Bitcoin several times in the past. The CEO, Jamie Dimon, even called it “dangerous fraud in 2017.” He got back to that later.

It is not known exactly which investors will gain access to the fund. These would be private high net worth customers. The news is the next sign that the crypto market is starting to mature with major parties boarding the Bitcoin train.

Last week, JPMorgan analysts said the bitcoin price looks weak. They cite the $ 60,000 as a crucial price level to break through to prevent further slump in momentum.

Categories: Bitcoin


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