According to a report from Financial Times, JPMorgan Chase is planning to offer loans backed by clients’ Bitcoin and Ethereum as early as 2026, yet they are informed that the plans are subject to change.
It is worth noting that this would involve clients using their Bitcoin and Ethereum as collateral for loans with the asset held by an approved third-party custodian like Coinbase or Anchorage, rather than JP Morgan directly managing them.
There is also an update that the bank is planning to expand its existing practice of accepting spot Bitcoin ETFs as loan collateral.
JP Morgan’s CEO is now an appreciator of crypto
At one time, Jamie Dimon, the Chief Executive Officer of JPMorgan Chase, has been a vocal critic of Bitcoin and cryptocurrencies, often calling Bitcoin a ‘Fraud,’ ‘Pet Rock,’ and ‘Ponzi scheme.’ Despite his skepticism, he has softened his stance on client access, announcing in May 2025 at JP Morgan’s investors day.
Dimon defends clients’ rights to invest, comparing it to smoking: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin. Go at it.” He distinguishes Bitcoin from blockchain, praising the latter’s potential for moving money and data, as seen in JPMorgan’s JPM Coin and blockchain initiatives.
It is most important to note, JP Morgan Chase is already its clients to use Bitcoin exchange traded funds such as iShare Bitcoin Trust (IBIT) as collateral for loan, yet bank calls this practice as broader strategy to integrate digital assets into the traditional banking system, treating Bitcoin similar to stocks or other assets when assessing clients borrowing capacity.
Also, the Bank of America CEO Brian Moynihan has indicated openness to cryptocurrencies, stating in 2025 that the bank could launch stablecoins if regulations permit.
In a report published in Mid May 2025, WSJ said that other than these banks few other commercial large scale banks have been involved in this process. To date it is said that the discussion is still in process and the market is expected to get an institutional level stablecoin in near future.
Other banks, such as Morgan Stanley and other banks in the United States, have expressed their intent to expand their services other than the traditional banking category.
