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JPMorgan Chase & Co. (NYSE:JPM) will allow institutional clients to use Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) as collateral for loans, marking a major shift in how Wall Street's largest bank integrates digital assets into its core lending operations, according to Bloomberg.
The program, set to launch by year-end, will let clients pledge Bitcoin and Ethereum for secured loans.
A third-party custodian will safeguard the pledged tokens to ensure risk compliance.
The move expands JPMorgan's earlier initiative that accepted crypto-linked ETFs as loan collateral.
It underscores how traditional banks are deepening their exposure to digital assets amid loosening regulations and rising institutional demand.
A JPMorgan spokesperson declined to comment on the matter.
The decision highlights a symbolic reversal for CEO Jamie Dimon, who once labeled Bitcoin a "hyped-up fraud" and compared it to a "pet rock."
Dimon has since softened his stance, saying at a May investor conference, "I defend your right to buy Bitcoin, go at it," even as he maintains personal skepticism toward the asset.
For JPMorgan, the new framework marks both a cultural and structural shift.
By recognizing Bitcoin and Ethereum as eligible collateral, the bank effectively treats them alongside traditional assets such as stocks, bonds, and gold.
JPMorgan joins Morgan Stanley (NYSE:MS), State Street Corp. (NYSE:STT), and Bank of New York Mellon Corp. (NYSE:BK) in expanding crypto services.
The Trump administration's pro-crypto stance and recent regulatory rollbacks have helped major banks increase digital asset exposure.
Morgan Stanley is preparing to let users on its E*Trade platform access leading cryptocurrencies in early 2026.
Meanwhile, BlackRock Inc. (NYSE:BLK) and Fidelity Investments have already begun accepting Bitcoin as part of ETF collateral programs.
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