JPMorgan Chase may soon allow clients to borrow directly against their Bitcoin (BTC) and Ethereum (ETH) holdings, according to sources cited by the Financial Times. If finalized, the initiative could launch as early as next year, making JPMorgan one of the largest U.S. banks to formally integrate crypto-backed lending into its services.
The move would enable clients to pledge their BTC and ETH as collateral for loans—similar to how traditional securities-based lending works. However, insiders have cautioned that these plans remain in the exploratory stage and could still change.
Jamie Dimon’s Evolving Stance on Crypto
JPMorgan’s CEO Jamie Dimon, a longtime Bitcoin critic who once labeled the asset a “fraud,” has recently softened his tone on certain aspects of the crypto ecosystem. He acknowledged that stablecoins are “real” and confirmed that JPMorgan is already involved in deposit tokens and stablecoin initiatives.
A source familiar with the discussions noted that while Dimon once famously threatened to fire traders who dealt in crypto, the bank has now isolated specific clients who are more active in the digital asset space—hinting at a gradual but notable shift in strategy.
JPMorgan Already Accepts Crypto ETF Collateral
In June 2025, JPMorgan began allowing select wealthy clients to borrow against crypto exchange-traded funds (ETFs), starting with BlackRock’s iShares Bitcoin Trust. The bank has indicated plans to expand these offerings to other crypto-related funds.
Allowing loans backed by actual BTC and ETH holdings would be the next significant4 milestone. However, such a move would require JPMorgan to resolve complex custody and liquidation mechanisms, especially for cases involving loan defaults.
Dimon also revealed that the bank will soon allow clients to purchase Bitcoin, although JPMorgan has no plans to offer direct custody of the assets.
US GENIUS Act Spurs Big Banks’ Crypto Push
JPMorgan’s potential foray into crypto-backed lending comes shortly after a major regulatory win for the digital asset4 industry. President Donald Trump signed the GENIUS Act into law last week, creating a clear framework for stablecoin regulation.
“The entire crypto community—for years you were mocked, dismissed, and counted out,” Trump said at the White House signing ceremony. “This is a massive validation.”
Wall Street has welcomed the move, with large banks calling the GENIUS Act a game-changer for integrating crypto into mainstream finance. JPMorgan, however, remains measured in its predictions, forecasting the stablecoin market to reach $500 billion by 2028, while dismissing trillion-dollar projections as “far too optimistic.”
Source: https://www.ft.com/content/70279a78-6e48-49ec-a0c3-b091e9d87bc1
