Largest U.S. bank's move signals deepening institutional adoption despite CEO Jamie Dimon's persistent skepticism toward digital assets
JPMorgan Chase plans to allow institutional clients to pledge Bitcoin and Ethereum as collateral for loans by the end of 2025, marking one of the most significant integrations of cryptocurrency into traditional Wall Street lending infrastructure to date.
The program, which will be offered globally, will rely on a third-party custodian to safeguard the pledged digital assets, according to people familiar with the matter who spoke with Bloomberg on Friday, October 24.
The initiative builds on JPMorgan's earlier move in June 2025 to accept crypto-linked ETFs as collateral, with the new program allowing clients to pledge the cryptocurrencies themselves rather than ETF shares.
A JPMorgan spokesperson declined to comment on the plans, which have not yet been publicly announced.
Do "Fraude" ao Colateral Financeiro
The development represents both a symbolic and functional transformation for the nation's largest bank, whose chief executive Jamie Dimon has spent years dismissing Bitcoin with colorful invective. Dimon has famously called the cryptocurrency a "hyped-up fraud," a "pet rock," and even a "Ponzi scheme," while warning that its primary uses are "anti-money laundering, fraud, sex trafficking, and tax avoidance."
As recently as January 2024, during the World Economic Forum in Davos, Dimon declared it would be "the last time" he'd discuss Bitcoin publicly, stating that the cryptocurrency "does nothing" except facilitate crime. At a Senate hearing in December 2023, he went further, telling lawmakers that if it were up to him, he'd "close it down," drawing a surprised reaction even from crypto skeptic Senator Elizabeth Warren.
Despite his personal views, JPMorgan is no longer treating cryptocurrency as a fringe speculation but rather as a legitimate asset class worthy of inclusion in the core infrastructure of global finance—pledged as security for loans alongside stocks, bonds, gold, and other traditional collateral.
Lately, Dimon has moderated his rhetoric somewhat, telling attendees at JPMorgan's investor conference in May: "I don't think we should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin, go at it."
Embracing Broader Wall Street Acceptance
JPMorgan is far from the only major financial institution diving deeper into digital asset services as regulatory headwinds ease under the Trump administration's pro-crypto stance. The shift represents a fundamental recalibration of how traditional finance views cryptocurrency - moving from outright hostility to cautious integration.
Morgan Stanley announced in September 2025 that it plans to allow customers on its E*Trade retail platform to trade Bitcoin, Ethereum, and Solana directly beginning in the first half of 2026. The $1.3 trillion financial giant partnered with cryptocurrency infrastructure provider Zerohash, which recently raised $104 million at a $1 billion valuation, to power the integration.
"We are well underway in preparing to offer crypto trading through a partner model to E-Trade clients in the first half of 2026," Jed Finn, Morgan Stanley's head of wealth management, said in an internal memo. The bank is also developing a wallet solution that will allow it to custody clients' digital assets directly, positioning itself for a future where "clients should have access to digitized assets, traditional assets, and cryptocurrencies, all in the same ecosystem they're used to."
Other major institutions have similarly expanded their cryptocurrency offerings. State Street Corp., Bank of New York Mellon, and Fidelity now offer various crypto custody and related services for institutional clients, reflecting growing demand from sophisticated investors who want exposure to digital assets within regulated frameworks.
Regulatory Winds Shift
The institutional pivot has been enabled in part by significant regulatory changes under the Trump administration. A pivotal development came in July 2025 when the Securities and Exchange Commission, under new Chair Paul Atkins, approved in-kind creation and redemption processes for all spot Bitcoin and Ethereum ETFs - a fundamental operational improvement that makes these products function more like traditional commodity ETFs.
The change allows firms like BlackRock to accept investors' Bitcoin directly and swap it for ETF holdings tracking the token, rather than requiring cash transactions that add complexity and potential tax inefficiencies. "It's a new day at the SEC," Atkins said in a press release announcing the approval. "A key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets."
The regulatory shift marks a dramatic departure from the previous SEC leadership under Gary Gensler, who had maintained strict cash-only requirements for Bitcoin ETFs. BlackRock first filed for in-kind transaction capability in January 2025, with other major issuers including Fidelity and Ark Invest quickly following suit.
Rules governing cryptocurrency are already operational in regions like the European Union, Singapore, and the United Arab Emirates, while legislation to regulate crypto market structure continues moving through the U.S. Congress. The convergence of clearer regulatory frameworks with growing institutional demand has created an environment where major banks feel increasingly comfortable offering crypto-related services.
JPMorgan's Crypto Journey
According to the people familiar with JPMorgan's plans, the bank first began exploring lending against Bitcoin in 2022 but shelved the project amid a challenging market environment and regulatory uncertainty.
Since then, client demand for cryptocurrency support across Wall Street has spiked dramatically as the market has matured and regulations have clarified.
The bank's June 2025 move to accept Bitcoin ETF shares as collateral, beginning with BlackRock's iShares Bitcoin Trust (IBIT), represented an initial step toward broader crypto integration.
The new program extends that capability to direct holdings of the underlying cryptocurrencies themselves, cutting out ETF wrapper fees and providing clients with more flexibility in how they leverage their digital asset holdings.
Contexto de Mercado
The institutional embrace of cryptocurrency comes as Bitcoin has demonstrated remarkable resilience and growth throughout 2025. The cryptocurrency reached an all-time high of $126,296 in early October, surpassing its previous peak of $124,249 from August, before pulling back to trade in the $108,000-$111,000 range following market volatility.
Despite a recent correction that saw over $19 billion liquidated across leveraged positions in mid-October 2025's "Great Crash," Bitcoin has maintained strong support levels and continues attracting institutional capital.
The cryptocurrency's current price represents gains of over 560% from its September 2024 lows, demonstrating the long-term upward trajectory that has captured institutional attention.
Reflexões Finais
JPMorgan's decision to accept Bitcoin and Ethereum as loan collateral carries significant implications beyond the bank itself. As the largest U.S. bank by assets, JPMorgan's moves often signal broader industry trends and provide validation that encourages other institutions to follow suit.
The ability to use cryptocurrency holdings as collateral for traditional loans unlocks substantial utility for institutional investors who have accumulated significant digital asset positions but don't want to trigger taxable events by selling. Instead, they can now borrow against their holdings to access liquidity while maintaining their crypto exposure - the same wealth management strategy long available for stocks, bonds, and real estate.
For the cryptocurrency industry, the development represents another milestone in the journey from speculative fringe asset to mainstream. Conteúdo: instrumento financeiro. Cada ponto de integração com as finanças tradicionais - seja ETFs, soluções de custódia ou agora empréstimos diretos - adiciona legitimidade e reduz as barreiras para o capital institucional fluir para o espaço.
No entanto, desafios permanecem. A volatilidade inerente das criptomoedas significa que os bancos devem implementar estruturas robustas de gestão de risco para se proteger contra flutuações no valor do colateral. A dependência de custodios terceirizados introduz complexidades operacionais e potenciais pontos de falha. E as estruturas regulatórias, embora estejam melhorando, continuam sendo trabalhos em andamento que podem mudar com os ventos políticos em mudança.
No entanto, a direção tomada parece clara: Wall Street não está mais perguntando se deve integrar criptomoedas, mas sim quão rapidamente e completamente fazê-lo. A ação do JPMorgan, apesar do ceticismo pessoal de seu CEO, destaca que a demanda institucional atingiu um ponto no qual até mesmo os bancos mais cautelosos não podem mais se dar ao luxo de ficar à margem.
À medida que 2025 chega ao fim, a indústria de criptomoedas se encontra em um ponto de inflexão - passando de um ativo alternativo para um componente integrado do sistema financeiro global, com os maiores bancos do mundo atuando como participantes relutantes, mas cada vez mais comprometidos nessa transformação.