![]() Whether or not this was done as a precursor to launching more crypto-centric products, the underlying fact is that the Wall Street giant has officially made a U-turn on its previous stance on cryptocurrencies. The analysts said that such an allocation would serve as a hedge against inflation in traditional asset classes like stocks, bonds, and commodities. Why It Matters: A few weeks ago, strategists from JPMorgan endorsed a one percent allocation towards cryptocurrency in a note to clients. Notably, Tesla Inc (NASDAQ: TSLA) that holds over $1.5 billion worth of Bitcoin, is not on JPMorgan's list. ![]() ![]() What Did JP Morgan’s report talk about The report itself is an educational document on cryptocurrencies. In fact, they obviously want their elites to get this information first. This report details some facts and potentials of cryptocurrencies, and Bitcoin in specifics. (NASDAQ: AMD), and Silvergate Capital Corp (NYSE: SI). JP Morgan sent a private report for all its HNWI back in February 2021. Other portfolio stocks included Paypal Holdings Inc (NASDAQ: PYPL), Advanced Micro Devices, Inc. “We expect that generally the market value of your notes and your payment at maturity will depend to a greater extent on the performance of these four Reference Stocks.” Together these stocks make up about 68% of the Basket, noted the bank n in the prospectus. The debt instrument allocates 20% to MicroStrategy Incorporated (NASDAQ: MSTR) and 18% to Square Inc (NYSE: SQ) – two companies that declared their Bitcoin investments early on.Ĭryptocurrency mining company Riot Blockchain Inc (NASDAQ: RIOT) and cryptocurrency mining chip manufacturer NVIDIA Corporation (NASDAQ: NVDA) were also given a sizable allocation of 15% each. What Happened: According to a filing with the SEC, the new product is a debt instrument titled JPMorgan’s Cryptocurrency Exposure Basket (Mar 2021), which contains an “unequally weighted” basket of reference stocks that either own cryptocurrency or operate business linked to it. (NYSE: JPM) is planning to launch a new product that will give investors exposure to cryptocurrency through eleven Bitcoin proxy stocks.
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