A number of SEC filings on Tuesday reveal plans by JPMorgan to launch what it calls a "Cryptocurrency Exposure Basket," a basket of 11 stocks by companies considered to have some exposure to Bitcoin and cryptocurrencies.
According to the documentation, the included U.S.-listed stocks were selected based on whether J.P. Morgan believed they were directly or indirectly "related to cryptocurrencies or other digital assets, including as a result of bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading."
The basket includes names familiar to the Bitcoin space, such as MicroStrategy (MSTR), Square (SQ), Riot Blockchain (RIOT), PayPal (PYPL), and CME (CME) among others.
The product would give investors a new avenue to pursue exposure to Bitcoin without buying bitcoin themselves.
Despite the telling name, JPMorgan states in the filings that "the notes do not provide direct exposure to cryptocurrencies and the performance of the Basket may not be correlated with the price of any particular cryptocurrency, such as bitcoin."
The developments come after JPMorgan recently sent a report to clients of its JPMorgan Private Bank, which included educational material on Bitcoin and cryptocurrencies.
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