JPMorgan Chase is reportedly preparing to roll out lending services backed by Bitcoin and Ethereum holdings in 2026, according to sources cited by the Financial Times. If finalized, the move would position the Wall Street heavyweight among the first major U.S. banks to formally integrate crypto assets into its lending portfolio.
The proposed offering would enable clients to use BTC and ETH as collateral for loans, a major step toward legitimizing digital assets in traditional credit markets. This development builds on the bank’s June announcement that it would permit select clients to borrow against crypto exchange-traded funds, beginning with BlackRock’s iShares Bitcoin Trust.
FT reporting JPM is going to let clients borrow against crypto, likely to include BTC and ETH
a big shift as the bank has been notoriously pro-blockchain but anti-crypto
but as a GSIB and Prime Broker, they can’t afford not to play in crypto given new regulatory easing in the… pic.twitter.com/jeA75rKEX3
— DCinvestor (@iamDCinvestor) July 22, 2025
Driving this pivot is a changing regulatory environment. Under the Trump administration, new policies have provided clearer guidance for crypto assets, encouraging more institutional players to explore blockchain-based financial products. In response, JPMorgan is reportedly planning to expand lending access to other crypto-linked funds, with a particular focus on high-net-worth clients.
While the shift marks a significant policy change, it also reflects a notable evolution in internal leadership attitudes. CEO Jamie Dimon, who once infamously called Bitcoin a “fraud” and threatened to fire employees for trading it, has recently moderated his stance. He now concedes that stablecoins are “real” and has confirmed the bank’s involvement in both deposit tokens and private stablecoin initiatives.
Internally, the bank still faces technical challenges. Key among them is the issue of custody and asset recovery in the event of default, a complication that must be addressed before crypto-backed lending can scale securely.
Nonetheless, the company is advancing. Dimon revealed that JPMorgan will soon allow clients to buy Bitcoin through its platform, although it will not offer custody services. Combined, these initiatives signal a strategic transformation as JPMorgan moves to meet rising demand and position itself in the maturing digital asset ecosystem. Dimon reiterated his skepticism about Bitcoin: “I would never buy Bitcoin personally.”
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