The pioneer crypto asset moved close to its all-time high amid significant institutional activity in the Bitcoin market.
JPMorgan CEO Jamie Dimon stated that although his bank will not hold Bitcoin itself, it will soon allow its customers to purchase it.
At JPMorgan’s annual investor day on May 19, Dimon declared:
“We are going to allow you to buy it. We will not take custody of it. It will be included in client statements.”
Dimon also reiterated his long-standing mistrust of cryptocurrency assets, citing their use in terrorism, sex trafficking, and money laundering.
“I support your right to smoke, even though I don’t think you should. I support your right to purchase Bitcoin,” he added.
According to sources familiar with the matter, CNBC reported that JPMorgan will provide its clients with access to Bitcoin exchange-traded funds (ETFs).
Until now, the company’s exposure to cryptocurrency has been mostly restricted to futures-based products rather than direct ownership of digital assets.
Morgan Stanley, a rival of JPMorgan, has already taken steps to offer spot Bitcoin ETFs to eligible customers. Since their launch in January 2024, spot Bitcoin ETFs have seen substantial adoption in the U.S., with total inflows nearing $42 billion.
Dimon has long expressed skepticism about Bitcoin, calling it “worthless” during the 2021 cryptocurrency boom and describing it as a scam he had no interest in purchasing back in 2018.
“I’ve always had strong feelings against cryptocurrency, Bitcoin, etc.,” he said in 2023 during a Senate Banking Committee hearing. “Criminals, drug traffickers, money laundering, and tax evasion are the only real use cases for it.”
Institutional Bitcoin Buying Hits Record High
Strategy, the business intelligence software company founded by Michael Saylor, has expanded its Bitcoin holdings to 576,230 BTC following its latest acquisition. The announcement on Monday followed Metaplanet’s recent purchase, the second-largest in its Bitcoin-focused history.
- The publicly listed American company increased its Bitcoin holdings from 7,390 BTC to 576,230 BTC, acquired for about $40 billion at an average price of just under $70,000 per coin. With Bitcoin trading around $106,000 at the time of publication, Strategy now holds an unrealized profit exceeding $19 billion.
- The week also began with another notable purchase: Metaplanet, the largest corporate Bitcoin holder in Asia, announced the acquisition of an additional 1,004 BTC. It now holds over 7,800 BTC, valued at more than $800 million. In its Q1 report, Metaplanet stated that revenue reached its highest level in its 20-year history—nearly 90% of which came from its Bitcoin strategy.
Ukraine is drafting legislation to create a strategic national Bitcoin reserve. This initiative, currently in the planning phase, is being developed in collaboration with Binance, a leading international cryptocurrency exchange. If adopted, the initiative could mirror El Salvador’s approach, enhancing legitimacy, regulatory clarity, and long-term investor confidence in sovereign Bitcoin adoption.
- In another bullish signal, DDC Enterprise Ltd.—a cross-border consumer brand and e-commerce company operating between China and the United States—announced plans to adopt Bitcoin as a strategic reserve asset.
- In a letter to shareholders, founder and CEO Norma Chu outlined an initial purchase of 100 BTC, with plans to accumulate 500 BTC over the next six months and 5,000 BTC over the following 36 months to underscore the company’s long-term commitment to Bitcoin as a treasury management tool.
- Ecoinometrics noted that in times of uncertainty, capital naturally flows to assets perceived as safe havens—such as gold and Bitcoin. According to CryptoQuant’s latest report, investor inflows into Bitcoin remain consistent.
Bitcoin’s push above the $105,000 resistance line could pave the way toward a target of $107,757 and potentially new all-time highs. Notably, much of the recent capital accumulation has come from large holders. Over the past 10 days, addresses in the 1,000 BTC UTXO value band increased their combined holdings by 122,540 BTC.
Institutional interest remains uneven, but BlackRock’s ETF is the only major fund to have increased its Bitcoin holdings during this period, adding 10,302 BTC (a 1.66% increase) to reach a total of 631,902 BTC. Other funds have either reduced exposure or held steady.
