Odaily News JPMorgan has submitted a proposal to regulators for a leveraged structured note product linked to the BlackRock's iShares Bitcoin Trust (IBIT) ETF. This product will allow investors to bet on the future price of Bitcoin. According to the prospectus, if by December 21, 2026, the price of the IBIT ETF is equal to or higher than the preset price, JPMorgan will redeem the note early, with each note (priced at $1,000) paying at least $160. However, if the price is below the preset price at that time, the note will continue to be held until 2028. In this case (if approved by the SEC), investors will be able to obtain a return of 1.5 times the rise in the price of Bitcoin, potentially leading to “unlimited” substantial returns. This means that if Bitcoin skyrockets by 2028, the amplified gains will be significant. However, the document also notes that if the price of Bitcoin falls sharply (40% or more), investors will lose most of their initial investment. JPMorgan warns that Bitcoin has historically exhibited higher price volatility compared to traditional asset classes and may continue to experience extreme fluctuations. Bloomberg ETF analyst James Seyffart stated that it is “very common” for banks to perform such operations on “any asset you can think of.” (decrypt)
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