Based on available reports, JPMorgan has now decided to allow its wealthy clients borrow against spot Bitcoin ETFs, one of the most direct integrations of digital assets into traditional finance by a US bank. As reported by Bloomberg on June 4, the bank is rolling out the service globally across its wealth management and trading divisions.
Despite CEO Jamie Dimon’s continued skepticism towards the underlying tech, this bridges the gap between crypto and traditional finance as an institutional recognition of Bitcoin.
Bitcoin ETFs Join Real Estate and Stocks as Acceptable Collateral
The structure is quite simple, JPMorgan will allow clients to use shares of spot Bitcoin ETFs (starting with BlackRock’s iShares Bitcoin Trust (IBIT)) as collateral when applying for loans. The service is aimed at the bank’s ultra-high net worth individuals, many of whom already have notable crypto exposure through ETFs.
According to sources, JPMorgan’s financial advisors will now include crypto ETFs in net worth assessments, treating them the same as traditional secured assets like real estate, publicly traded stocks and even luxury cars.
This is big given the long hesitation of major US banks to offer crypto-backed credit services. Previously, the volatility of digital assets and unclear regulations had made many financial institutions wary of including them in risk-sensitive areas like secured lending.

IBIT Leads the Way, Expansion Expected
For now, JPMorgan’s crypto-collateralisation program will start with IBIT, the largest US-based spot Bitcoin ETF. Launched in 2024, IBIT has seen massive adoption, with over $40.5 billion in inflows and over $70.1 billion in AUM.
Given IBIT’s lower volatility compared to direct crypto holdings and its transparent structure, it’s a lower risk way for banks to get into Bitcoin. Sources say other ETFs could be added to the program depending on client uptake and internal risk assessments.
This is in line with industry sentiment that asset-backed financial products tied to Bitcoin are emerging as the preferred way for institutional-grade exposure to crypto.
From Dimon’s Doubts to Desk-Level Deployment
JPMorgan has changed its tune on Bitcoin. It’s no news that CEO Jamie Dimon had always been vocal about his dislike of crypto, calling it a “fraud” in 2017 and repeating his skepticism in recent years. However, current reports have it he has also acknowledged customer interest.
Most recently, he said he’s still not convinced by crypto but the bank will “defend people’s right to buy Bitcoin” and will meet demand pragmatically.
Crypto Now Counts in Net Worth Calculations
One of the most under-the-radar changes from JPMorgan is that crypto will now be included in net worth and liquidity assessments. Internal documents show advisors will now factor in Bitcoin ETF holdings when evaluating a client for various financial products, including credit lines and investment leverage.
This changes how crypto is treated in the legacy banking system. Where crypto was previously considered speculative and excluded from formal wealth analysis, JPMorgan’s new model is basically treating it as blue-chip stocks, bonds and real estate.
For high-net-worth individuals with millions in crypto, this may unlock access to capital that was previously unavailable without liquidating crypto positions.
Institutional Bitcoin Integration Goes Mainstream
Bitcoin adoption has surged in 2025 with public companies adding BTC to their balance sheets and pension funds getting indirect exposure via ETFs. BlackRock, Fidelity and Invesco have seen strong demand for their spot Bitcoin products and how investors approach crypto allocation.

This institutional wave has been driven by regulatory clarity, especially after the SEC approved multiple spot Bitcoin ETFs earlier this year. By reducing custody risks and enabling standard brokerage access, ETFs have removed several structural barriers that kept Bitcoin out of traditional portfolios.
Conclusion: A New Frontier in Bitcoin-Backed Finance
By offering credit lines against spot BTC ETFs, JPMorgan is serving client demand and also legitimizing digital assets in private wealth strategy. Despite Jamie Dimon’s reservations, JPMorgan has now joined the growing list of legacy institutions recalibrating their crypto stance.
The implications go beyond loans; the inclusion of crypto in net worth calculations means Bitcoin may now be part of the financial architecture of tomorrow.
FAQs
What’s JPMorgan’s new crypto lending program?
JPMorgan will allow its wealthy clients to use spot Bitcoin ETFs, starting with BlackRock’s IBIT, as collateral for loans across its trading and wealth management arms.
Why BlackRock’s iShares Bitcoin Trust (IBIT) first?
IBIT is the largest and most liquid spot Bitcoin ETF, with over $70 billion in assets. Its structure and scale make it the safest first choice for credit collateral.
Will crypto holdings be included in net worth assessments?
JPMorgan will include Bitcoin ETF positions in net worth and liquidity calculations, just like stocks or real estate.
Is Jamie Dimon still anti-Bitcoin?
Dimon remains a crypto skeptic but has acknowledged the bank’s duty to meet client demand. JPMorgan’s new lending program is a pragmatic move.
Can other ETFs or crypto assets be used as collateral?
Only IBIT is eligible for now. But JPMorgan may add other ETFs in the future depending on market conditions and client adoption.
Glossary
Bitcoin ETF: An exchange-traded fund that tracks the price of Bitcoin, so you can invest in BTC through regulated financial markets.
Collateralized Loan: A loan that’s secured by an asset—in this case, a Bitcoin ETF—that the lender can take if you default.
Net Worth Assessment: A financial calculation that’s your total assets minus liabilities, which banks use to determine creditworthiness.
IBIT (iShares Bitcoin Trust): BlackRock’s spot Bitcoin ETF, currently the biggest by inflows and assets.
Wealth Management Division: A part of the bank that offers financial services and investment strategies for high net worth individuals.