When JPMorgan Chase & Co. (JPM) quietly filed paperwork to offer Bitcoin-linked structured notes, most of Wall Street shrugged. Anthony Scaramucci, founder of SkyBridge Capital, thinks that's a mistake. He took to X this week to flag what he considers a massive development that's flying under the radar.
Why Scaramucci Thinks This Matters
"I don't think people are fully understanding how huge it is that JP Morgan is now offering a Bitcoin back Bond," the longtime Bitcoin advocate wrote. It's the kind of institutional embrace that crypto enthusiasts have been waiting for, coming from America's largest bank no less.
The timing matters. Just days before Scaramucci's post, JPMorgan filed with the SEC to launch structured notes that track the price of the iShares Bitcoin Trust ETF (IBIT). These aren't your standard debt instruments.
What JPMorgan Is Actually Offering
The structured notes are designed for investors hunting upside with a twist. According to the SEC filing, they deliver an uncapped return of 1.50 times any increase in the fund's value at maturity. Think of it as leveraged Bitcoin exposure wrapped in a bank product.
There's also a built-in escape hatch. Investors can trigger an early exit before maturity if IBIT trades at or above a preset price by December 2026. Structured notes blend debt and derivatives into a single package, giving investors a way to play Bitcoin's moves without directly holding the cryptocurrency.
The iShares Bitcoin Trust ETF itself has become a heavyweight in the crypto world. As of now, it manages more than $67 billion in assets, making it the largest cryptocurrency-based fund available, according to SoSo Value data.
Not everyone agrees with Scaramucci's framing. An X user named Eduardo pushed back, arguing that calling this a "Bitcoin-backed bond" isn't quite right. He described it instead as a "Bitcoin-beta note" with hedging, a technical distinction that speaks to how these products actually work under the hood.
The Jamie Dimon Contradiction
Here's where it gets interesting. JPMorgan CEO Jamie Dimon has spent years bashing Bitcoin, most memorably calling it a "pet rock." Yet his bank is now rolling out products that give clients exposure to the very asset he's criticized.
Dimon's stance has softened somewhat. Last month, he acknowledged that cryptocurrency, blockchain, and stablecoins are "real" and have achieved widespread adoption. Despite his personal skepticism, he's signaled support for letting clients make their own decisions about digital asset investing.
It's a classic example of institutional pragmatism. The CEO might not believe in Bitcoin, but the bank recognizes client demand and isn't about to leave that business on the table.
Market Reaction
At the time of writing, Bitcoin was trading at $91,092.82, up 3.73% over the previous 24 hours. JPMorgan shares climbed 0.31% in after-hours trading after closing the regular session up 1.53% at $307.64.
The stock scores well on momentum and growth metrics, though it lags on quality indicators. For investors tracking how traditional finance continues to inch closer to crypto, this move from JPMorgan represents another data point in what's becoming an undeniable trend.