JPMorgan Embraces Bitcoin with New Actively Managed Fund Despite CEO’s Past Skepticism
In a significant shift toward cryptocurrency adoption, JPMorgan Chase, the world’s largest bank by market capitalization, has announced the launch of an actively managed Bitcoin fund. This strategic move comes despite CEO Jamie Dimon’s historical skepticism, including his infamous "fraud" remark about Bitcoin. The fund will be custodied by NYDIG, a leading digital asset custodian, signaling institutional confidence in Bitcoin’s future. As of May 21, 2025, Bitcoin’s price stands at 107,752.64 USDT, reflecting the growing mainstream acceptance of digital assets. This development underscores the increasing demand for cryptocurrency investment vehicles among traditional finance clients, even as regulatory and market uncertainties persist.
JPMorgan to Offer Actively Managed Bitcoin Fund, Custodied by NYDIG
JPMorgan Chase, the world’s largest bank by market capitalization, is making a strategic pivot toward cryptocurrency adoption. The institution will now provide clients access to a Bitcoin fund—actively managed in-house, with custody handled by NYDIG. This move comes despite CEO Jamie Dimon’s well-documented skepticism toward Bitcoin, which he once labeled a "fraud."
Dimon’s concession—"customers deserve the right to choose"—signals a watershed moment for institutional crypto acceptance. The announcement during JPMorgan’s investor day underscores a calculated embrace of demand, even when it conflicts with executive sentiment. With $4 trillion in assets under management, the bank’s endorsement carries tectonic weight for market legitimacy.
Bitcoin Nears All-Time High as Technicals Signal Imminent Breakout
Bitcoin stands just 3% away from reclaiming its all-time high, with market structure suggesting an imminent bullish breakout. The cryptocurrency has decisively flipped its 21-day exponential moving average from resistance to support—a critical technical milestone that historically precedes sustained upward movements.
Market momentum appears overwhelmingly positive as BTC establishes a pattern of higher highs and higher lows. This structural strength, combined with the key moving average confirmation, creates what technical analysts describe as an ’ideal setup’ for new record prices. The current price action mirrors previous breakout patterns that led to significant rallies.
Blackstone Makes First Crypto Move With $1M Bitcoin ETF Purchase
Blackstone has broken new ground with its maiden foray into cryptocurrency investments, allocating $1.08 million to bitcoin exchange-traded funds. The alternative asset manager acquired 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF through its Alternative Multi-Strategy Fund, alongside 9,889 shares of ProShares Bitcoin ETF valued at $181,166.
This strategic allocation represents less than 1% of Blackstone’s $1.2 trillion assets under management as of March 31, but signals a notable shift for a firm that historically avoided direct crypto exposure. The MOVE mirrors growing institutional acceptance of digital assets as legitimate portfolio components.
Texas Advances Bitcoin Reserve Bill with Bipartisan Support
The Texas House of Representatives has taken a significant step toward establishing a state-managed Bitcoin reserve, passing Senate Bill 21 with a decisive 105-23 vote. The bipartisan support underscores growing institutional acceptance of cryptocurrency as a treasury asset.
A key amendment by Representative Linda Garcia extended the required market capitalization period for crypto assets from 12 to 24 months, signaling a more conservative approach to eligibility. The bill specifically excludes the reserve from the state treasury framework, creating a novel structure for digital asset management at the governmental level.
This legislative movement positions Texas at the forefront of state-level Bitcoin adoption in the U.S., potentially creating a blueprint for other states to follow. The extended capitalization requirement reflects lawmakers’ emphasis on stability when considering crypto assets for official reserves.
Bitcoin Surges to $108K, Triggering $248M in Liquidations
Bitcoin’s rally to $108,010 sparked a cascade of liquidations, wiping out $248 million in derivatives positions. The cryptocurrency climbed 2.83% from its intraday low of $102,135, settling at $106,769 as volatility shook weak hands from the market.
Nearly 90,000 traders faced liquidation, with short sellers bearing the brunt at $132.3 million versus $115.8 million for longs. The most violent 12-hour period saw $114.19 million evaporate—45% of the day’s total carnage. Bybit recorded the single largest blow: a $1.97 million BTC-USDT trade annihilated in the frenzy.
