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[Blockchain Today Reporter Park Yohan] According to the investment prospectus submitted by JPMorgan Chase to the US Securities and Exchange Commission (SEC), the company plans to launch a’basket’ product linked to the stocks of listed companies focusing on cryptocurrency to investors, Cointelegraph Reported.
This product will allocate 20% to MicroStrategy, a data analytics company that holds 91,064 BTC, and Square (18%), Riot Blockchain (15%), NVIDIA (15%), PayPal (10%), etc. It plans to invest in 11 corporate securities. Advanced Micro Devices, a Taiwanese semiconductor company, InterContinental Exchange, CME Group, Overstock.com and Silvergate Capital are also included in the basket.
JPMorgan said at a business briefing that “the weight of the reference stock was determined based on the exposure of bitcoin and the correlation between bitcoin and liquidity,” and that the dividend is determined according to how the company’s basket is carried out. The minimum investment amount is $1,000, and the maturity date is May 2022.
This new product is one of the many ways institutional investors can access the burgeoning cryptocurrency market. The fact that Wall Street already uses digital currencies explains the high price Bitcoin is based on. According to TradingView, digital currencies of up to $54,888 were traded on the 9th.
Looking at the recently launched Purpose Bitcoin trading fund, existing investors appear to have a strong desire for digital assets. The Canadian ETF recorded nearly $100 million in its first debut earlier this month, with assets expected to exceed $1 billion after the first week.