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JP Morgan Builds Basket Of Companies With Bitcoin Exposure

MicroStrategy shares skyrocketed alongside the parabolic Bitcoin rally as investors rushed to gain exposure to the trending cryptocurrency any way they could. Banking on this demand, JP Morgan is planning to introduce a new investment product that is a basket of companies with some type of cryptocurrency market exposure.
Here’s a deeper look at what this new investment product from JP Morgan could entail according to an SEC filing, as well was what this could mean for the cryptocurrency industry.
JP Morgan Files With SEC To Build Crypto Exposure Basket Investment Product
This morning, news broke that JP Morgan had filed with the SEC its intention to create a new investment product that is essentially a weighted basked of companies with cryptocurrency exposure. The product is designed to provide investors with exposure to the highly volatile asset class indirectly, through companies that either hold BTC as part of their corporate treasury strategy, or whose revenue is tied to the crypto industry in some way.
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To little surprise, the Michael Saylor-led MicroStrategy makes up the largest share of the basket at 20%, with Square Inc, Riot Blockchain, and Nvidia making up 18%, 15%, and 15% respectively. The remaining 32% of the basket is comprised of the likes of AMD, PayPal, and CME Group, which each have ties to Bitcoin in various capacities.
MicroStrategy, Square, and PayPal’s entry into crypto are what sparked the initial bull market breakout, and the leading cryptocurrency has never …
Story continues on Bitcoinist

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