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JPMorgan to Launch Exposure Basket for Crypto-Focused Public Companies

Financial services giant JPMorgan Chase & Co filed a prospectus with the United States Securities and Exchange Commission (SEC) to launch a new debt instrument tied to crypto-related companies. 
JPM’s New Crypto-Related Investment Initiative
According to the prospectus filed with the SEC, the debt instrument dubbed J.P. Morgan Cryptocurrency Exposure Basket will enable investors to allocate funds in a basket of crypto-focused companies. Some of those names include Michael Saylor’s MicroStrategy, which holds over $4.5 billion in BTC, Jack Dorsey’s Square, and Riot Blockchain.  
At the moment, investors would have access to 11 Reference Stocks of U.S.-listed companies that are directly and indirectly involved in crypto businesses.  
The companies are selected based on their bitcoin holdings, crypto technology, BTC trading, digital payments, and mining products.  
As per the filing, the estimated value of the notes would be priced at approximately $984.00 per $1,000 principal amount note. However, investors would have to pay a 1.5% deduction fee on its maturity date slated for May 5, 2022.  
JPMorgan Chase & Co. Source: CityAMJPMorgan Investing Tool To Lure More Buyers
Interestingly, this is the first time JPMorgan will be issuing notes based on the performance of crypto-related companies. 
The move comes on the heels of the massive interest in cryptocurrencies from institutional players, as the asset class continues to rally ahead of other traditional financial instruments.
Since late last year to date, the 11 companies on JPMorgan Cryptocurrency Exposure Basket have directly invested in Bitcoin (BTC) and have gotten a significant amount of profit. 
While investors who …
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