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Stocks of Bitcoin: JPMorgan offers BTC exposure, an ETF in sheep’s clothing

JP Morgan bunched proxy crypto stocks to give skeptical investors exposure to the crypto economy.
Cryptocurrency adoption has been penetrating the mainstream at an exponential rate. While most investors are going straight into buying the likes of Bitcoin (BTC) and Ether (ETH), a few skeptical investors want to invest in the cryptocurrency economy without exposure to tokens’ volatility directly. This volatility is evident in the recent all-time high Bitcoin of around $61,700 reached on March 14, before dropping to trading in the $56,000 range and then rising to around $59,000 at the time of publication. Bitcoin’s market capitalization has now surpassed that of Visa and Mastercard combined.For the overly cautious investors, JP Morgan recently announced its Cryptocurrency Exposure Basket, or CEB, a debt instrument portfolio consisting of 11 stocks. These stocks are either companies that hold Bitcoin as a treasury asset or companies in industries complementary to the cryptocurrency industry. However, the efficiency of such a basket of stocks when compared to Bitcoin remains to be seen. Ben Weiss, president and chief operating officer of CoinFlip — a company running Bitcoin ATMs — told Cointelegraph that this “strategy is viable,” adding: “JP Morgan’s cryptocurrency exposure makes sense for people who want to invest in blockchain and cryptocurrencies traditionally without the volatility of cryptocurrency.”The CEB contains an unequally weighted basket of reference stocks. It allocates 20% to MicroStrategy and 18% to Square. Both of these organizations are led by prominent Bitcoin bulls, Michael Saylor and Jack Dorsey, respectively. More importantly, both companies own Bitcoin as a …
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