Jamie Dimon once called Bitcoin a “pet rock” and a “fraud.” Now, his trading desk is wrapping it in a bow and selling it to the ultra-wealthy.

By launching an ”Auto Callable Accelerated Barrier Note“ linked to BlackRock’s iShares Bitcoin Trust (IBIT), they are structurally transforming it into a yield-bearing, volatility-dampened instrument for the country club set. [RELEASE]

Download the PDF

Subscribe now

Today’s Market Signals

  • NYT publishes puff piece on stablecoins. Link

  • CFTC announces pilot program for Bitcoin to be used as collateral in derivatives markets. Link

  • Berstein: “We are moving our 2026E Bitcoin price target to $150,000, with the cycle potentially peaking in 2027E at $200,000.” Link

  • BlackRock Files for Ethereum Staking ETF. Link

What happened

JPMorgan Chase issued structured notes linked to the performance of BlackRock’s iShares Bitcoin Trust (IBIT). This is explicitly engineered around the 2024–2028 Bitcoin halving cycle, combining an early‑call coupon profile in 2026 with leveraged upside and limited downside protection into 2028.

Deconstructing the JPMorgan IBIT Note:

JPMorgan has asked the SEC to approve a bond whose payout depends on the performance of IBIT.

This is a sophisticated structured product engineered around the 2024–2028 halving cycle.