After years of bashing and criticizing bitcoin and the rest of the cryptocurrency market, Jamie Dimon’s JPMorgan Chase & Co. appears a lot more positive toward the industry, and the latest push will reportedly allow institutional clients to use BTC and ETH as collateral for loans.

The Bloomberg report indicated that the crypto-related program will be offered globally and will rely on a third-party custodian to safeguard the assets.

Recall that such speculations first emerged earlier this summer when the Financial Times revealed the initiative could launch in 2026. However, those rumors were met with significant doubt, given Dimon’s previous stance against the industry.

The CEO has a rich history of criticising the largest cryptocurrency by market cap. Some of his most colorful categorizations include calling bitcoin a “decentralized Ponzi scheme” and alleging that only criminals use it.

However, his stance softened in the past few years, especially since Donald Trump’s presidential election victory in late 2024 and the subsequent regulatory change in the country. Although he remained a skeptic, Dimon said he would defend people’s right to buy bitcoin.

JPMorgan is far from the first giant US banking institution to join the cryptocurrency craze. Morgan Stanley and BNY Mellon have been active participants for a long time, while other former naysayers like Standard Chartered have gradually changed their public views as well in recent years.

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