According to a SEC document, JPMorgan will be launching a crypto-backed stocks investment basket. The Wall Street giant will be providing its clients with indirect cryptocurrency exposure into several major companies whose investment into the digital coin industry, most notably with Bitcoin, has been exploding over the last couple of months.
The SEC document entitled “Insight Notes Linked to the J.P. Morgan Basket of Companies with Exposure to Cryptocurrency,” discloses that the offered investment basket will include a total of 11 companies:
MicroStrategy, which is currently very interested in the Bitcoin boom, will cover 20% of the basket. Following is Square with 18%, and Riot Blockchain with 15%. Next is NVIDIA with 15% as well. The rest of the percentages will be divided between the following companies: PayPal, Curv (a recent startup), AMD, TSMC, Intercontinental Exchange, CME Group, Silvergate, and Overstock.
The investment notes offered by JPMorgan will require a minimum deposit of $1000. The payout will be according to the basket frims’ performance on the market. There is also a 1.5% management commission. Furthermore, the bank wants to emphasize that the products of investment, as part of the basket plan, do not have a direct tie to the cryptocurrencies they represent, thus the performance of the investments will not mirror the digital coins’ market performance.