Overview
- The proposed structured notes tie payouts to BlackRock’s iShares Bitcoin Trust with 1.5x participation in gains and losses, include an automatic call on December 21, 2026, and otherwise run to 2028.
- If the preset level is met in 2026, investors receive at least $160 per $1,000 note for roughly one year; if not called, the notes continue with leveraged upside to maturity.
- The product is not principal-protected, with coverage describing a limited downside buffer and heavy losses if IBIT falls beyond a reported 30%–40% threshold.
- JPMorgan designed the notes to provide bitcoin-linked exposure via the ETF while hedging internally through derivatives and ETF positions, avoiding direct crypto custody.
- The filing remains at the prospectus stage with distribution details pending, as the bank simultaneously expands crypto-collateral lending programs and faces mixed reactions, including praise from Anthony Scaramucci and backlash tied to reported account closures for Strike CEO Jack Mallers.