MicroStrategy shares skyrocketed alongside the parabolic Bitcoin rally as investors rushed to gain exposure to the trending cryptocurrency any way they could. Banking on this demand, JP Morgan is planning to introduce a new investment product that is a basket of companies with some type of cryptocurrency market exposure.
Here’s a deeper look at what this new investment product from JP Morgan could entail according to an SEC filing, as well was what this could mean for the cryptocurrency industry.
JP MORGAN FILES WITH SEC TO BUILD CRYPTO EXPOSURE BASKET INVESTMENT PRODUCT
MicroStrategy, Square, and PayPal’s entry into crypto are what sparked the initial bull market breakout, and the leading cryptocurrency has never looked back, growing from $200 billion to $1 trillion in market cap.
MicroStrategy shares have performed nearly as well as Bitcoin, prompting such demand | Source: MSTR on TradingView.com
BITCOIN QUICKLY BECOMING THE CORPORATE TREASURY ASSET OF CHOICE
These tech brands aligning themselves with the cryptocurrency industry is not only benefiting them by boosting company revenues and treasury reserve balance sheets, but it is bringing added attention to the companies involved.
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Not only could this change the shape of JP Morgan’s product in the future, as more and more corporations pile into Bitcoin, it could be the catalyst that sends the price per coin to hundreds of thousands, if not more.
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