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Anthony Scaramucci, the founder of SkyBridge Capital, highlighted on Wednesday the significance of JPMorgan Chase & Co.'s (NYSE:JPM) move to offer a Bitcoin (CRYPTO: BTC)-backed bond.
In an X post, Scaramucci hailed it as a “huge” milestone and wondered why there hasn’t been much talk about it.
“I don't think people are fully understanding how huge it is that JP Morgan is now offering a Bitcoin back Bond,” the Bitcoin bull said.
This remark comes days after the banking giant filed to offer structured notes tracking the price of the iShares Bitcoin Trust ETF (NASDAQ:IBIT).
The notes are designed for investors who seek an uncapped return of 1.50 times any increase in the Fund's value at maturity, according to an SEC filing. The vehicle also allows an early exit before maturity if IBIT trades at a price equal to or greater than the preset price in December 2026.
A structured note is a hybrid security that combines elements of debt and derivatives into a single financial product. Find out more about the investment here.
As of this writing, IBIT stands as the largest cryptocurrency-based fund, with assets under management in excess of $67 billion, according to SoSo Value.
Interestingly, Eduardo, an X user, disagreed with Scaramucci’s claim that the offering was a Bitcoin-backed bond, instead defining it as a “Bitcoin-beta note” with hedging.
Notably, JPMorgan CEO Jamie Dimon has been a vocal critic of Bitcoin, calling it a "pet rock." Despite this criticism, he has indicated support for client liberty in digital asset investing.
Last month, Dimon acknowledged that cryptocurrency, blockchain and stablecoins are “real” and are now widely embraced.
Price Action: At the time of writing, BTC was trading at $91,092.82, up 3.73% over the last 24 hours, according to data from Benzinga Pro.
Shares of JPMorgan were up 0.31% in after-hours trading. The stock closed 1.53% higher at $307.64 during Wednesday’s regular trading session.
JPM ranked high on the Momentum and Growth metrics, but lagged on the Quality indicator. For similar information on other big banking stocks, check out the Benzinga Edge Stock Rankings.
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Photo courtesy: Al Teich / Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
