JP Morgan is designing a new tool that offers investors the possibility of direct exposure to a “basket” consisting of companies active in the cryptocurrency market, while bitcoin reaches $55.000. In fact, the bank made the relevant request to the US Securities and Exchange Commission (SEC).
According to what is known, the “basket” consists of 11 shares of companies listed on the American stock exchange, which deal with cryptocurrencies.
In terms of how they are distributed, MicroStrategy, whose budget consists of 91.64% of crypto assets, occupies 20% of the “basket”. The company of Twitter founder Jack Dorsey, Square, and Riot Blockchain with 18% have a 18% stake. PayPal and Nvidia Corporation occupy 15%.
Advanced Micro Devices, Taiwan Semiconductor Company, Intercontinental Exchange, CME Group, Overstock.com and Silvergate Capital are also included in the package.
JP Morgan says the payments will be based on how the companies’ basket is delivered. The minimum investment is $1.000, with an expiration date of May 2022. The new product represents one of the many ways in which institutional investors can access the crypto currency market. Wall Street is already concentrating on digital currencies, which explains the strong support for Bitcoin prices. The flagship digital currency reached $54.888 on Tuesday, March 9.