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- Zafar Naik
Zafar Naik
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 26, 2025 11:21 UTC
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JPMorgan Files New Bitcoin Note Offering 1.5x Gains Through BlackRock’s IBIT
JPMorgan has filed a new Bitcoin structured note tied to BlackRock’s IBIT ETF, designed around the 2026-2028 halving cycle.
The product offers a minimum 16% return in 2026 or 1.5x uncapped gains if extended to 2028.
JPMorgan now says Bitcoin is emerging as a tradable macro asset class.
JPMorgan has taken a surprising leap back into Bitcoin – this time with a leveraged structured note tied directly to BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest BTC ETF.
The filing, made this week with U.S. regulators, arrives just days after the bank criticized MicroStrategy, faced boycott calls over alleged crypto debanking, and pushed MSCI to consider excluding Bitcoin-heavy companies from major indexes.
Now, the same institution is rolling out a product built to ride Bitcoin’s next major cycle.
JPMorgan Unveils IBIT-Linked Note Built Around the Halving Cycle
The structured note mirrors Bitcoin’s well-known four-year pattern: weakness two years after a halving, followed by renewed strength heading into the next one. With the last halving in 2024, JPMorgan is effectively positioning investors for a potential dip in 2026 and a surge in 2028.
According to the filing, if IBIT hits or exceeds a preset price by December 2026, the bank will call the note and pay a minimum 16% return. But if IBIT stays below that level, the note extends to 2028 and the payoff becomes far more aggressive.
Investors would earn 1.5x whatever gains IBIT delivers by the end of that year, with no cap on upside.
High Rewards, High Risk
The note also includes partial downside protection. Investors recover their principal in 2028 as long as IBIT doesn’t fall more than 30%. But once that threshold breaks, losses mirror the decline.
JPMorgan warns that holders could lose over 40%, or even their entire investment, if Bitcoin collapses during the period.
A Sharp Reversal in Tone From JPMorgan
The launch comes amid a rapid shift in messaging from the bank. JPMorgan now says crypto is evolving into a “tradable macro asset class” driven by institutional liquidity rather than retail speculation.
ETF inflows reinforce that story: Bitcoin, Ethereum, Solana, and XRP have all posted strong net inflows despite a 30% market drawdown since October.
What This Means for the Market
The product signals that Wall Street’s biggest players are preparing for the next major Bitcoin cycle even as broader market conditions remain fragile.
Whether JPMorgan’s pivot marks a turning point will depend on whether BTC can reclaim momentum heading into 2026.
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FAQs
It’s a leveraged investment tied to BlackRock’s IBIT ETF, offering preset returns in 2026 or boosted gains if held until 2028.
The note aims to benefit from Bitcoin’s typical dip two years post-halving and potential strength leading into the next cycle.
It offers partial downside protection, but a drop over 30% can lead to significant losses, including full capital loss.
The bank says crypto is becoming a macro asset class and is positioning early for the next potential Bitcoin cycle.
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