JPMorgan Chase has designed a new debt instrument that provides investors directly exposure to a handbasket of crypto-focused companies, co-ordinate to a new filing with the United States Securities and Exchange Commission, or SEC.

JPMorgan'due south Cryptocurrency Exposure Basket (Mar 2021) is described as an "unequally weighted basket consisting of 11 Reference Stocks of U.South.-listed companies" that operate businesses direct and indirectly related to cryptocurrencies.

The instrument allocates twenty% to MicroStrategy, the data analytics house with 91,064 BTC on its remainder sheet. It likewise provides direct exposure to Square (18%) and Anarchism Blockchain (fifteen%), two companies with significant exposure to Bitcoin. Nvidia Corporation and PayPal Holdings each account for 15% of the basket.

Avant-garde Micro Devices, Taiwan Semiconductor Company, Intercontinental Commutation, CME Group, Overstock.com and Silvergate Uppercase are likewise included in the basket.

The prospectus states:

"The weights of the Reference Stocks were determined based in part on exposure to Bitcoin, correlation to Bitcoin and liquidity."

JPMorgan says payouts are based on how the basket of companies performs. The minimum investment is $1,000 with a maturation appointment of May 2022.

The new product represents ane of many ways institutional investors can gain access to the high-flight cryptocurrency market. Wall Street is already flocking to digital currencies, which largely explains the strong price support underlying Bitcoin. The flagship digital currency traded as high as $54,888 on Tuesday, according to TradingView.

If the recently launched Purpose Bitcoin exchange-traded fund is anything to go past, traditional investors accept a strong appetite for digital assets. The Canadian ETF saw nearly $100 million in volume during its debut earlier this month, putting it on track to exceed $ane billion in assets later the starting time week.