JPMorgan is rolling out a complex new structured note designed for investors who want to bet on a very specific Bitcoin price path, one where BlackRock’s Bitcoin ETF (IBIT) declines over the next year, then rebounds sharply by late 2028. The bank filed the prospectus with the U.S. Securities and Exchange Commission on November 25, 2025, marking one of Wall Street’s most unconventional crypto-linked investment products to date.
A High-Risk, High-Complexity Bet on Bitcoin’s Path
The note gives investors exposure to two distinct scenarios:
- •Short-term decline: Enhanced upside potential, without a formal cap, if IBIT drops during the first year.
- •Long-term recovery: Strong upside if IBIT later rallies into December 2028, when the note matures.
The structure is designed for investors who believe Bitcoin (via IBIT) could face near-term pressure but will ultimately appreciate over a multi-year horizon.
How the Payout Works
The note includes a pricing date around December 15, 2025, an initial one-year review window, and final maturity in December 2028. According to the filing, the product involves two key payout mechanisms:
Autocall Scenario:
- •If IBIT trades above a certain threshold on the first review date, the note terminates early.
- •Investors receive a minimum fixed return of 16%, regardless of broader market conditions.
- •Here, upside is capped once the autocall is triggered.
Maturity Scenario:
- •If the note is not called after one year, returns become linked to IBIT’s performance through 2028.
- •There is no upside cap, allowing for significant appreciation, if the ETF recovers strongly.
- •However, the downside is substantial: a prolonged drop in IBIT could wipe out a large portion, or even all, of the investor’s principal.
The prospectus clearly warns that the investment is high risk, especially if IBIT trends downward beyond the thresholds outlined in the note.
Wall Street’s Rising Appetite for Crypto-Linked Derivatives
The launch reflects a broader trend: major financial institutions are increasingly issuing crypto-linked structured products that allow exposure without holding Bitcoin directly. The move also comes during a notable shift in tone from JPMorgan CEO Jamie Dimon, who once dismissed Bitcoin outright but has since overseen the bank’s expanding suite of digital-asset-related offerings.
JPMorgan’s new note follows similar initiatives from other Wall Street firms, including Morgan Stanley, which has been developing structured exposure pathways for clients seeking regulated, traditional-finance access to crypto performance.
With Bitcoin’s volatility still drawing sophisticated investors, this latest product gives JPMorgan clients a way to speculate on both sides of Bitcoin’s cycle, anticipating turbulence in 2026, but betting on strength by the end of 2028.