After JPMorgan Chase published a report warning financial companies they risk falling behind in digital finance, the bank is looking to issue debt linked to cryptocurrency-focused companies.
The incoming debt instrument, called the ‘J.P. Morgan Cryptocurrency Exposure Basket’ is long on companies with exposure to cryptoassets or associated with the industry. These include MicroStrategy, Square, Riot Blockchain, and chipmaker NVIDIA. In total, it has positions in 11 companies.
According to the prospectus, the basket companies ““operate businesses that we believe to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading.”
The notes will pay investors based on the basket companies’ performance minus a 1.5% deduction. They cost a minimum of $1,000 and have a maturation date of May 2022.
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Source: https://www.cryptocompare.com/email-updates/daily/2021/mar/10/
