---
title: 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.
description: "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.\n\nNow, the same institution is rolling out a product built to ride Bitcoin’s next major cycle.\n\nJPMorgan Unveils IBIT-Linked Note Built Around the Halving Cycle\n\nThe 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.\n\nAccording 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.\n\nInvestors would earn 1.5x whatever gains IBIT delivers by the end of that year, with no cap on upside.\n\nHigh Rewards, High Risk\n\nThe 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.\n\nJPMorgan warns that holders could lose over 40%, or even their entire investment, if Bitcoin collapses during the period.\n\nA Sharp Reversal in Tone From JPMorgan\n\nThe 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.\n\nSource: Trading View, Decrypt"
---

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# [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.](https://blog.syzgroup.com/syz-the-moment/jpmorgan-has-taken-a-surprising-leap-back-into-bitcoin-this-time-with-a-leveraged-structured-note-tied-directly-to-blackrocks-ishares-bitcoin-trus-1764340985859)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Nov 28, 2025, 2:43:56 PM

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