JP Morgan has proposed a new leveraged note product tied to BlackRock’s iShares Bitcoin Trust (IBIT) ETF, allowing investors to speculate on Bitcoin’s future price. This product, detailed in its prospectus, would allow for early redemption if the IBIT ETF price surpasses a set level by December 21, 2026, with investors receiving at least $160 per $1,000 note upon meeting this target. However, if the price falls below this level, the note will remain in force until 2028. In this scenario, investors could potentially enjoy gains of up to 1.5 times the increase in Bitcoin’s price by 2028 (pending SEC approval), offering substantial returns should Bitcoin rise significantly over this period. 40% or greater decline in Bitcoin’s price would trigger potential losses for noteholders. The document underscores that, historically, Bitcoin has displayed higher volatility compared to traditional assets and may continue experiencing extreme fluctuations. JPMorgan analyst James Seyffart suggests these types of ventures by banks are common practice across various asset classes.