Nearly four years after calling bitcoin a “fraud,” JPMorgan Chase CEO Jamie Dimon is apparently having a change of heart. The nation’s largest bank will reportedly launch an actively-managed bitcoin fund for its private wealth clients later this year.

Why should we care?
JPMorgan joins the chorus of major banks and financial institutions that are riding a wave of bitcoin adoption. In March, Morgan Stanley said it would offer wealthy clients access to three funds that would allow exposure to bitcoin. Meanwhile, Pantera Capital and Galaxy Digital let clients buy and hold bitcoin through funds without ever touching it themselves. What will set apart JPMorgan Chase’s bitcoin fund is that it’s actively managed, and entirely dependent on bitcoin’s performance. It’s JPMorgan’s second recent foray into a crypto-related investment product, and the bank’s investment banking unit rolled out a crypto-linked investment offering in March. The new actively-managed bitcoin fund is expected to roll out this summer, and reports suggest NYDIG will be the custody provider. Dimon hasn’t commented publicly on the reported bitcoin fund launch, but in the bank’s recent shareholder letter, Dimon highlights cryptocurrency as an emerging issue that “needs to be dealt with.”