JPMorgan, America’s biggest bank by total assets, is set to let its trading and wealth-management clients use crypto ETFs as loan collateral in the coming weeks, Bloomberg reported Wednesday, citing sources with knowledge of the plan.

The decision is part of a bigger strategy to allow select clients to borrow against crypto-related assets. The bank is said to be starting with crypto ETFs, particularly BlackRock’s iShares Bitcoin Trust (IBIT), which has topped $70 billion in assets under management.

The move comes after JPMorgan CEO Jamie Dimon said last month that the bank will soon enable clients to buy Bitcoin, although it will not provide custody services. The famously crypto-skeptical executive hasn’t changed his tune, but the bank’s latest pivot shows that Bitcoin presents real business opportunities that JPMorgan can no longer afford to ignore.

Previously, JPMorgan treated crypto ETFs as collateral on a case-by-case basis. The change signals that the bank is working to make the practice a standard policy, similar to how it treats stocks, cars, or art when calculating clients’ borrowing capacity against their assets.

The bank is also gearing up to incorporate crypto holdings when evaluating wealth-management clients’ net worth.

The changes will apply to all of the bank’s wealth management clients globally, spanning from retail customers to high-net-worth individuals, sources said.

This is a developing story.

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