JPMorgan upgraded Coinbase to "overweight" from "neutral" and raised its price target to $404 from $342. The bank cited two primary catalysts: potential monetization of a Base token and expanded USDC yield offerings through Coinbase One. Shares climbed more than 8% in early trading to approximately $349.56.

JPMorgan Chase plans to allow institutional clients to pledge Bitcoin and Ethereum directly as loan collateral by the end of 2025, according to people familiar with the matter. The program will use third-party custodians to hold the assets separate from the bank's balance sheet. The move expands on JPMorgan's earlier acceptance of crypto-linked ETFs as collateral in 2025.

JPMorgan Chase will allow institutional clients to use Bitcoin and Ethereum as collateral for loans, according to sources familiar with the matter. The world's largest bank by market capitalization plans to launch the service by the end of 2025, with third-party custodians holding the pledged digital assets. The move marks a shift from the bank's historically cautious stance on cryptocurrency, despite CEO Jamie Dimon previously describing Bitcoin as "a pet rock."

Major Wall Street banks now expect the Federal Reserve to stop reducing its $6.6 trillion balance sheet this month. JPMorgan and Bank of America moved up their previous forecasts from December 2025 or early 2026 after funding costs surged and liquidity indicators tightened sharply.