Bitcoin’s historic run has flipped even Wall Street’s harshest skeptics into believers.
BlackRock (BLK) CEO Larry Fink once wrote off Bitcoin as nothing more than an “index of money laundering.” Today, he’s touting digital tokens as a revolution in investing.
In his annual investor letter, Fink pushed for the tokenization of all assets — stocks, bonds, and real estate — allowing them to trade instantly without market closures or multi-day settlement delays.
“Billions of dollars currently immobilized could be reinvested immediately, generating more growth,” he wrote.
BlackRock has already planted its flag. Its iShares Bitcoin Trust ETF launched in 2024 and is now the largest BTC ETF, with nearly $87 billion in assets under management.
But the real shocker came Wednesday when Coinbase (COIN) announced a new partnership with JPMorgan Chase (JPM), a bank whose CEO Jamie Dimon once vowed to fire employees trading bitcoin and called the token “worse than tulip bulbs.”
JPMorgan’s about-face
Back in 2017, Dimon likened bitcoin to the 17th-century Dutch tulipmania, warning that “it won’t end well… it will blow up.” Eight years later, JPMorgan is not only softening but leaning in.
Starting this fall, Chase cardholders will be able to make purchases directly on Coinbase.
In 2026, Chase Ultimate Rewards points will become redeemable for USDC, the first time a major credit card has converted loyalty points into crypto rewards. Next year, customers will be able to directly link Chase accounts to Coinbase.
“We believe crypto is for everyone,” Coinbase said in a statement, calling the collaboration a way to “lower barriers to entry and onboard the next wave of users.”
Meanwhile, JPMorgan issued a report highlighting Coinbase’s deepening ties with Circle (CRCL) and its USDC stablecoin, estimating the partnership could deliver $60 billion in value to shareholders.
Coinbase currently holds 8.5 million Circle shares worth $1.6 billion and earned $300 million in distribution payments in Q1 alone — more than Circle’s total revenue for that period.
Coinbase’s stock has rallied 52% year-to-date. The company reports Q2 earnings after Thursday’s close, with analysts watching for signs of accelerating mainstream adoption.
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