Wall Street banking giant JPMorgan is set to allow its trading and wealth management clients to use crypto-linked assets — specifically shares of spot bitcoin exchange-traded funds — as collateral for loans. 

The bank will begin by accepting shares of BlackRock’s iShares Bitcoin Trust (IBIT), the biggest U.S. spot Bitcoin ETF, with more than $70 billion of assets under management, according to a report by Bloomberg.

The bank will also start factoring clients’ crypto holdings into net worth and liquidity calculations, treating them similarly to traditional assets such as stocks, real estate, and art, when assessing their borrowing capacity.

This story is an excerpt from the Unchained Daily newsletter.

Although recent U.S. cryptocurrency policy changes have encouraged more traditional finance players to be more welcoming of crypto, JPMorgan’s move is notable, given CEO Jamie Dimon’s long-standing skepticism about bitcoin.

During JPMorgan’s annual investor day last month, Dimon said he would allow the bank’s clients to buy bitcoin, but that the lender would not custody it.

“I don’t think you should smoke, but I defend your right to smoke,” he said. “I defend your right to buy Bitcoin.”