JPMorgan Chase Launches Structured Note Linked to BlackRock’s IBIT, Aligned with Bitcoin Halving Cycle

November 26th. JPMorgan Chase presented a structured note to regulators that was linked to the BNY Mellon Bitcoin Spot ETF (IBIT). The design logic of this note closely adheres to the classic Bitcoin "four-year halving cycle", with a predicted decline in 2026 followed by a new bull market in 2028. The product mechanism encompasses the following: · If IBIT attains the target price by the end of 2026 → the note will be automatically redeemed, and investors will obtain a guaranteed 16% return. · If IBIT fails to meet the target → the note will persist until the end of 2028. In case IBIT surpasses the target price, investors can receive returns that are 1.5 times or more of the initial investment, with no upper limit. The product also provides downside protection: as long as IBIT in 2028 does not decline by more than 30%, investors can retrieve their principal. Any decrease exceeding 30% will lead to proportional losses. JPMorgan cautioned that in the event of an extremely severe downturn, investors may lose more than 40% or even all of their principal.