JPMorgan Unveils IBIT-Linked Structured Note Following Bitcoin’s Halving Cycle
JPMorgan Chase has launched a structured note linked to BlackRock’s IBIT, designed around Bitcoin’s four-year halving cycle. The product targets investors looking to capitalize on BTC’s historical pattern of post-halving declines followed by surges.
Filed with regulators this week, the note offers potentially uncapped returns if BTC remains below a set level in 2026 but rallies by the end of 2028. Historically, Bitcoin tends to enter a bear phase about two years after a halving, followed by a bull run in the next halving cycle. With the most recent halving in 2024, BTC is expected to dip in 2026 and rebound in 2028.
If the IBIT ETF hits JPMorgan’s 2026 target, investors receive a guaranteed 16% return. If it stays below that threshold, the note remains active until 2028, offering exposure to amplified gains. Should IBIT surpass JPMorgan’s 2028 target, investors could earn 1.5 times their initial investment with no cap.
The note also provides downside protection: investors can recover their principal in 2028 as long as IBIT does not drop more than 30%. Losses increase proportionally beyond that level, with the possibility of losing over 40% or even the entire principal in extreme cases.
This structured note offers a strategic path for institutional and sophisticated investors to ride Bitcoin’s halving-driven cycles while balancing potential upside and risk.
