Scaramucci Reacts as JPMorgan Files for Bitcoin-Backed Structured Notes

SkyBridge Capital founder Anthony Scaramucci has commented on JPMorgan’s plans to offer Bitcoin-backed structured notes, which will track IBIT’s performance. Scaramucci indicated that this move was really huge for the industry, even as more institutions continue to embrace crypto.

Scaramucci Describes JPMorgan’s Bitcoin-Backed Bond As Huge

In an X post, the SkyBridge Capital founder stated that he doesn’t think people fully understand how huge it is that JPMorgan is offering a Bitcoin-backed bond. BTC advocate Dennis Porter also concurred, expressing surprise that the move isn’t getting enough traction.

@Scaramucci is right. Im surprised more people aren’t talking about this. https://t.co/p5bMR7g6Ph

— Dennis Porter (@Dennis_Porter_) November 26, 2025

A SEC filing shows that the largest U.S. bank, with around $4 trillion in assets under management (AuM), has filed to offer structured notes that track the performance of BlackRock’s Bitcoin ETF (IBIT). Based on the filing, investors could realize up to 16% gains if the shares’ closing price is greater than or equal to the call value on the settlement date, with the automatic call date on December 21, 2026.

Furthermore, if IBIT’s price is below the target price by next year, investors could realize leverage gains of up to 1.5x if they hold the notes until 2028 and the final value exceeds the initial value. Meanwhile, the downside risk is that investors could lose some of their investment capital if IBIT’s price declines by 40% or more. They receive their principal amount if  IBIT’s price doesn’t drop more than 30% by 2028.

This marks the latest Bitcoin-related offering from JPMorgan. As CoinGape reported last month. The bank rolled out plans to enable its institutional and high-net-worth clients to use BlackRock’s IBIT as collateral. The bank also recently stated that Bitcoin is emerging as a tradable macro asset class.

“Bitcoin Won” Despite Earlier Criticisms

Bitcoin advocate Adam Livingston stated that JPMorgan’s filing for a Bitcoin-backed bond is them admitting that BTC won. It is worth noting that the bank’s CEO, Jamie Dimon, is an outspoken crypto critic and has previously referred to the flagship crypto as a decentralized Ponzi scheme.

Livingston further remarked that the BTC product shows that the bank believes that the flagship crypto is too big to ignore and too profitable not to financialize. He explained that the bank is packaging volatility into a bank-friendly derivative.

The Bitcoin advocate noted that the early-call trigger is JPMorgan’s way of protecting itself in case the IBIT price is above the preset level next year. He added that this caps the bank’s liability if the BTC price surges between now and late 2026.

Livingston also claimed that this move signals that the bank expects a BTC rally before 2026. He explained that the bank wouldn’t have added a call-away mechanism unless it believed the probability of having to use it was high.

On the other hand, he claimed that the “real play” for JPMorgan is to gain exposure to the 2027 to 2028 blowoff top without publicly holding BTC. He stated that the bank is only allowing the Bitcoin-backed structured notes to remain alive until 2028, with 1.5x upside for the investor, because they are not worried about paying it off if the BTC price rallies to between $250,000 and $400,000 in 2028.

Livingston noted that JPMorgan could easily hedge that cheaply using options, total return swaps, futures, internal derivatives desks, and BlackRock ETF hedges.