JPMorgan has filed to launch a "Bitcoin-backed bond," continuing its complex relationship with the cryptocurrency sector. This financial product aims to provide institutional investors with exposure to Bitcoin through a traditional debt instrument structure. The filing contrasts with simultaneous reports highlighting the bank's "debanking" practices, specifically regarding the abrupt closure of accounts belonging to Strike's CEO. While a spokesperson declined to comment on individual cases, they emphasized that the bank serves many crypto companies. This dichotomy reflects the broader banking sector's approach to crypto: creating fee-generating investment products for institutional clients while maintaining strict risk controls and skepticism towards crypto-native operational accounts.