Jamie Dimon has never been crypto’s biggest fan. He famously called Bitcoin a fraud, a pet rock, and several other things unfit for a family publication. So it is worth pausing to appreciate the moment: JPMorgan Chase, the largest bank in the United States by assets, now holds 8.3 million shares of BlackRock’s IBIT Bitcoin ETF and has filed for tokenized money market funds on Ethereum. The bank reports Q2 2026 earnings on July 14, and the numbers will tell two stories at once.

The number that actually matters on July 14

For most analysts, the headline figure will be earnings per share. Projections put Q2 2026 EPS somewhere between $5.44 and $5.61, up from a range of $4.96 to $5.24 in the same quarter last year. That is a solid jump, and it would continue the momentum from Q1 2026, when JPMorgan posted net income of $16.5 billion and EPS of $5.94, beating expectations on revenue of $49.8 billion, a 10% increase year-over-year.

But the number professionals will actually be watching is net interest income, or NII. In plain terms, NII is the spread between what a bank earns on loans and what it pays on deposits. Management has guided full-year 2026 NII to approximately $103 billion, or $95 billion when you strip out revenue from the markets division. In Q1 alone, JPMorgan reported NII of $25.4 billion. Investors will be checking Q2’s figure against that run rate to see whether the full-year target still holds.

Revenue expectations for Q2 sit between $48.6 billion and $49 billion. For context, Q1 came in at $49.8 billion, so analysts are modeling a modest sequential dip.

The crypto subplot Wall Street is pretending not to care about

JPMorgan increased its IBIT holdings by 175% quarter-over-quarter, bringing its position to 8.3 million shares. The bank has also filed for tokenized money market funds on Ethereum, a move that reflects the broader trend of traditional finance using public blockchain infrastructure to modernize back-office operations. Tokenized money market funds allow institutions to hold yield-bearing, dollar-denominated assets on-chain, which makes them useful as collateral in DeFi protocols or for settling transactions without converting back to fiat.

Dimon himself has softened his posture, at least around stablecoins. He has acknowledged both the utility and the risks of stablecoins as regulatory frameworks develop in Washington.

JPMorgan’s own research projects that institutional inflows into digital assets in 2026 will exceed the record $130 billion set in 2025.

What this means for crypto markets and investors

When the largest US bank increases a Bitcoin ETF position by 175% in a single quarter, it becomes data for every other institutional allocator sitting on the sidelines running the same due diligence. JPMorgan’s IBIT position, combined with its Ethereum-based tokenization filings, effectively grants permission to a cohort of mid-tier asset managers and pension consultants who have been waiting for someone with a bigger balance sheet to go first.

Watch for whether Dimon or CFO Jeremy Barnum addresses the Ethereum filing directly on the earnings call. Any color on timeline or regulatory coordination would be a meaningful data point for Ethereum’s positioning as institutional settlement infrastructure.