JPMorgan IBIT Note Misses 2026 Automatic Call Trigger
IBIT’s Aug. 26 close of $44.46 fell short of the $63.69 call level on the 2025 JPMorgan structured note, extending exposure to 2028 maturity.
The iShares Bitcoin Trust (IBIT) closed at $44.46 on Aug. 26 per BlackRock’s fund page, below the $63.69 level required to trigger an automatic call on the JPMorgan Chase Financial Company LLC note issued in August 2025 at $1,000 face value.
A successful call would have paid $1,210 per security, or principal plus a 21% premium. The missed trigger leaves the note outstanding to its August 2028 maturity, where payment equals principal plus 150% participation in any IBIT gain above $63.69, or principal if the final price is at or above $47.7675.
The securities pay no periodic interest. Secondary market liquidity is limited per the issuer. Outstanding principal after any repurchases remains unknown, and no issuer or calculation-agent notice has confirmed final treatment of the 2026 observation. The filing permits adjustments in defined circumstances.