Morgan Stanley Sells $104 Million in Bitcoin-Linked Structured Notes Amid Price Rout

Morgan Stanley sold $104 million in structured notes tied to BlackRock's iShares Bitcoin Trust, a five-fold increase from its previous largest crypto-linked note. The two-year notes offer enhanced payouts if the ETF stays flat or rises, and modest gains if it falls less than 25%. If it drops far enough, investors take losses in full. This shows how Bitcoin is being treated like a fully fledged asset class, with financial institutions packaging it up for private-wealth clients.