Wall Street Turns Crypto Risk Into a $530 Million Complex Trade
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Bitcoin was once considered too volatile, too unregulated, and too fringe for the kinds of financial instruments that respectable Wall Street firms package up and sell to wealthy clients. No longer. In July, Jefferies Financial Group Inc. issued the first US structured note tied to BlackRock Inc.’s Bitcoin exchange-traded fund. Since then, at least three other banks, including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co., have followed suit. Together, they’ve sold more than $530 million in notes linked to iShares Bitcoin Trust (IBIT), according to Structured Products Intelligence, part of WSD.