Wall Street banks have sold over $530 million in notes linked to BlackRock's Bitcoin ETF

According to Bloomberg, Bitcoin was once considered too volatile, insufficiently regulated, and too marginalized to be packaged into financial instruments by Wall Street firms and sold to wealthy clients. Now, the situation is completely different. In July, Jefferies Financial Group issued the first structured notes in the U.S. linked to BlackRock's Bitcoin ETF.

Since then, at least three other banks, including Goldman Sachs, Morgan Stanley, and JPMorgan Chase, have followed suit. According to data from WSD's structured products intelligence agency, these banks have sold notes worth over $530 million linked to BlackRock's iShares Bitcoin Trust (IBIT). In fact, banks are integrating cryptocurrency exposure into new products that can offer customized returns based on different risk appetites, along with some downside protection.