Morgan Stanley’s Complex Bitcoin Bet Draws $104 Million in Rout

November 18, 2025

Morgan Stanley’s Complex Bitcoin Bet Draws $104 Million in Rout – Bloomberg

The Morgan Stanley headquarters in New York.Photographer: Michael Nagle/Bloomberg

As digital-asset prices unravel, Morgan Stanley has drawn outsized demand from wealthy clients for a complex, new Bitcoin-linked product.

The bank this month sold $104 million of structured notes tied to BlackRock’s iShares Bitcoin Trust (IBIT), in a deal five times larger than the next most popular crypto-linked note currently outstanding in the US, according to data from Structured Products Intelligence, part of WSD.

 

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