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Just read that Morgan Stanley is launching its Bitcoin ETF under the ticker MSBT. The investment bank has planned a startup capital of one million dollars and is working with Coinbase and BNY Mellon. Interesting how all the big Wall Street players are now rushing into the Bitcoin ETF market.
This simply shows how much the financial industry has changed. A few years ago, Bitcoin was still taboo; now established banks are competing to bring their own Bitcoin ETF to market. With BlackRock's IBIT and the other spot ETFs, we are now over 56 billion dollars in this segment.
What also surprised me: Bhutan has quietly sold about 70 percent of its Bitcoin. The country still had around 13,000 BTC in October 2024, now it's just under 4,000. That’s a stark contrast to all the banks that are currently investing heavily in Bitcoin ETFs. While some are increasing their holdings, a country that had relied on hydropower and Bitcoin mining is massively selling off. Somehow paradoxical.