Morgan Stanley and UBS are in a tight race to become the first wirehouse to incorporate spot Bitcoin exchange-traded funds (ETFs) into their platforms in the United States, intensifying competition between investment banks.
Crypto insider Andrew AP Abacus revealed on April 3 that Morgan Stanley is striving to outpace UBS in securing approval for Bitcoin ETFs, citing internal notes from the bank. The report suggests that Morgan Stanley may announce its move into Bitcoin ETFs a few days ahead of UBS.
Bloomberg ETF expert Eric Balchunas corroborated this information, highlighting that neither Morgan Stanley nor UBS has yet added Bitcoin ETFs, indicating a cautious stance likely due to regulatory considerations.
Earlier reports from Andrew indicated that UBS plans to integrate Bitcoin ETFs into its platform between April 8 and April 12, heightening anticipation for Morgan Stanley’s potential rival move.
Despite these developments, both banks remained silent regarding the addition of spot Bitcoin ETFs to their platforms upon reaching out for comment.
The introduction of spot Bitcoin ETFs in the United States on January 11 marked a significant milestone in the crypto market’s evolution. However, major banks like UBS and Citi have refrained from offering these products to their customers, citing various reasons and reflecting ongoing skepticism about Bitcoin within the banking sector.
