Investment banks in the United States are vying to be the first wirehouse to introduce spot Bitcoin exchange-traded funds (ETFs), sparking competition between industry giants Morgan Stanley and UBS. According to crypto enthusiast Andrew, Morgan Stanley is aiming to beat UBS in fully approving the Bitcoin ETFs. Internal notes from the bank suggest that an announcement may be made just before the launch of the products. Andrew also noted that global banks are engaged in discussions about the addition of Bitcoin ETFs, treating it as a race. Bloomberg ETF expert Eric Balchunas confirmed that neither Morgan Stanley nor UBS have added Bitcoin ETFs yet. He suggested that the banks are in a holding pattern, playing a game of compliance chicken, waiting for one to make a move before the other follows suit. Andrew had previously reported that UBS plans to add Bitcoin ETFs to its platform between April 8 and April 12. This speculation about Morgan Stanley’s potential rival move against UBS comes after Andrew’s earlier report that the bank is set to approve Bitcoin ETFs. Cointelegraph reached out to both Morgan Stanley and UBS for comment but received no response. Spot Bitcoin ETFs made their trading debut in the US on January 11, following years of efforts to launch them in the country. Major banks like UBS and Citi have faced issues with accessing spot Bitcoin ETFs, citing various reasons for not listing the investment products. Some US banks, including Goldman Sachs, maintain a skeptical stance on Bitcoin, with the chief investment officer, Sharmin Mossavar-Rahmani, stating that they do not consider it an investment asset class.
Morgan Stanley Aims to Outdo UBS in Race to Become the Premier Bitcoin ETF Bank