Morgan Stanley Aims to Beat UBS as First Bank to Fully Approve Bitcoin ETF
The competition among investment banks to be the first to incorporate spot Bitcoin exchange-traded funds (ETFs) in the United States has intensified, with Morgan Stanley and UBS vying for the top spot.
According to crypto insider Andrew AP Abacus, both financial giants are slated to introduce their Bitcoin ETFs next week.
The assets under management of Morgan Stanley and UBS are worth $1.26 trillion and $1.1 trillion, respectively, which make them among the largest wealth managers globally. Both institutions are aiming to fully approve Bitcoin ETF trading on their platforms, marking a significant moment for the institutional adoption of Bitcoin.
UPDATE: several notes from @MorganStanley execs this AM; salty about @UBS post yesterday. They want to be the first wirehouse to fully approve the #Bitcoin ETF's.
– @MorganStanley may announce a few days before @UBS.
– interesting that global banks are talking about $BTC ETF's…
— Andrew (@AP_Abacus) April 3, 2024
According to reports from crypto enthusiast Andrew (AP_Abacus) on X , Morgan Stanley is aiming to outpace UBS and become the first wirehouse to fully approve the Bitcoin ETF.
Andrew cited internal notes from Morgan Stanley, suggesting that the bank may announce its move into Bitcoin ETFs shortly before implementation. This development has stirred discussions among global banks, viewing the addition of Bitcoin ETFs as a competitive race.
However, Bloomberg ETF expert Eric Balchunas, contributing to Andrew’s X thread, disclosed that neither Morgan Stanley nor UBS has yet added Bitcoin ETFs, citing reliable sources.
Balchunas indicated that both banks are engaged in a compliance standoff, waiting for one to make the first move, which would then pave the way for the
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