Morgan Stanley Aims to Outpace UBS in Bitcoin ETF Race

Morgan Stanley and UBS Compete to Launch First Bitcoin ETF

The introduction of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States has ignited competition among investment banks vying to be the initial wirehouse to incorporate these offerings. 

According to crypto enthusiast Andrew (AP_Abacus), who reported on X on April 3, Morgan Stanley is striving to surpass UBS in securing the distinction of being the premier wirehouse to fully endorse the Bitcoin ETF.

Andrew, referencing internal notes from Morgan Stanley, indicated that the bank is considering making its Bitcoin ETF announcement a few days prior to implementation. Additionally, he highlighted ongoing discussions among global banks regarding the Bitcoin ETF inclusion, framing it as a competitive race.

Eric Balchunas, an ETF expert at Bloomberg, contributed to Andrew’s X thread, remarking that neither Morgan Stanley nor UBS has incorporated Bitcoin ETFs, citing a reliable source.

Morgan Stanley and UBS Await Bitcoin ETF Approval

Balchunas indicated that both banks are currently in a holding pattern, engaged in a compliance standoff, waiting for one to take the first step, which would provide cover for the other. He suggested that the decision might lead to a simultaneous implementation, creating a significant moment

Before sharing the latest update, Andrew disclosed that UBS intends to introduce Bitcoin ETFs to its platform sometime between April 8 and April 12 next week.

Recent speculation regarding Morgan Stanley’s potential countermove against UBS emerges just weeks after Andrew’s report indicating that the bank is poised to greenlight Bitcoin ETFs.

“Several sources confirm that Morgan Stanley is set to approve Bitcoin ETFs on its platform in the next two weeks.

Spot Bitcoin ETFs marked a significant trading milestone in the United States on January 11, following years of efforts to launch one in the country. However, customers of major banks like UBS and Citi subsequently reported being unable to access spot Bitcoin ETFs, with banks citing various reasons for not listing these investment products.

Here comes TradFi regardless.

Conclusion:

As Morgan Stanley and UBS vie to be the first to launch Bitcoin ETFs in the US, the race highlights the growing significance and mainstream acceptance of cryptocurrency investments. The introduction of these ETFs is set to create a pivotal moment in the financial world, potentially reshaping the landscape of traditional finance.

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