The launch of spot Bitcoin Exchange-traded funds (ETFs) in the United States has sparked intensified competition among investment banks vying to be the first to incorporate this product into their offerings.
According to crypto enthusiast Andrew (AP_Abacus), who reported to X on April 3, Morgan Stanley is striving to outpace UBS and secure the title of being the first bank to fully approve a Bitcoin ETF.
Citing internal notes from Morgan Stanley, Andrew indicated that the bank may have made strides towards introducing a Bitcoin ETF, although no official announcement had been made as of yet. Global banks, Andrew noted, have been actively engaged in discussions regarding the inclusion of a Bitcoin ETF, creating a competitive atmosphere in the industry. Bloomberg ETF expert Eric Balchunas echoed these sentiments, suggesting that both Morgan Stanley and UBS are engaged in a waiting game to see who will make the first move in adding a Bitcoin ETF to their portfolio.
In anticipation of forthcoming developments, Andrew also reported that UBS plans to introduce a Bitcoin ETF to its platform sometime between April 8 and April 12. This speculation regarding Morgan Stanley's potential counteraction against UBS comes shortly after Andrew's previous report suggesting that the bank was on the verge of approving a Bitcoin ETF.
Despite these reports, Cointelegraph's attempts to reach out to Morgan Stanley and UBS for comments on the possibility of adding a spot Bitcoin ETF to their platforms remained unanswered at the time of publication.
Following years of anticipation, a spot Bitcoin ETF made its historic debut in the United States on January 11. However, clients of major banks like UBS and Citi reported encountering difficulties accessing spot Bitcoin ETFs, with each bank citing distinct reasons for not listing these investments. UBS, for instance, stated that the spot Bitcoin ETF would only be available in brokerage accounts and catered specifically to "activist investors." Even with the approval of the ETF, some prominent U.S. banks remain cautious about embracing Bitcoin, with figures like Sharmin Mossavar-Rahmani, chief investment officer at Goldman Sachs, expressing skepticism about cryptocurrencies in a recent interview with the Wall Street Journal.
