The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States has sparked competition among investment banks vying to be the first to add these products to their offerings.
Morgan Stanley aims to outpace UBS in becoming the first wirehouse to fully approve Bitcoin ETFs. According to crypto enthusiast Andrew (AP_Abacus), Morgan Stanley may make its move into Bitcoin ETFs shortly before UBS.
Andrew’s reports suggest that global banks are actively discussing the addition of Bitcoin ETFs, treating it as a competitive race.
Eric Balchunas corroborated Andrew’s claims, indicating that neither Morgan Stanley nor UBS has added Bitcoin ETFs yet. He suggested that both banks are in a compliance standoff, waiting for one to make the first move.
Previous reports from Andrew suggested that UBS plans to add Bitcoin ETFs to its platform between April 8 and April 12.
Despite speculation, neither Morgan Stanley nor UBS responded to inquiries regarding the potential addition of spot Bitcoin ETFs to their platforms.
While spot Bitcoin ETFs made a historic trading debut in the US, customers of major banks like UBS and Citi reported difficulties accessing them. Banks cited various reasons for not listing these investment products.
Even after ETF approval, some major banks, including Goldman Sachs, remain skeptical about Bitcoin’s status as an investment asset class. Chief Investment Officer Sharmin Mossavar-Rahmani expressed disbelief in cryptocurrencies, highlighting ongoing skepticism in the banking sector.
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