Morgan Stanley wants to beat UBS to become the first Bitcoin ETF bank

The launch of spot bitcoin (BTC) exchange-traded funds (ETF) in the United States has intensified the competition between investment banks, which will be the first wire house to increase its products.

Morgan Stanley is hoping to beat UBS by becoming the first wirehouse to fully approve a Bitcoin ETF, crypto enthusiast Andrew (AP_Abacus) reported on April 3 at X.

Citing internal Morgan Stanley notes, Andrew said that the bank “may announce a few days ago” its entry into the Bitcoin ETF.

In addition, international banks have been actively talking about the addition of Bitcoin ETFs as competition.

Bloomberg ETF expert Eric Balchunas added to Andrew X's thread that neither Morgan Stanley nor UBS have added bitcoin ETFs, citing a “strong source.”

“Still in a holding pattern, in a polite game of chicken, waiting for one to go, then giving a break cover. So maybe it's a universal moment when that's a question,” Balchunas pointed out.

Before posting the new update, Andrew reported that UBS plans to add Bitcoin ETFs to its platform next week between April 8 and April 12.

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The latest speculation about Morgan Stanley's move to rival UBS comes just weeks after Andrew reported that the bank was set to approve Bitcoin ETFs.

“Several sources confirm that Morgan Stanley is set to approve Bitcoin ETFs on its platform in the next two weeks,” the poster wrote on March 26.

Cointelegraph reached out to Morgan Stanley and UBS for comment on whether Bitcoin ETFs could be added to their platforms, but did not receive a response at the time of publication.

Spot Bitcoin ETFs On January 11, they made a historic commercial debut in the United States, after years of efforts in the country. Clients of major banks such as UBS and Citi have subsequently reported being unable to find spot Bitcoin ETFs, with banks citing various reasons for not listing those investment products.

Related: SEC Calls for Comments on Fidelity, Grayscale and Bitwise Spot Ether ETF Applications

A spokesperson close to UBS told Cointelegraph in January that spot Bitcoin ETFs are only offered in brokerage accounts and are only suitable for “aggressive investors.”

“It remains to be seen whether issuers can differentiate themselves in terms of the ability to manage the product in crowded markets,” UBS said in an official statement about the Spot Bitcoin ETF on January 29.

Some other major banks in the US remain skeptical about Bitcoin even after the adoption of ETFs.

“We don't think it's an investment asset class,” Goldman Sachs chief investment officer and prominent bitcoin skeptic Sharmin Mosavar-Rahmani said in an April 2 interview with The Wall Street Journal. “We are not crypto believers,” she said.

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