According to Cointelegraph: Morgan Stanley intends to be the inaugural wirehouse to fully approve Bitcoin ETFs, aiming to outmaneuver UBS. Crypto enthusiast Andrew Abacus, utilizing internal Morgan Stanley notes, reported this development on April 3.
The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States has incited competition amongst investment banks to be the foremost to incorporate the new financial products. Reportedly, the move by Morgan Stanley into Bitcoin ETFs may be announced in the coming days.
Significant global banks have actively discussed the integration of Bitcoin ETFs as a race, according to Andrew. Additionally, Bloomberg ETF expert Eric Balchunas suggests that both the financial giants are still in a compliance holding pattern, anticipating who makes the first move in adopting Bitcoin ETFs.
Prior to this update, Andrew had reported that UBS plans to incorporate Bitcoin ETFs onto their platform between April 8 and April 12. Morgan Stanley's potential competitive move against UBS follows reports from Andrew that the bank is primed to green-light Bitcoin ETFs.
Spot Bitcoin ETFs debuted in January 2022 following years of efforts to introduce them into the U.S. market. However, clients of major banks such as UBS and Citi have reported difficulties in gaining access, with investment banks citing various reasons for not listing these financial products.
Despite the acceptance of Bitcoin ETFs by some, others remain skeptical. Sharmin Mossavar-Rahmani, Goldman Sachs' chief investment officer and known Bitcoin critic, maintained that Bitcoin is not considered an investment asset class, expressing skepticism about crypto in general in a recent Wall Street Journal interview.
