Institutional interest and adoption significantly increased after Spot Bitcoin ETFs (exchange-traded funds) were approved in the US. As a result, Morgan Stanley and UBS have entered a race to add crypto products to their platforms.<\/p>\n
As reported by Bitrabo, the news was broken by crypto commentator Andrew from Arch Public on March 26. The information revealed that the financial giant Morgan Stanley approved Bitcoin ETFs on its platforms.<\/p>\n
Several sources inside the banking titan confirmed that the approval would come in two weeks. Moreover, the crypto commentator affirmed that his sources included insiders from Bitcoin ETF firms and legal individuals adjacent to both.<\/p>\n
A Tuesday update<\/a> on the situation revealed that another financial titan, the multinational investment bank UBS, joined the race to offer spot Bitcoin ETFs. The news was first shared on Scott Melker\u2019s show.<\/p>\n According to the X post, UBS was set to include BTC ETFs on its platform next week, when the US bank will supposedly add them, to be \u201cwidely available.\u201d<\/p>\n UPDATE: several notes from @MorganStanley<\/a> execs this AM; salty about @UBS<\/a> post yesterday. They want to be the first wirehouse to fully approve the #Bitcoin<\/a> ETF's.<\/p>\n – @MorganStanley<\/a> may announce a few days before @UBS<\/a>.– interesting that global banks are talking about $BTC<\/a> ETF's\u2026<\/p>\n — Andrew (@AP_Abacus) April 3, 2024<\/a><\/p>\n<\/blockquote>\n Sources told the crypto commentator that Morgan Staley executives are not pleased with UBS\u2019s move. The executives are allegedly \u201csalty\u201d about the news as they want to be \u201cthe first wirehouse to approve the Bitcoin ETFs fully.\u201d<\/p>\n Morgan Stanley\u2019s hopes to become the first brokerage house to offer BTC ETFs are not surprising. The US financial institution holds over $1.5 trillion in clients\u2019 assets and has embraced the flagship cryptocurrency for years.<\/p>\n In 2021, Morgan Stanley became the first major US bank to offer BTC exposure to its clients. The success of the Bitcoin ETFs has attracted different traditional financial institutions to these products, including big players like banks and digital asset firms worldwide.<\/p>\n UBS\u2019s move has seemingly turned the global banking industry\u2019s view of approval into a race. As Andrew commented on Wednesday on X, \u201cinteresting that global banks are talking about $BTC ETFs as a race.\u201d<\/p>\n According to the post, Morgan Stanley could make another effort to end on top of its competition. Sources told Andrew that the US bank could announce Bitcoin ETFs on its platform before UBS.<\/p>\n Bloomberg ETF expert Eric Balchunas weighed<\/a> in. \u201cSolid sources\u201d informed Balchunas that neither bank has added the BTC ETFs to their platforms. Seemingly, the products are \u201cstill in holding pattern.\u201d<\/p>\n Correct. Unsolicited is already in effect<\/p>\n\n
<\/span>Spot Bitcoin ETF\u2019s New Race<\/span><\/h2>\n
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