Morgan Stanley and UBS Join the Competition
After the approval of spot Bitcoin ETFs in the US, institutional interest in crypto has skyrocketed. Morgan Stanley and UBS are now vying to be the first to offer these products to their clients.
Morgan Stanley’s Salty Response
According to crypto commentator Andrew from Arch Public, Morgan Stanley had initially planned to be the first to approve Bitcoin ETFs. However, when UBS announced their own plans, Morgan Stanley executives were reportedly “salty.” They are now eager to beat UBS to the punch.
UBS Makes Its Move
UBS announced plans to add BTC ETFs to its platform next week, making them widely available to clients. This move has turned the race into a competition among global banks.
A Compliance Game of Chicken
ETF expert Eric Balchunas believes that the banks are waiting for one of them to make the first move, as it would provide cover for the others. He predicts that the launch of Bitcoin ETFs will likely be an all-at-once event, but the timing remains uncertain.
