US Investment Banks Morgan Stanley and UBS Race to Offer First Bitcoin ETF
Summary:
The race to become the first investment bank to offer spot Bitcoin exchange-traded funds (ETFs) in the U.S. is heating up, with Morgan Stanley and UBS in the forefront. Citing internal sources, crypto enthusiast AP Abacus report suggests Morgan Stanley may announce their entry into Bitcoin ETFs earlier than anticipated. The recent updates follow rumors that UBS planned to add Bitcoin ETFs to its platform the preceding week. As the competition continues, more information will be provided as it surfaces.
As the United States opens the way for spot Bitcoin exchange-traded funds (ETFs), competition is heating up among investment banks to see who will be the first to offer such a product. According to crypto enthusiast Andrew P (AP Abacus), Morgan Stanley is aiming to outdo UBS by being the first to add a Bitcoin ETF to their offerings. In a report on X on April 3, AP Abacus referenced internal communications from Morgan Stanley, indicating that the financial institution might make their Bitcoin ETF announcement several days earlier than expected. He further noted an ongoing dialogue among global banks about introducing Bitcoin ETFs as a race.
Bloomberg ETF specialist Eric Balchunas joined the thread on X started by AP Abacus. Balchunas revealed that neither UBS nor Morgan Stanley have yet added Bitcoin ETFs, based on a reliable source. He hinted that the situation is at a gridlock as both banks are awaiting the other to move first.
Before the latest update, AP Abacus had informed that UBS was contemplating adding Bitcoin ETFs onto its platform between April 8 and 12. However, rumours of Morgan Stanley's countermove against UBS have been circultating ever since AP Abacus announced a few weeks prior that the bank was on course to approve Bitcoin ETFs in the ensuing weeks.
On March 26, the announcer noted, "Several credible sources confirm that Morgan Stanley intends to greenlight Bitcoin ETFs on their platform in a fortnight." When Morgan Stanley and UBS were approached by Cointelegraph for confirmation of their Bitcoin ETFs plans, their responses were not available at the time of publication.
More information will be updated as and when received. As Bitcoin ETFs become more prevalent, Coinbase is increasingly becoming a target for hackers and governments, according to the CEO of Trezor.
Published At
4/4/2024 1:28:02 PM
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