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

According to crypto insider Andrew AP Abacus, both Morgan Stanley and UBS are set to add Bitcoin ETFs to their platform next week.

The launch of spot Bitcoin (BTC) exchange-traded funds (ETF) in the United States has fueled rivalry between investment banks over which will be the first wirehouse to add such a product.

Morgan Stanley is hoping to beat UBS in becoming the first wirehouse to fully approve the Bitcoin ETF, crypto enthusiast Andrew P. (AP Abacus) reported on X on April 3.

Citing internal Morgan Stanley notes, AP Abacus said that the bank “may announce a few days before” its move into Bitcoin ETFs.

He also mentioned that global banks have been actively talking about the Bitcoin ETF addition as a race.

Bloomberg ETF expert Eric Balchunas added to AP Abacus’ X thread, noting that neither Morgan Stanley nor UBS have added Bitcoin ETFs, citing a “solid source.”

“Still in a holding pattern, in a compliance game of chicken, waiting for one of them to go first, then gives rest cover. So probably will be an all-at-once type moment when that is the question,” Balchunas suggested.

Related: SEC calls for comments on Fidelity, Grayscale and Bitwise spot Ether ETF applications

Prior to posting the new update, AP Abacus reported that UBS plans to add Bitcoin ETFs to its platform next week or sometime between April 8 and April 12.

The latest speculation about Morgan Stanley’s potential rival move against UBS comes a few weeks after AP Abacus reported that the bank is set to approve Bitcoin ETFs by next week.

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

Cointelegraph approached Morgan Stanley and UBS for a comment regarding the potential addition of spot Bitcoin ETFs to their platforms but did not receive a response at the time of publication.

This is a developing story, and further information will be added as it becomes available.

Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO