Morgan Stanley wants to beat UBS to become 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 the products.

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

Citing internal Morgan Stanley notes, Andrew 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 Andrews 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, Andrew reported that UBS plans to add Bitcoin ETFs to its platform between April 8 and April 12 next week.

The latest speculation about Morgan Stanleys potential rival move against UBS comes a few weeks after Andrew reported that the bank is set to approve Bitcoin ETFs.

“Several sources confirm that Morgan Stanley is set to approve Bitcoin ETFs on its 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.