Morgan Stanley, a $1.5T Firm, Races UBS to Launch Bitcoin ETFs Next Week

Morgan Stanley, a $1.5 trillion asset manager, is reportedly in a race with UBS to become the first major US bank to fully approve Bitcoin ETFs for advisors to proactively offer to any client, including those beyond high net worth individuals who currently have access. Internal notes and statements from executives at Morgan Stanley express their ambition to beat UBS in this competition, highlighting the significance of the race among global banks for Bitcoin ETF approval. This move is seen as a major step for the broader acceptance and integration of Bitcoin ETFs into traditional banking platforms, with both banks currently going through the compliance process and aiming to add Bitcoin ETFs to their platforms as early as next week. The approval of Bitcoin ETFs by a major bank such as Morgan Stanley or UBS could potentially lead to a domino effect, prompting other banks to follow suit.