Summary
Morgan Stanley and UBS are competing to be the first major U.S. banks to offer a spot Bitcoin ETF to all clients, signaling a pivotal moment for institutional Bitcoin adoption. This move would mark a major milestone for Bitcoin’s mainstream acceptance and attract billions in new client assets. Other wealth managers are likely to follow suit, indicating growing confidence in Bitcoin’s longevity among the banking elite.
Key Points
1. Morgan Stanley and UBS are working to become the first major U.S. banks to offer a spot Bitcoin ETFs to all clients, with assets under management of $1.26 trillion and $1.1 trillion respectively.
2. Bloomberg’s Balchunas acknowledged the firms are engaged in a “compliance game of chicken” regarding Bitcoin ETF approvals, marking a major milestone for Bitcoin’s mainstream acceptance.
3. The potential approval of Bitcoin ETF trading by major wealth managers like Morgan Stanley and UBS would expose millions of new investors to the market, attract billions in new client assets, and signal growing confidence in Bitcoin’s longevity among the world’s banking elite.