In a significant development in the financial sector, UBS announced its plans to integrate Bitcoin ETFs into its platform, making them widely accessible beyond the private wealth management sector and lifting previous restrictions on unsolicited orders. Following this, Morgan Stanley expressed its ambition to be the first wirehouse to fully endorse Bitcoin ETFs, with internal notes revealing executives are 'salty' about UBS's announcement and see this as a 'race' to approval. Morgan Stanley aims to make Bitcoin ETFs available to all clients, not just high net worth individuals, indicating a shift in the traditional banking sector's approach to cryptocurrency and highlighting the growing acceptance of Bitcoin ETFs among global banks.
🚨JUST IN: MORGAN STANLEY AND UBS FIGHTING TO BE FIRST BANK TO ADD #BITCOIN ETFS
NEW: Morgan Stanley wants to be the first US brokerage to fully approve #Bitcoin ETFs for advisors to proactively offer it to ANY client. Bitcoin ETFs are currently available at MS to high net worth clients only, but cannot be offered unsolicited. https://t.co/Sucrlmd5vI
NEW: Morgan Stanley wants to be the first US bank to fully approve #Bitcoin ETFs for advisors to proactively offer it to ANY client. They are in a race with UBS to approve Both going through compliance process now. First major brokerage to approve will likely lead to ALL doing… https://t.co/BODe72nfe2
RUMORS: Morgan Stanley execs aim to beat UBS as first wirehouse with #Bitcoin ETF approval. Internal notes reveal they're salty about UBS's recent post and see the race for #Bitcoin ETFs as a competition. H/T: @AP_Abacus https://t.co/qevCsrVhEJ
UPDATE: several notes from @MorganStanley execs this AM; salty about @UBS post yesterday. They want to be the first wirehouse to fully approve the #Bitcoin ETF's. - @MorganStanley may announce a few days before @UBS. - interesting that global banks are talking about $BTC ETF's…
NEW: @AP_Abacus reports that #Bitcoin ETFs will soon be integrated into the UBS platform, becoming widely accessible. This includes removing them from the private wealth management silo and lifting the 'unsolicited' order restriction. https://t.co/ElH4uJgLWI