Crypto insider Andrew AP Abacus has provided insights indicating that both Morgan Stanley and UBS are gearing up to integrate Bitcoin exchange-traded funds (ETFs) onto their platforms in the upcoming week. This move comes amid heightened competition between investment banks vying to be the first wirehouse to offer these products, spurred by the recent launch of spot Bitcoin ETFs in the United States.

In the race to embrace Bitcoin ETFs, Morgan Stanley is reportedly aiming to outpace UBS and secure the coveted title of being the premier wirehouse to fully approve these investment vehicles. As per Andrew's disclosure on X on April 3, Morgan Stanley is poised to make a strategic move into the realm of Bitcoin ETFs, with indications suggesting an imminent announcement prior to the official launch.

Andrew further emphasized that discussions surrounding the addition of Bitcoin ETFs have been rife within global banking circles, indicating a palpable sense of competition among major financial institutions. Bloomberg's ETF expert, Eric Balchunas, echoed these sentiments, affirming that neither Morgan Stanley nor UBS has yet incorporated Bitcoin ETFs into their offerings, citing reliable sources.

In a scenario akin to a compliance-based standoff, both banks appear to be engaged in a strategic game of chicken, awaiting the decisive move from one another before proceeding with their respective launches. Balchunas suggested that once one bank takes the plunge, it could potentially trigger a domino effect, prompting a simultaneous adoption across the industry.

Prior to this latest development, Andrew had previously reported on UBS's plans to roll out Bitcoin ETFs on its platform between April 8 and April 12. This speculation surrounding Morgan Stanley's potential competitive move against UBS comes hot on the heels of Andrew's earlier assertion that the bank is poised to approve Bitcoin ETFs within the next two weeks, signaling a burgeoning trend toward mainstream acceptance of cryptocurrency investment products within the traditional banking sector.