Morgan Stanley and UBS are in a race to be the first major banks to offer spot Bitcoin exchange-traded funds (ETFs) to their clients, according to insiders. Morgan Stanley aims to beat UBS to the punch by announcing their offering a few days earlier.

This development was shared by Andrew Parish, co-founder of Arch Public, on social media. UBS plans to unveil its ETF offering during the week of April 8. While UBS has already introduced Bitcoin ETFs in its Private Wealth Management division for clients with assets over $10 million, discussions are ongoing to expand access across their platforms.

This competition reflects the growing acceptance of cryptocurrencies in mainstream finance and signals a shift towards incorporating digital assets into traditional investment portfolios. The anticipated entry of Morgan Stanley and UBS into the Bitcoin ETF market could reignite interest and activity, according to industry insiders.

Despite some caution among banks, UBS has taken initial steps by providing restricted access to these ETFs for its Private Wealth Management clients, hinting at a broader offering in the future. As the finance industry braces for this potential transformation, the timing and impact of Morgan Stanley's and UBS's initiatives in the spot BTC ETF market are eagerly awaited, with expectations of reshaping investment strategies and further integrating digital assets into the financial landscape.