Morgan Stanley, which is said to be eyeing a Bitcoin ETF, has announced the opening of its office in Abu Dhabi at ADGM. The firm has expanded its footprint in the Middle East. The firm already has offices in Riyadh, Dubai, and Qatar.

Commenting on the new office, Clare Woodman, Head of Morgan Stanley EMEA and CEO of Morgan Stanley & Co International plc, said “We are delighted to be expanding our regional presence and commitment by opening an office in Abu Dhabi Global Market (ADGM). There are exciting times ahead for the MENA region and as capital markets activity continues to grow and diversify it brings new and rewarding opportunities for both regional and global investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, continued “We welcome Morgan Stanley, a pioneer in the global financial services industry to Abu Dhabi and its thriving International Financial Centre. This expansion underscores the attractiveness of Abu Dhabi and its value proposition as a preferred destination for global players seeking strategic growth opportunities for their business, showcasing our commitment to fostering a conducive ecosystem that drives sustainable economic development in the UAE and beyond.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley commented, “We have a highly sophisticated investor base in the MENA region, and opening an office in Abu Dhabi allows us to broaden our footprint and further deliver local and regional clients access to Morgan Stanley’s leading institutional securities business as well as our renowned asset management franchise, and increasingly, global clients access to the regional market.”

The opening of an office in ADGM, well known for its virtual assets regulatory regime is interesting as Morgan Stanely is said to be deciding on whether or not it will offer Bitcoin ETFs to customers.

As per a CoinDesk article, Wall Street giant Morgan Stanley is in the midst of performing due diligence to add spot bitcoin ETF products to its brokerage platform, according to two people with knowledge of the matter.

One of the people said Morgan Stanley, which is among the largest U.S. broker-dealer platforms, has been evaluating offering spot bitcoin ETFs to clients since the Securities and Exchange Commission approved their introduction in the U.S. in January.

There are 10 spot bitcoin ETFs now trading in the U.S. The ones with the most assets are Grayscale’s GBTC, BlackRock’s IBIT and Fidelity’s FBTC. It’s not clear which ones Morgan Stanley is looking to offer to its clients.

Morgan Stanley, a leader in the alternative investments and private market space with over $150 billion in assets under management, was the first major U.S. bank to offer its wealthy clients access to bitcoin funds in 2021. The bank confirmed during its first-quarter earnings call in April 2021 that it was offering its wealth management clients exposure to bitcoin via a pair of external crypto funds.

The wealth management firm’s former CFO, Jonathan Pruzan, said at the time that the bank was allowing qualified investors to gain access to two passive funds. It is understood that these funds were offered by Galaxy Digital and NYDIG.