UBS Boosts Bitcoin ETF Exposure With 24-Fold Jump

The Swiss bank also increased its direct IBIT position, while put exposure declined. That fits UBS’ broader buildup around digital assets and regulated Bitcoin access.

Key Takeaways

• UBS increased its call option exposure on BlackRock’s iShares Bitcoin Trust by more than 24 times in the second quarter.
• UBS’s direct position in the Bitcoin ETF rose by about 12% to 407,890 shares, worth roughly $13.6 million.
• Put exposure fell by about 53%, while the filing does not list strike prices or expirations.

UBS sharply increased its exposure to BlackRock’s iShares Bitcoin Trust (IBIT) in the second quarter. The Swiss bank reported a more than 24-fold jump in its call option exposure, while its direct position in the Bitcoin ETF also grew further.

Strong Growth in IBIT Calls

According to a regulatory filing, UBS held calls on 1.95 million underlying IBIT shares as of June 30, up from 80,000 three months earlier. Those calls give the bank the right to buy IBIT shares later at a price set in advance.

The direct IBIT position rose by about 12% over the same period to 407,890 shares, worth roughly $13.6 million (€11.8 million). At the end of March, that position stood at 364,371 shares. UBS still held 548,614 IBIT shares at the end of 2025, showing that the current position has grown, but is still below that level.

Less Put Exposure

On the other hand, put exposure declined. UBS reported puts on 143,300 underlying shares, about 53% less than the 303,300 at the end of March. Puts give the holder the right, but not the obligation, to sell IBIT at a fixed price.

The filing does not include strike prices or expirations, so it is not possible to tell exactly how UBS is positioned overall. The numbers do make clear that the bank has taken on more exposure to Bitcoin-related investment products in a short period of time.

What This Says About UBS

The move fits into a broader buildup by UBS around digital assets. Earlier this year, the bank already said it was preparing in Switzerland to give selected private banking clients access to Bitcoin and Ether trading. UBS has expanded that approach step by step over the past few years, with an emphasis on infrastructure and compliance before services are rolled out more broadly.

For European crypto watchers, the key point is that a major systemically important bank is becoming more visible in the market through a regulated Bitcoin ETF. That does not say anything about a direct price direction, but it does underline that institutional access to Bitcoin through traditional investment products is becoming more normal.

Other major players are also building up their IBIT exposure. For example, Tudor Investment increased its direct stake in the spot bitcoin ETF in the second quarter, while holding less call exposure.