Swiss banking powerhouse UBS has made headlines by dramatically increasing its call option exposure for BlackRock’s iShares Bitcoin Trust (IBIT), which soared over 24 times to reach 1.95 million underlying shares by June 30.
UBS's direct IBIT holdings also saw a 12% increase, totaling 407,890 shares, while its put option exposure fell by approximately 53% to 143,300 underlying shares during the same quarter.
According to a recent regulatory filing, this surge in call options provides UBS the right to purchase IBIT shares at a predetermined price in the future. Additionally, the bank reported that its direct holdings of IBIT increased from 364,371 shares at the end of Q1 to 407,890 shares, valued at about $13.6 million.
In contrast, the bank's exposure to put options, which allow them the right to sell IBIT shares at a specified price, decreased significantly, dropping from 303,300 to 143,300 shares.
Despite these changes, UBS's direct IBIT holdings remain below the 548,614 shares reported at the close of 2025, based on their fourth-quarter filing.
The latest filing does not disclose details such as strike prices or expiration dates, making it challenging to assess UBS’s overall market exposure from this information alone.
This notable increase in Bitcoin-related investments comes as UBS enhances its capabilities to provide clients access to digital assets. Earlier in the year, the bank began preparing to offer select private banking clients in Switzerland the opportunity to trade Bitcoin and Ether.
The filing does not specify if the rise in IBIT options is driven by client demand, dealer hedging activities, market-making efforts, or proprietary investments.
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