UBS Increases Bitcoin Investment with Significant Rise in ETF Call Options

UBS, the Swiss banking giant, has significantly ramped up its investment in Bitcoin through a substantial increase in call options for BlackRock’s iShares Bitcoin Trust (IBIT). By June 30, UBS's call option exposure soared to 1.95 million underlying shares, marking a more than 24-fold increase.

Increase in Direct Holdings and Decrease in Put Options

Alongside this, UBS's direct holdings of IBIT shares rose by 12%, totaling 407,890 shares, which are valued at approximately $13.6 million. Conversely, the bank's exposure to put options, which give it the right to sell IBIT shares at a predetermined price, dropped dramatically by about 53%, falling from 303,300 to 143,300 shares.

Despite these changes, UBS's current direct holdings still lag behind the 548,614 shares reported at the end of 2025, according to their fourth-quarter filing. The latest regulatory filing does not provide insights into the strike prices or expiration dates of the options, leaving the bank's overall market exposure unclear.

This uptick in Bitcoin investments aligns with UBS's strategy to enhance its offerings in digital assets. Earlier this year, the bank began preparations to allow selected private banking clients in Switzerland to trade Bitcoin and Ether.

The reasons behind the increase in IBIT options remain unspecified, as the filing does not clarify whether it is a response to client demand, dealer hedging, market-making activities, or internal investments.