Bitcoin · Bitcoin ETF · CoinDesk
Swiss mega-bank UBS ramps up its Bitcoin exposure with a massive 24-fold surge in ETF call options
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Banking giant UBS, with over $7 trillion in assets under management, has reported a more than 24-fold quarterly increase in call option exposure tied to BlackRock’s iShares Bitcoin Trust (IBIT) in the second quarter.
Key facts
- The Swiss banking group reported calls representing 1.95 million underlying IBIT shares as of June 30, up from 80,000 three months earlier
- Banking giant UBS, with over $7 trillion in assets under management, has reported a more than 24-fold quarterly increase in call option exposure tied to BlackRock’s iShares Bitcoin Trust (IBIT)
- Its direct IBIT position also remained below the 548,614 shares reported at the end of 2025, according to its fourth-quarter filing
- That increase, which gives it the right to acquire IBIT shares at a later date at a set price, came as its outright IBIT holdings rose about 12%, according to a regulatory filing this week
Summary
UBS boosted its quarterly call option exposure for BlackRock's IBIT by over 24-fold, reaching 1.95 million underlying shares as of June 30. Direct holdings of IBIT also rose 12% to 407,890 shares, while put option exposure dropped roughly 53% to 143,300 underlying shares during the quarter. The filing doesn't clarify if the increase stems from client initiatives, dealer hedging, market-making, or proprietary exposure, and lacks strike prices. That increase, which gives it the right to acquire IBIT shares at a later date at a set price, came as its outright IBIT holdings rose about 12%, according to a regulatory filing this week.