UBS Sharply Increases Bitcoin ETF Exposure Through Call Options

Swiss banking giant UBS, which manages over 7 trillion dollars in assets, has significantly expanded its exposure to BlackRock’s iShares Bitcoin Trust through call options in the second quarter. A regulatory filing shows UBS held call options tied to 1.95 million underlying IBIT shares as of June 30, up sharply from just 80,000 shares three months earlier. Call options grant the right to buy shares later at a fixed price.

Direct Holdings Rise, Put Options Fall

UBS also increased its direct IBIT holdings by about 12 percent, reaching 407,890 shares worth roughly 13.6 million dollars, up from 364,371 shares the prior quarter. That figure still remains below the 548,614 shares UBS held at the end of 2025.

Put option exposure moved in the opposite direction, dropping about 53 percent to 143,300 underlying shares from 303,300 at the end of March. Puts give the holder the right, but not the obligation, to sell shares at a set price.

The filing does not disclose strike prices or expiration dates, making it hard to determine UBS’s overall directional bet on Bitcoin from the numbers alone.

Part of a Broader Crypto Push

The increase comes as UBS expands its digital asset offerings, having begun preparing earlier this year to give select private banking clients in Switzerland access to bitcoin and ether trading. The filing doesn’t confirm whether this initiative drove the rise in options activity, which could also reflect dealer hedging, market-making, client portfolio decisions, or the bank’s own trading positions.