UBS reported a significant rise in its call option exposure to BlackRock’s iShares Bitcoin Trust (IBIT) in the second quarter, according to a regulatory filing. The banking giant’s exposure increased 24-fold, from 80,000 to 1.95 million underlying shares, while its direct holdings in IBIT rose 12% to 407,890 shares. Put option exposure, by contrast, declined 53% to 143,300 shares.
The filing did not disclose strike prices or expiration dates, complicating assessments of UBS’s net directional exposure to Bitcoin. Direct holdings in IBIT were valued at $13.6 million as of June 30, remaining below the 548,614 shares reported in a fourth-quarter filing. However, the reference to “end of 2025” in that filing appears inconsistent with other reported dates, raising questions about its accuracy.
Analysts noted the sharp increase in call options suggests heightened optimism about Bitcoin’s price trajectory, though the lack of detailed terms in the filing limits deeper analysis. UBS’s position underscores growing institutional interest in crypto assets, despite ongoing regulatory and market uncertainties.
Written by Oliver Grant
Markets Desk
