Key facts
- UBS increased its call option exposure to BlackRock's iShares Bitcoin Trust (IBIT) by over 24 times in Q2.
- The bank's call option exposure reached 1.95 million underlying IBIT shares by June 30.
- UBS's direct holdings of IBIT rose 12% to 407,890 shares during the quarter.
- Put option exposure for IBIT decreased by about 53% to 143,300 underlying shares.
Swiss banking giant UBS has significantly ramped up its exposure to Bitcoin through options on BlackRock's iShares Bitcoin Trust (IBIT). In the second quarter, UBS's call option exposure, which grants the right to buy IBIT shares at a set price, surged by over 24 times to 1.95 million underlying shares as of June 30. This increase occurred alongside a 12% rise in its direct holdings of IBIT shares, which reached 407,890. Concurrently, UBS reduced its put option exposure, the right to sell IBIT shares, by approximately 53% to 143,300 underlying shares. The exact reasons for this shift, such as client activity, market-making, or proprietary trading, remain unclear as the filing does not specify strike prices or expiration dates.