Swiss mega-bank UBS ramps up its Bitcoin exposure with a massive 24-fold surge in ETF call options
Swiss banking giant UBS has significantly increased its exposure to Bitcoin through a 24-fold surge in ETF call options. While its direct holdings in IBIT also rose, the bank reduced its put option exposure, signaling a shift in its digital asset strategy.
Why it matters
Increased institutional participation from major banks like UBS signals growing mainstream financial acceptance of Bitcoin ETFs.
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.
The Swiss banking group reported calls representing 1.95 million underlying IBIT shares as of June 30, up from 80,000 three months earlier. UBS separately held 407,890 IBIT shares worth about $13.6 million, compared with 364,371 shares at the end of the first quarter, according to its Q1 filing .
Put option exposure, giving UBS the right but not the obligation to sell IBIT at a set date and price, moved in the opposite direction. UBS reported puts representing 143,300 underlying shares, down about 53% from 303,300 at the end of March.
Its direct IBIT position also remained below the 548,614 shares reported at the end of 2025, according to its fourth-quarter filing .
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