UBS Reports 24-Fold Jump in Call Option Exposure to BlackRock's Bitcoin ETF

Swiss banking giant UBS, which manages more than $7 trillion in assets, increased its call-option exposure to BlackRock's iShares Bitcoin Trust (IBIT) by more than 24-fold in the second quarter of this year, according to a regulatory filing this week. Per CoinDesk, the bank held calls representing 1.95 million underlying IBIT shares as of June 30 (9 Tir 1405), up from just 80,000 shares three months earlier.

The same filing shows UBS's direct IBIT holdings rose 12% to 407,890 shares, worth about $13.6 million, while its put-option exposure fell roughly 53% to 143,300 underlying shares. CoinDesk noted the filing does not specify whether the increase reflects client demand, dealer hedging, or the bank's own directional position.