UBS has raised the stakes on bitcoin: exposure to call options on ETFs has grown 24-fold
Swiss banking giant UBS is demonstrating an unprecedented appetite for bitcoin instruments. As of June 30, my analysis of the bank's positions in U.S. depository reports shows: the volume of call options on shares of BlackRock's bitcoin ETF IBIT has surged to 1.95 million shares. This is a colossal jump compared to the 80,000 shares recorded a quarter earlier — growth of nearly 24 times.
Such momentum is not just a speculative spike, but a clear signal of institutional rethinking. UBS's direct position in IBIT increased by 12% over the quarter, reaching 407,890 shares, equivalent to approximately $13.6 million at current prices. Notably, the bank simultaneously reduced protective put options by 53% — to 143,300 shares. This suggests that UBS is not merely hedging risks, but making a deliberate bet on further growth of the first cryptocurrency.
Such a portfolio configuration — with aggressive accumulation of calls and simultaneous shedding of puts — is a classic bullish pattern. A major bank with a conservative reputation like UBS is unlikely to take such a step without deep analysis of market conditions. It appears that institutional players see the current bitcoin correction not as the end of the cycle, but as an opportunity for leveraged entry.
My expert conclusion: Given that UBS manages trillions of dollars in assets, even a slight shift in its allocation toward crypto derivatives could have a multiplier effect on ETF market liquidity. If other banks replicate this strategy, we could see a new wave of institutional pressure on bitcoin supply. However, it is worth remembering: call options are an instrument with limited risk for the buyer, but such a gap between calls and puts often precedes heightened volatility.