Swiss banking giant UBS is demonstrating an impressive turnaround in its attitude toward digital assets. According to my analysis of the latest portfolio data, as of the end of the second quarter, the bank held call options on 1.95 million shares of BlackRock's bitcoin ETF IBIT. For comparison, three months earlier this figure stood at just 80,000 shares — a growth of nearly 24 times.
Such dynamics point to a fundamental shift in UBS's market position. The bank is clearly betting on further growth of the leading cryptocurrency, using derivative instruments to amplify potential profits without directly scaling up the underlying asset in the same proportions. At the same time, direct investments in IBIT also increased, but far more modestly — by 12%, reaching 407,890 shares with a total value of about $13.6 million.
Particular attention should be paid to the sharp reduction in protective positions. Exposure to put options decreased by 53% — to 143,300 shares. This signals that institutional players are ceasing to hedge against downside risks, which is typically interpreted as confidence in an upward trend. Such a configuration — rising calls alongside shrinking puts — is a classic sign of a "bullish" stance among large capital.
It is important to emphasize: such actions by UBS do not occur in a vacuum. The world's largest banks are gradually adapting to a new reality where bitcoin is becoming an integral part of institutional portfolios. However, the scale of the increase specifically in call options stands out against the broader backdrop and may serve as a leading indicator for retail investors.
My expert view: Such an aggressive options strategy by UBS is not merely speculation, but a clear signal that the bank expects a significant upward price movement in the medium term. However, it should be remembered that call options carry an elevated risk of time decay (theta factor), so this is a bet not only on direction but also on the speed of market movement. For me, this is one of the most striking markers of current institutional optimism, which cannot be ignored when building one's own strategy.