UBS blew up the market: exposure to call options on bitcoin ETFs grew 24-fold
Swiss banking giant UBS is demonstrating an aggressive pivot toward crypto assets, and this is not just a cosmetic portfolio adjustment. According to my analysis of the latest 13F filing data, as of June 30, the bank recorded call options on 1.95 million shares of BlackRock's bitcoin ETF IBIT. For comparison: a quarter earlier, this figure stood at just 80,000 shares. A 24-fold increase is not a cautious step but a strategic bet on a bullish scenario.
What is particularly telling is that UBS simultaneously increased its direct position in IBIT by 12% — to 407,890 shares, equivalent to approximately $13.6 million in market value at the end of the reporting period. This suggests that the bank is not merely speculating with derivatives but is also building up the underlying asset, reinforcing long-term confidence in the institutional adoption of bitcoin.
Even more striking is the contrast with put options: their exposure decreased by 53%, to 143,300 shares. Such a redistribution is a classic sign that UBS is deliberately moving away from hedging downside risks, betting on upward volatility. In my practice, such a ratio of calls to puts (approximately 13.6 to 1) is extremely rare and indicates a high degree of confidence in a positive scenario for BTC.
Let me remind you that IBIT remains the most liquid spot bitcoin ETF on the market, and UBS's actions are a signal for other conservative institutional players. If a Swiss bank with its risk-management reputation is ready to expand option positions at such a pace, we could see a wave of imitation from European and Asian funds.
My verdict: This is not just reporting — it is a marker of shifting sentiment in traditional finance. UBS is effectively legitimizing bitcoin as an asset class for hedge funds and family offices. In the coming quarters, I expect further growth in options activity, which could amplify BTC volatility around expiration dates.