UBS Buys Big into BlackRock Bitcoin ETF

UBS, Switzerland's largest bank, has expanded its exposure to bitcoin by investing in BlackRock's spot bitcoin exchange-traded fund (ETF), IBIT. According to a recent filing with the U.S. Securities and Exchange Commission, UBS purchased an additional 2.5 million shares of IBIT, bringing its total holdings to around $90 million.

The investment is part of UBS's strategy to increase its allocation to bitcoin-related assets. Since BlackRock's flagship bitcoin fund was approved in 2024, UBS has steadily expanded its exposure to the cryptocurrency through various investments.

IBIT is one of the largest spot bitcoin ETFs, with assets under management totaling $47.3 billion. The fund has attracted significant institutional demand, and UBS's purchase can be seen as a vote of confidence in the product.