UBS Doubles Down on Bitcoin Exposure with BlackRock ETF Buy

Switzerland's largest bank UBS has significantly increased its exposure to Bitcoin, according to regulatory filings. The bank bought more shares in BlackRock's iShares Bitcoin Trust (IBIT), bringing its total position to over $83 million across roughly 2.5 million shares.

This move comes after the SEC approved spot Bitcoin ETFs in January 2024 and aligns with UBS plans to offer Bitcoin trading to private clients. The bank also has a stake in American Bitcoin Corp, a Bitcoin mining company backed by Donald Trump's sons, Eric and Donald Jr., worth approximately $1.5 million.

BlackRock's IBIT is the most successful crypto ETF, holding over $47.3 billion in assets under management. Since the SEC approval of spot Bitcoin ETFs, major firms have been able to buy exposure to Bitcoin via regulated vehicles that trade on stock exchanges.

The filing shows UBS has other premium income and Bitcoin-related ETFs, bringing its total ETF holdings in the cryptocurrency to around $90 million. This increase in institutional adoption and demand for regulated crypto ETFs underscores growing interest in Bitcoin.