In the quiet offices of the Swiss bank, where stability and caution have been valued for centuries, an unexpected story is unfolding. UBS, which manages assets worth over 7 trillion dollars, showed an explosive growth in call options for the BlackRock IBIT Bitcoin ETF in its second-quarter 2026 report — from 80 thousand to 1,95 million underlying shares. This is an increase of more than 24 times in three months.
At the same time, direct holdings of ETF shares grew by 12% — to 407 890 units worth about 13,6 million dollars. Put options, which grant the right to sell, decreased by 53% — to 143 300. The 13F regulatory form filed with the SEC does not disclose strike prices or expiration dates, so the exact net directional bet remains a mystery. However, the overall shift toward a bullish position is evident.
This move comes as UBS prepares to launch Bitcoin and Ethereum trading for select private clients in Switzerland. The bank, with its centuries-old reputation as a conservative guardian of wealth, is now quietly testing crypto assets. The question is whose interests lie behind this position: is it the bank's own funds, hedging for client portfolios, or a response to the growing demand from wealthy Europeans for digital gold?
For traditional banks, Bitcoin long remained something of an exotic asset — too volatile for serious portfolios. Now, however, through call options on ETFs, one can gain leveraged exposure without direct ownership of the coins, bypassing some regulatory and operational barriers. This is not loud PR, but a quiet yet large-scale balance sheet adjustment.
Imagine a gardener who has spent decades growing only reliable apple trees and is now planting a rare but fast-growing shrub. One bad season, and the losses are noticeable, but missing the harvest is also risky. UBS, it seems, has decided not to miss out.
In the long term, such steps by major European players could change the perception of Bitcoin not as a speculative instrument, but as a legitimate component of a diversified portfolio. For private investors, this is a signal: even the most cautious institutions are beginning to acknowledge that in a world of low interest rates and geopolitical uncertainty, "safe" assets require a rethink.
