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08/16/2026

UBS Increases IBIT Call Option Exposure by 24x in Q2 2026

What happened: Swiss banking giant UBS reported a 24-fold increase in its call option exposure to BlackRock’s iShares Bitcoin Trust (IBIT) in its Q2 2026 SEC 13F filing.

UBS Increases IBIT Call Option Exposure by 24x in Q2 2026

What happened: Swiss banking giant UBS reported a 24-fold increase in its call option exposure to BlackRock’s iShares Bitcoin Trust (IBIT) in its Q2 2026 SEC 13F filing. The bank’s call options now represent 1.95 million underlying shares, up from 80,000 in Q1. Direct IBIT holdings rose 12% to 407,890 shares, while put option exposure dropped by about 53% to 143,300 underlying shares.

Why it matters: The surge in call options suggests heightened interest in Bitcoin-linked products among UBS clients or trading desks, even as direct spot exposure remains below late-2025 levels. The direction of the exposure is ambiguous—13F filings do not disclose strike prices or expirations—so the increase could reflect client demand, hedging, or market-making activity rather than a directional bet by UBS itself.

Source: CoinDesk