Switzerland’s largest bank, UBS, has increased its spot Bitcoin ETF holdings by 230% to $90 million, the bank announced Thursday. UBS Group AG has tripled its stake in BlackRock’s iShares Bitcoin Trust, bringing its total position to roughly $90 million across 2.5 million shares. UBS first started its Bitcoin ETF journey with 3,600 shares worth less than $150,000 in early 2024.
“We recognize the importance of distributed ledger technology like blockchain, which underpins digital assets,” a spokesperson said.
JUST IN: Switzerland's largest bank UBS increases spot Bitcoin ETF holdings by 230% to $90 million. pic.twitter.com/ySF5UFIvIB
UBS has also been opening access to IBIT and comparable products for its wealth management clients, meaning the bank’s own balance sheet position and its client facilitation business are growing in tandem. The bank is evaluating cryptocurrency trading for private banking clients in Switzerland, people familiar with the matter said this week. Select private banking clients in Switzerland would initially gain access to Bitcoin (BTC) and Ethereum (ETH) trading, with potential expansion to Asia-Pacific and U.S. markets. UBS has not made final decisions on implementation, the unnamed sources add.
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