UBS Increased Call Options in Bitcoin ETF IBIT 24-Fold: Why Is the Net Direction Uncertain?

Managing more than $7 trillion in assets, UBS increased its call option position linked to BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), by 24-fold in the second quarter, while reducing its put position by 53% and increasing direct IBIT shares by 12%.

The Switzerland-based bank disclosed these changes in a regulatory filing for the quarter ended June 30, 2026. The figures in the filing showed that UBS moved toward rapid growth in contracts granting the right to buy IBIT, while shrinking its contracts granting the right to sell.

Call options grant the holder the right to buy IBIT shares at a predetermined price on a specific date. The number of underlying shares in these contracts for UBS rose from 80,000 at the end of the first quarter to 1.95 million shares. The number of underlying shares in put options decreased from 303,300 to 143,300 shares.

UBS’s IBIT call options increased 24-fold

The bank’s direct holdings of IBIT shares also rose from 364,371 to 407,890 units. The total value of these assets was reported at approximately $13.6 million. Thus, it was observed that UBS held positions through both ETF shares and options linked to these shares at the end of the quarter.

However, the strike prices and expiration dates of the options were not disclosed in the filing. Because this information is unavailable, UBS’s net directional position favoring a rise or fall in Bitcoin price cannot be calculated. The transactions in question could be related to client portfolios, hedging activities, market-making operations, or positions taken with the bank’s own capital.

UBS’s digital asset services are also expanding during the same period. The bank is preparing to offer Bitcoin (BTC) and Ethereum (ETH) trading to selected private banking clients in Switzerland. However, the regulatory filing does not confirm that the increase in IBIT options stems from this client access plan.