UBS increases Bitcoin ETF call options exposure 24-fold

In its Form 13F filing for the second quarter of 2026, Swiss banking giant UBS Group reported a massive 24-fold surge in call option exposure to BlackRock's iShares Bitcoin Trust (IBIT), rising to 1.95 million underlying shares as of June 30, 2026. Concurrently, the bank's direct IBIT holdings rose 12% to 407,890 shares, while its put option exposure fell 53% to 143,300 shares. Because Form 13F filings omit strike prices, expirations, and account details, the exact purpose and beneficiaries of these positions remain unresolved.

UBS IBIT call options surge

• ▪The second-quarter Form 13F filing assigned an underlying market value of $64.9 million to UBS Group's IBIT call options as of June 30, 2026.
• ▪The 1.95 million underlying IBIT shares represented by UBS Group's call options as of June 30, 2026, marked a 24-fold increase from the 80,000 shares reported as of March 31, 2026.
• ▪UBS Group reported call options representing 1.95 million underlying shares of BlackRock's iShares Bitcoin Trust (IBIT) as of June 30, 2026, in its Form 13F filing.

IBIT put options decline

• ▪The 143,300 underlying IBIT shares represented by UBS Group's put options as of June 30, 2026, marked an approximate 53% decrease from the 303,300 shares reported as of March 31, 2026.
• ▪UBS Group's put options representing underlying shares of BlackRock's iShares Bitcoin Trust (IBIT) declined to 143,300 shares as of June 30, 2026.
• ▪The second-quarter Form 13F filing assigned an underlying market value of $64.9 million to UBS Group's IBIT call options as of June 30, 2026.

Direct IBIT share holdings

• ▪UBS Group's direct holdings of 407,890 IBIT shares as of June 30, 2026, remained below the 548,614 shares the bank reported holding at the end of 2025.
• ▪UBS Group's direct holdings of 407,890 IBIT shares as of June 30, 2026, represented an approximate 12% increase from the 364,371 shares held as of March 31, 2026.
• ▪UBS Group reported holding 407,890 direct, non-option shares of BlackRock's iShares Bitcoin Trust (IBIT) as of June 30, 2026.

Form 13F disclosure gaps

• ▪UBS Group's Form 13F filing for the second quarter of 2026 did not disclose strike prices, expirations, or premiums paid for the reported IBIT options.
• ▪Under the U.S. Securities and Exchange Commission's Form 13F instructions, option values are reported using the underlying security's share amount and quarter-end value rather than delta-adjusted economic exposure.

Unresolved account beneficiaries

• ▪UBS Group's Form 13F filing did not clarify whether the reported IBIT positions stemmed from client initiatives, dealer hedging, market-making, or proprietary trading.
• ▪U.S. Securities and Exchange Commission guidance allows Form 13F filings to aggregate positions across related managers and account types, leaving the specific beneficiaries of UBS Group's IBIT positions unresolved.

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