According to U.Today, Swiss banking giant UBS has been revealed to hold 3,600 shares in BlackRock's iShares Bitcoin Trust (IBIT), as per a recent regulatory filing. Earlier in the year, UBS had made the decision to permit certain customers to trade Bitcoin ETFs. However, this option was not extended to accounts with a lower risk tolerance. Furthermore, UBS is not expected to actively seek out Bitcoin ETF traders.
In 2023, UBS had also allowed some of its wealthier clients to gain exposure to cryptocurrency ETFs based in Hong Kong. UBS was listed as an authorized participant for BlackRock's IBIT, alongside other major entities such as Citadel and Goldman Sachs, back in April. Despite former UBS CEO Ralph Hamers dismissing cryptocurrencies as mere 'speculation' in 2021, Bitcoin ETFs have continued to gain popularity, even in the face of recent outflows.
On May 9, Edmond de Rothschild (Suisse) S.A., a part of the renowned Edmond de Rothschild Group, purchased $4.2 million worth of shares in Bitcoin ETFs. Last week, JPMorgan Chase, the top US bank in terms of assets under management, also disclosed its holdings in Bitcoin ETFs. Trading firm Susquehanna International Group (SIG), co-founded by billionaire Jeff Yass, has likewise joined the Bitcoin ETF trend. Robert Mitchnick from BlackRock recently disclosed that major institutions are currently exploring Bitcoin.
