UBS Group's latest 13F filing reveals a sharp divergence between its direct spot Bitcoin ETF holdings and its options exposure. As of June 30, the bank reported 407,890 shares of the iShares Bitcoin Trust ETF (IBIT), up from 364,371 shares at the end of March — an increase of just 11.9%.
The options book, however, moved far more aggressively. Reported IBIT call positions jumped from exposure equivalent to 80,000 underlying shares in Q1 to roughly 1.95 million shares in Q2, a surge of about 2,338%. At the same time, put exposure fell from 303,300 to 143,300 underlying shares, a decline of roughly 53%.
The filing has sparked misleading headlines claiming UBS increased its spot Bitcoin ETF holdings by about 230%. In reality, the larger figure combines ordinary shares, calls, and puts. UBS's ordinary IBIT shares were valued at approximately $13.58 million, while its reported calls referenced about $64.92 million in underlying IBIT value and puts represented another $4.77 million. Form 13F reports long options by reference to their underlying securities, so the combined figures should not be read as direct ownership or as the amount paid for the options.
UBS submitted the filing as a combination report covering multiple entities, and written options are not disclosed in the same manner, so the data do not reveal the bank's complete net directional exposure. Still, the standout development is clear: UBS modestly added to direct IBIT shares while dramatically expanding reported call exposure and cutting put exposure, signaling a more bullish, options-led positioning in the Bitcoin ETF market.
