UBS sharply increased its exposure to BlackRock's iShares Bitcoin Trust in the second quarter, according to CoinDesk. According to ChainCatcher, the Swiss bank's notional IBIT call option position rose from 80,000 shares to about 1.95 million shares, while its directly held IBIT shares increased from 364,371 to 407,890.

At the same time, UBS reduced its notional IBIT put option exposure from 303,300 shares to 143,300 shares. The regulatory filing did not disclose the options' strike prices or expiration dates, and it did not say whether the changes were driven by client demand, market-making hedges, active management, or proprietary trading.