👍👍Important Development: Huge Bitcoin Step Came from 160-Year-Old Swiss Bank UBS 👍👍

UBS Group AG announced in a 13F filing with the U.S. Securities and Exchange Commission that it has a significant stake in the iShares Bitcoin Trust (IBIT). This filing covers the first quarter of 2024 and shows that UBS Group AG owns 3,600 shares in IBIT through its various subsidiaries and institutional investment managers. As of March 31, 2024, the value of UBS's holdings in IBIT was reported as $145,692, with a current value of $124,488.

The relationship between UBS Group AG and BlackRock Inc is also noteworthy. BlackRock is an institutional shareholder of UBS, holding approximately 5.01% of the total capital.

UBS CEO Sergio Ermotti recently made evaluations about the US economy and inflation. Ermotti stated that if inflation is not taken under control, interest rates will not decrease and drew attention to the economic and social consequences of inflation.

These developments show that institutional players' interest in crypto assets is increasing and major financial institutions are playing an active role in the crypto market. Increasing institutional participation in the crypto market has become a notable trend, with other major banks such as JPMorgan also investing in Bitcoin Spot ETF shares.

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