UBS made a major change to its exposure to bitcoin through BlackRock’s iShares Bitcoin Trust ETF (IBIT) during the second quarter of 2026.

The Swiss banking giant increased its IBIT call option exposure more than 24 times between the end of March and the end of June, according to a regulatory filing. At the same time, UBS reduced its IBIT put option exposure by 52.7% and increased its direct IBIT holdings by 11.9%.

The numbers may look strongly bullish at first. However, the filing does not provide enough information to know exactly what UBS’s overall position means.

UBS reported call options linked to 1.95 million underlying IBIT shares at the end of June. Three months earlier, the figure was just 80,000 shares.

That means the number of shares underlying the calls increased by 1.87 million, or 2,337.5%. The June figure was therefore almost 24 times higher than the March figure.

An IBIT call option is a financial contract that gives the investor the right, but not the obligation, to buy shares of the IBIT bitcoin ETF at a predetermined price (called the strike price) before a specific expiration date. Investors typically buy call options when they expect IBIT, and therefore bitcoin, to rise in value.

In exchange for this potential upside, the buyer pays a premium upfront. If IBIT rises significantly above the strike price before expiration, the call can become much more valuable, potentially generating a large percentage return. If IBIT stays below the strike price through expiration, however, the option can expire worthless and the buyer can lose the entire premium paid.

UBS also reported a large drop in its IBIT put exposure. The number of shares underlying its puts fell from 303,300 in March to 143,300 in June. That represents a decline of 52.7%.
A put option gives the holder the right to sell an asset at a set price. Investors can use puts to protect against falling prices or for other trading strategies.

UBS did not rely only on options. The bank also increased its direct IBIT holdings from 364,371 shares to 407,890 shares during the quarter. That was an increase of 43,519 shares, or about 11.94%.

The direct holdings were worth approximately $13.6 million at the end of June. However, the increase in direct ownership was much smaller than the increase in call exposure.

This difference is important because it suggests the biggest change in UBS’s reported position came through options rather than simply buying and holding more IBIT shares.

UBS’s filing assigned a value of $64.9 million to the underlying shares connected to its call options. But that does not mean UBS spent $64.9 million buying the options.

Form 13F reports options based on the number and value of the underlying shares. It does not show the option premium, strike price or expiration date. Because those details are missing, UBS’s exact economic exposure from the filing alone cannot be calculated.

The filing also does not show whether UBS was making a direct bitcoin bet. The positions could have been related to client portfolios, hedging, market making or trading activities.

The filing shows that the mix of disclosed instruments changed significantly, while the identities of the account beneficiaries and the purpose of the trades remain unclear.

The numbers can certainly look bullish. UBS increased its call exposure dramatically, reduced its put exposure and also added to its direct IBIT holdings. That combination suggests that more upside exposure was present in UBS’s reported positions at the end of June.

But it does not prove that UBS itself had suddenly developed strong long-term confidence in bitcoin.

Banks use options for many different reasons. They can use them to manage risk, serve clients, provide liquidity or take temporary positions in the market. Options also require less capital than buying the underlying asset outright.

This makes them easier to increase, reduce or change quickly. For that reason, the UBS filing may show a change in market positioning rather than a major long-term commitment to bitcoin.