UBS, which manages more than $7 trillion in assets, sharply increased its second-quarter exposure to BlackRock's iShares Bitcoin Trust by raising call option positions tied to about 1.95 million underlying IBIT shares from 80,000 three months earlier, while also increasing its direct holding by about 12% to 407,890 shares worth roughly $13.6 million. Over the same period, the Swiss bank cut put option exposure to 143,300 underlying shares from 303,300, and its outright IBIT stake still trailed the 548,614 shares disclosed in its fourth-quarter filing, cited in the new report as its level at the end of 2025. Because the filing did not include strike prices or expiration dates, UBS's net directional exposure cannot be determined from the disclosure alone, and the positions may reflect client activity, dealer hedging, market-making, discretionary portfolios or proprietary trading as the bank prepares to offer select private banking clients in Switzerland access to bitcoin and ether trading.