UBS sharply increased its bullish exposure to BlackRock's spot Bitcoin ETF IBIT in the second quarter, raising call options holdings from 80,000 in the first quarter to 1.95 million, a more than 24-fold increase. The bank also increased its direct IBIT stake to 407,890 shares, worth about $13.6 million, from 364,371 shares at the end of the first quarter, while reducing put option exposure by about 53% to 143,300. The filing points to a much larger upside-oriented position in the fund, although it did not specify whether the options activity was linked to UBS client business.