UBS increased its bullish options exposure to IBIT 24-fold in the second quarter, signaling a much larger upside-linked position tied to BlackRock's spot Bitcoin ETF. The bank currently holds 407,890 IBIT shares valued at $13.6 million, compared with 364,371 shares at the end of the first quarter. The move points to stronger institutional positioning around Bitcoin-linked exchange-traded products, where call options typically reflect a view that the underlying asset could rise.