UBS, Swiss Banking Titan, Embraces Bitcoin (BTC) ETF: A New Era in Crypto Investment

  • Swiss banking giant UBS has been revealed to own 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT), according to a recent regulatory filing.
  • Despite former UBS CEO Ralph Hamers dismissing cryptocurrencies as “speculation”, the bank has allowed some of its customers to trade Bitcoin ETFs and gain exposure to cryptocurrency ETFs based in Hong Kong.
  • Other major institutions such as JPMorgan Chase and Susquehanna International Group (SIG) have also disclosed Bitcoin ETF holdings, indicating a growing institutional interest in Bitcoin.

UBS, a Swiss banking giant, owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT), reflecting a growing institutional interest in Bitcoin despite previous dismissals of cryptocurrencies as mere “speculation”.

UBS Owns 3,600 Shares of BlackRock’s iShares Bitcoin Trust

According to a recent regulatory filing, UBS, one of the largest Swiss banks, owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT). This development comes despite the former CEO of UBS, Ralph Hamers, dismissing cryptocurrencies as “speculation” and arguing that they cannot be regarded as a legitimate investment.

UBS Allows Some Customers to Trade Bitcoin ETFs

Earlier this year, UBS decided to allow some of its customers to trade Bitcoin ETFs. However, accounts with a lower level of risk tolerance are barred from getting exposure to the new funds. Furthermore, UBS is not supposed to solicit Bitcoin ETF traders. In late 2023, the Swiss banking behemoth also let some of its affluent clients gain exposure to cryptocurrency ETFs based in Hong Kong.

Growing Institutional Interest in Bitcoin

Despite the skepticism from some quarters, Bitcoin ETFs continue to gain traction. Edmond de Rothschild (Suisse) S.A., part of the famous Edmond de Rothschild Group, has acquired $4.2 million worth of shares in Bitcoin ETFs. Moreover, JPMorgan Chase, the leading US bank by assets under management, has disclosed Bitcoin ETF holdings. Trading firm Susquehanna International Group (SIG), co-founded by billionaire businessman Jeff Yass, is also on the Bitcoin ETF train. BlackRock’s Robert Mitchnick recently revealed that major institutions were in the process of exploring Bitcoin.

Conclusion

The ownership of BlackRock’s iShares Bitcoin Trust shares by UBS, along with the growing interest from other major institutions, indicates a shifting perspective towards Bitcoin and cryptocurrencies in general. Despite previous dismissals of these digital assets as mere “speculation”, the increasing institutional investment in Bitcoin ETFs suggests a growing acceptance of cryptocurrencies as a legitimate investment.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Tyler Winklevoss Predicts Bitcoin Could Hit $1M as ‘Gold 2.0’ After Gemini’s $425M, 20x-Oversubscribed IPO

Tyler Winklevoss told CNBC that Bitcoin remains in the...

$ZKC listed on Bybit spot

$ZKC listed on Bybit spot

Trump: “Best Stock Market Ever” and Call to Lower Interest Rates — Bitcoin Investors Take Notice

According to COINOTAG News on September 12, Trump stated...

Bitcoin Shows Dense Support at $110K–$114K; Glassnode Flags $117K as Next Resistance

COINOTAG News (September 12) reports that Glassnode data shows...

Sept 12 — Trump: Suspect in Charlie Kirk Assassination Detained, Urges Death Penalty | BlockBeats News

COINOTAG News on September 12 quoted former President Donald...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img