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.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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