UBS and Tudor Investment both expanded their exposure to BlackRock's spot Bitcoin ETF in the second quarter, according to regulatory filings. UBS's call options tied to the fund jumped more than 24-fold, while Tudor increased its direct holdings by 18.9%. The moves came as Morgan Stanley and JPMorgan also added to their crypto ETF positions.
Two major financial firms, UBS and Tudor Investment — the hedge fund founded by Paul Tudor Jones — both increased their exposure to BlackRock's IBIT Bitcoin ETF during Q2. The moves come from separate regulatory filings disclosed in recent days.
UBS calls on IBIT surge
UBS reported calls tied to 1.95 million underlying IBIT shares as of June 30, up from 80,000 three months earlier — a more than 24-fold increase. Its direct IBIT holdings also rose 12% to 407,890 shares, worth about $13.6 million at the end of the quarter.
Meanwhile, the bank's put exposure fell 53% to 143,300 shares. The filing does not disclose the options' strike prices or expiration dates.
Tudor shifts toward direct exposure
Tudor Investment increased its IBIT holdings by 18.9% to 688,529 shares, worth about $22.9 million, according to a 13F filing submitted last week. The purchase marks a reversal after the firm reduced its position throughout 2025.
The firm also cut its IBIT call exposure by about 85%, from the equivalent of 998,000 shares to 148,000 shares, while its put position stayed largely unchanged. The shift suggests the firm is relying more on direct ETF exposure, though the filing does not reveal the full strategy behind the trades.
Other banks add to crypto holdings
More banks and investment firms increased their exposure to crypto investment products in Q2 despite Bitcoin's price decline. Morgan Stanley raised its IBIT holdings 23% to 16.5 million shares and increased its Fidelity Bitcoin ETF position by nearly 38%.
It also lifted its Ethereum exposure, with its BlackRock Ethereum ETF holdings jumping 202% to 4.6 million shares, and added positions in two Solana ETFs. JPMorgan also expanded its crypto holdings, raising its IBIT position to 10.4 million shares from 8.3 million and increasing its BlackRock Ethereum ETF holdings more than fourfold to 1.17 million shares.
Source: CryptoProwl
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