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Swiss banking giant UBS is jumping on the Bitcoin ETF bandwagon
Alex Dovbnja
Swiss banking giant UBS now holds shares of Bitcoin ETFs
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According to a recent regulatory document, the Swiss banking giant UBS owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT).
Earlier this year, UBS decided to allow some of its clients to trade Bitcoin ETFs. However, accounts with a lower risk tolerance level are not permitted to gain exposure to the new funds. Furthermore, UBS should not solicit Bitcoin ETF traders.
In late 2023, the Swiss banking giant also allowed some of its wealthy clients to gain exposure to Hong Kong-based cryptocurrency ETFs.
AS reported by U.Todayas early as April, UBS was on the list of authorized participants in BlackRocks’ IBIT alongside big names such as Citadel and Goldman Sachs.
In 2021, former UBS CEO Ralph Hamers fired cryptocurrencies as “speculation”, arguing that they cannot be considered a legitimate investment.
Meanwhile, Bitcoin ETFs continue to gain ground despite the recent string of outflows.
On May 9, Edmond de Rothschild (Suisse) SA, which is part of the famous Edmond de Rothschild Group, acquired shares of Bitcoin ETF worth $4.2 million.
Last week JPMorgan Chase, the leading American bank by assets under management, disclosed Bitcoin ETF Stocks.
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 are exploring Bitcoin.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.