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Bitcoin ETF calls surge after UBS expands IBIT call exposure
UBS’s SEC 13F showed its IBIT call underlying-share equivalents jumped to 1.95 million at June 30, while its reported IBIT puts fell 52.8%.
UBS Group’s Aug. 13 SEC filing showed a sharp shift in options exposure tied to BlackRock’s iShares Bitcoin Trust ETF, or IBIT. According to CryptoSlate, UBS reported that the number of underlying-share equivalents tied to its IBIT call options rose to 1.95 million during the second quarter, based on positions reported as of June 30.
On a quarter-over-quarter basis, the call line increased from 80,000 underlying-share equivalents at March 31 to 1.95 million at June 30, a gain of 1.87 million underlying-share equivalents, or 2,337.5%, leaving the quarter-end level more than 24 times the prior quarter. CryptoSlate also noted that Form 13F option quantities reflect underlying share amounts for the contracts and do not indicate exercise status, premiums, strike prices, expiries, or profit and loss.
The filing also showed the opposite move in IBIT puts. UBS reported IBIT put underlying-share equivalents declined from 303,300 at March 31 to 143,300 at June 30, down 52.8%, alongside a drop in the reported underlying market value assigned to the put line.
CryptoSlate said the SEC form assigns $64.9 million of underlying market value to the call row and $4.8 million to the put row in the second-quarter table, but the disclosure does not resolve the beneficiary or purpose behind the positions, such as client mandates, hedging, market making, or directional trading. The filing also reflects positions as of June 30, meaning any changes after that date are not captured.
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