Swiss bank UBS holds 3,600 shares in BlackRock’s iShares Bitcoin Trust, SEC filings show

In
a
recent

13F
filing
with
the
Securities
and
Exchange
Commission
(SEC),
UBS
Group
AG,
the
Switzerland-based
global
investment
bank
and
financial
services
firm,
disclosed
a
substantial
holding
in
the
iShares
Bitcoin
Trust
(IBIT),
an
exchange-traded
fund
(ETF)
managed
by
BlackRock
Inc.

The
filing,
which
covers
the
first
quarter
of
2024,
reveals
that
UBS
Group
AG,
through
its
various
subsidiaries
and
institutional
investment
managers,
holds
3,600
shares
in
IBIT.
This
investment
highlights
the
growing
interest
of
traditional
financial
institutions
in
the
crypto
space,
particularly
in
Bitcoin.

Data
from
Fintel
shows
that
the
holding
is
valued
at
$145,692
as
of
March
31,
2024,
with
a
current
value
of
$124,488.

The
iShares
Bitcoin
Trust
(IBIT)
is
an
exchange-traded
fund
(ETF)
that
provides
investors
with
exposure
to
Bitcoin,
the
world’s
leading
cryptocurrency.
IBIT

enables
investors
to
access
Bitcoin
within
a
traditional
brokerage
account,
making
it
more
convenient
and
accessible
compared
to
holding
Bitcoin
directly.

IBIT,
managed
by
BlackRock,
one
of
the
world’s
largest
asset
managers,
offers
investors
a
convenient
way
to
gain
exposure
to
Bitcoin
without
the
complexities
associated
with
holding
the
cryptocurrency
directly,
such
as
storage,
security,
and
tax
reporting.

As
of
May
10,
2024,
IBIT
had
net
assets
of
$16.6
billion
and
a
net
expense
ratio
of
0.12%.

The
relationship
between
UBS
Group
AG
and
BlackRock
Inc.
is
noteworthy,
as

BlackRock
is
one
of
the
institutional
shareholders
of
UBS,
holding
approximately
5.01%
of

total
share
capital,
which
represents
a
substantial
percentage
of
ownership
in
the
Swiss
financial
giant.

UBS
Group
AG’s
investment
in
IBIT
through
its
various
segments,
including
Global
Wealth
Management,
Personal
and
Corporate
Banking,
Asset
Management,
and
Investment
Bank,
demonstrates
the
firm’s
strategic
interest
in
the
crypto
market
and
a
potential
avenue
for
portfolio
diversification.