Bitcoin
Swiss bank UBS holds 3,600 shares in BlackRock’s iShares Bitcoin Trust, SEC filings show
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In a recent 13F Filing In conjunction with the Securities and Exchange Commission (SEC), UBS Group AG, a global investment bank and financial services company headquartered in Switzerland, has disclosed a substantial stake in the iShares Bitcoin Trust (IBIT), an exchange-traded fund (ETF ) managed by BlackRock Inc.
The request, 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 Bitcoin. Data from Fintel shows that the stake is valued at US$145,692 as of March 31, 2024, with a current value of US$124,488.
The iShares Bitcoin Trust (IBIT) is an exchange-traded fund (ETF) that offers investors exposure to Bitcoin, the world’s leading cryptocurrency. I BITE allows investors to access Bitcoin within a traditional brokerage account, making it more convenient and accessible compared to directly holding Bitcoin.
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 directly holding the cryptocurrency, 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 because Black stone is one of the institutional shareholders of UBS, holding approximately 5.01% of the capital total share capitalwhich represents a substantial percentage of ownership of 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 company’s strategic interest in the crypto market and a potential path for portfolio diversification.
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