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Swiss Banking Giant UBS Jumps on Bitcoin ETF Train

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Mon, 13/05/2024 - 19:26
Swiss Banking Giant UBS Jumps on Bitcoin ETF Train
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According to a recent regulatory filing, Swiss banking giant UBS owns 3,600 shares of BlackRock's iShares Bitcoin Trust (IBIT).  

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Earlier this year, UBS decided to allow some of its customers to trade Bitcoin ETFs. However, accounts with a lower level of risk tolerance are barred from getting exposure to the new funds. Moreover, UBS is not supposed to solicit Bitcoin ETF traders. 

In late 2023, the Swiss banking behemoth also let some of its affluent clients gain exposure to cryptocurrency ETFs based in Hong Kong. 

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As reported by U.Today, UBS also appeared on the list of authorized participants for BlackRocks' IBIT alongside such big names as Citadel and Goldman Sachs back in April. 

In 2021, former UBS CEO Ralph Hamers dismissed cryptocurrencies as "speculation," arguing that they cannot be regarded as a legitimate investment. 

Meanwhile, Bitcoin ETFs continue to gain traction despite a recent streak of outflows. 

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On May 9, Edmond de Rothschild (Suisse) S.A., which is part of the famous part of the Edmond de Rothschild Group, has acquired $4.2 million worth of shares in Bitcoin ETFs. 

Last week, JPMorgan Chase, the leading US bank by assets under management, disclosed Bitcoin ETF holdings. 

Trading firm Susquehanna International Group (SIG), which was co-founded by billionaire businessman Jeff Yass, is also on the Bitcoin ETF train.  

BlackRock's Robert Mitchnick recently revealed that major institutions were in the process of exploring Bitcoin. 

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