Swiss bank UBS holds 3,600 shares in BlackRock’s iShares Bitcoin Trust, SEC filings show.
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Switzerland-based global investment banking and financial services firm UBS Group AG announced in a recent 13F filing with the Securities and Exchange Commission (SEC) that it has a significant stake in the iShares Bitcoin Trust (IBIT) exchange-traded fund (IBIT). ETF) managed by BlackRock Inc
The filing, which covers the first quarter of 2024, shows that UBS Group AG held 3,600 shares in IBIT through various subsidiaries and institutional investment managers. This investment highlights the growing interest of traditional financial institutions in the crypto space, especially in Bitcoin. According to data from Fintel, the holding is worth $145,692 as of March 31, 2024, compared to $124,488 at the current price.
The iShares Bitcoin Trust (IBIT) Exchange Traded Fund (ETF) offers investors the world's leading cryptocurrency exposure. IBIT allows investors to access bitcoins in a traditional brokerage account, making it more convenient and accessible compared to holding bitcoins directly.
IBIT, managed by BlackRock, one of the largest asset managers in the world, offers investors a convenient way to avoid the complexities associated with holding cryptocurrency directly, such as storage, security and tax reporting.
As of May 10, 2024, IBIT had $16.6 billion in net assets and a net expense ratio of 0.12%.
The relationship between UBS Group AG and BlackRock Inc is noteworthy as BlackRock is one of UBS's institutional shareholders, holding a 5.01% stake in the Swiss financial giant, representing a large ownership percentage.
At IBIT, UBS Group AG will demonstrate the company's strategic interest in the crypto market through its various divisions, including Global Wealth Management, Private and Corporate Banking, Asset Management and Investment Banking, and a way to diversify its portfolio.
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