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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.
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