UBS reported 1.95M BlackRock bitcoin ETF call shares. Tudor cut its call exposure.
The BlackRock ETF is still pulling large managers in, but the filings don't say whose risk is actually on the books.
CryptoVibe Desk · bitcoin · etfs · blackrock
- →UBS reported 1.95 million IBIT call-option underlying shares as of June 30 and added 407,890 direct shares.
- →Tudor increased direct IBIT shares to 688,529, worth $22.9 million, while cutting call-equivalent exposure.
- →The next signal is whether Q3 filings show direct IBIT shares rising faster than option exposure.
- 13F → A 13F is a quarterly SEC filing that shows many large investment managers' U.S.-listed holdings.
- Call option → A call option gives the holder the right to buy an asset at a set price before a deadline.
- Put option → A put option gives the holder the right to sell an asset at a set price before a deadline.
UBS reported 1.95 million IBIT call shares as of June 30. The exposure showed up in fresh 13F coverage of BlackRock's iShares Bitcoin Trust ETF. CoinDesk said that marked a sharp increase in reported call-option exposure.
The bank also held 407,890 direct IBIT shares, per CoinDesk. It reported 143,300 put-option underlying shares too. That mix matters because options are not the same as owning the ETF outright.
Tudor Investment moved differently. It reported 688,529 direct IBIT shares as of June 30, worth $22.9 million. CryptoSlate also showed Tudor at 148,000 call-equivalent shares and 715,000 put-equivalent shares.
The tape matches the story, but only halfway. BlackRock's ETF is still the venue big managers use when they want bitcoin exposure in a filing-friendly wrapper. And that's the catch: 13F option counts show underlying shares, not premiums or delta-adjusted risk.
If you're reading this as a clean bullish signal for your bag, slow down. UBS's filing does not say whether the call increase came from clients, hedging, market-making, managed portfolios, or the bank itself. That is the only number that matters behind the big number.
The clean read is Tudor. It added direct IBIT shares while cutting reported call exposure. UBS is louder, but Tudor is easier to read.
UBS's 13F leaves a 1.95 million-share headline looking cleaner than it is because it does not split client, market-making, and house option exposure.
Watch Q3 13F filings by mid-November 2026 for whether UBS direct IBIT shares rise above 407,890 while call-option underlying shares stay near or above 1.95 million.
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