Call options: 24x jump
Call options give the holder the right to buy Bitcoin ETF shares at a fixed price, so a surge in this exposure is a bullish bet. UBS's call exposure now covers a notional amount that's 24 times what it was the previous quarter. That's a massive repositioning for a bank that had been relatively cautious.
Options data in regulatory filings is reported as the number of underlying shares the contracts reference. The 24-fold increase means UBS now holds calls on a far larger block of shares than before, though the bank doesn't disclose the exact notional value. Some banks use covered calls to generate income, but
