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UBS explores BTC trading for wealthy clients as Wall Street adopts cryptocurrencies
Source: Yellow Original Title: UBS Explores Bitcoin Trading for High-Net-Worth Clients as Wall Street Embraces Cryptocurrencies
Original Link: UBS Group AG is evaluating cryptocurrency trading for private banking clients in Switzerland, according to people familiar with the matter.
The Swiss bank, which manages $4.7 trillion in assets as of September 30, is selecting partners for a cryptocurrency offering after months of discussions.
Some selected private banking clients in Switzerland would initially gain access to trading Bitcoin (BTC) and Ethereum (ETH), with potential expansion into Asia-Pacific and U.S. markets. UBS has not yet made final decisions on implementation, the people said.
The move comes as competitors like JPMorgan Chase & Co. and Morgan Stanley expand their cryptocurrency services following Donald Trump’s return to the White House. Historically, UBS has maintained a cautious stance regarding virtual tokens.
What happened
UBS confirmed it is exploring initiatives that reflect client demand and regulatory developments.
Morgan Stanley is partnering with cryptocurrency provider ZeroHash to enable E*Trade clients to trade Bitcoin, Ether, and Solana (SOL) starting in the first half of 2026. JPMorgan is exploring cryptocurrency trading for institutional clients, Bloomberg reported in December.
The Basel Committee said in November it will accelerate review of certain elements of its standards on banks’ cryptocurrency holdings. The measure potentially paves the way for new initiatives among lenders.
Why it matters
Large banks have been slower to expand into cryptocurrency trading, largely due to the stringent capital rules of the Basel III framework. U.S. regulators have led calls to modify those standards.
Cryptocurrency trading has generated substantial revenue for companies already operating in this space. Robinhood Markets Inc. generated $626 million from cryptocurrency trading in 2024, more than tripling its equity trading revenue.
Cryptocurrency exchange-traded funds (ETF) in the U.S. have grown rapidly since their approval in January 2024. These products now manage nearly $140 billion in assets, led by BlackRock Inc.'s iShares Bitcoin Trust.
UBS made cryptocurrency-linked ETF trading available to high-net-worth clients in Hong Kong in November 2023, joining competitors like HSBC Holdings Plc.