UBS Prepares Bitcoin & Ether Trading for Swiss Wealth Clients

UBS Group AG, the world’s largest wealth manager, is preparing to offer Bitcoin (BTC) and Ether (ETH) trading to select private banking clients in Switzerland, according to a report by Bloomberg citing people familiar with the matter. The move marks a pivot for the bank, which oversees roughly $4.7 trillion in assets, as it moves to capture institutional flow currently bleeding into crypto-native firms.

The Setup

Sources indicate UBS will not build the infrastructure internally. Instead, the bank is vetting third-party partners to handle custody and execution, a strategy that minimizes balance sheet risk while satisfying client demand. The service is slated for an initial rollout to wealthy Swiss clients, with potential expansion into Asia and the U.S. contingent on regulatory clearance.

UBS declined to confirm the specific roadmap but stated it “actively monitors developments” in the digital asset space. The market reaction was muted. Bitcoin hovered near $89,700 (-0.2%), while Ether struggled to reclaim $3,000, trading around $2,940 (-2%) as volume softened.

The bank is opting for a partner-led model rather than building a full digital asset stack in-house, mirroring strategies used to navigate Basel III capital requirements.

Institutional Context

This initiative follows Morgan Stanley’s aggressive entry into the sector. In October 2025, the U.S. bank removed restrictions for wealth management clients, allowing broader access to spot crypto funds. Morgan Stanley is also reportedly preparing to launch crypto trading on its E-Trade platform in the first half of this year.

For UBS, the decision ends years of hesitation. While the bank previously allowed Hong Kong clients to trade crypto-linked ETFs in late 2023, direct spot exposure remained off-limits. The shift signals that European private banks can no longer afford to ignore the asset class, even as regulatory frameworks in the U.S. and Asia remain fragmented.