UBS Capitulates: $4.7T Wealth Giant Preps Bitcoin & Ether Trading
The $4.7T asset manager reverses its anti-crypto stance, targeting Swiss private clients first with Bitcoin and Ether access.
UBS Group AG is ending its holdout. The world’s largest wealth manager is preparing to offer Bitcoin and Ether trading to select private banking clients, reversing years of skepticism to meet rising demand from high-net-worth investors.
According to a Bloomberg report released Friday, the Swiss banking giant is in the advanced stages of selecting third-party partners to facilitate the offering. Access will initially be restricted to private banking clients in Switzerland, with potential expansion into the Asia-Pacific region and the United States later.
The Setup
The pilot program is narrow by design. UBS will reportedly support only Bitcoin (BTC) and Ether (ETH), avoiding smaller altcoins or speculative tokens. This conservative approach mirrors the strategy of U.S. rival Morgan Stanley, which opened spot Bitcoin ETF access to wealthy clients in 2024.
UBS manages approximately $4.7 trillion in wealth assets. Even a fractional allocation from its client base represents billions in potential inflows for major digital assets.
"Discussions have been ongoing for several months and UBS hasn’t made a final decision on how to proceed," Bloomberg reported, citing anonymous sources familiar with the deliberations.
Market Reaction
The news failed to trigger an immediate breakout. Bitcoin traded sideways at $89,120 (-0.7%), while Ether held $2,900 (+0.4%). The muted response suggests the market views this as a long-term liquidity pipe rather than a short-term catalyst.
Why Now?
UBS has historically dismissed crypto as an unstable asset class. CEO Sergio Ermotti previously emphasized blockchain technology over token trading. However, the bank is facing a dual pressure: client retention and regulatory clarity.
With U.S. competitors like JPMorgan and Goldman Sachs already entrenching themselves in the sector, UBS risked bleeding assets to more crypto-friendly institutions. Additionally, the regulatory thaw in the U.S., highlighted by the Trump administration’s pro-crypto stance, has lowered the reputational risk for legacy European banks entering the arena.
