- The initial rollout will target a limited set of clients within UBS’s Swiss private‑banking arm.
- Previously, UBS’s digital‑asset strategy focused mainly on blockchain‑based tokenization.
UBS Group AG is preparing to offer cryptocurrency trading to some of its wealthiest private‑bank clients, marking a notable shift for one of the world’s largest wealth managers.
According to a Bloomberg report, the Swiss bank is evaluating partners and structures that would allow select customers to buy and sell Bitcoin and Ether under its private‑bank umbrella.
UBS, which managed about $4.7 trillion in client assets as of September 30, has reportedly been in talks with potential technology and custody providers for several months.
The initial rollout would focus on a limited group of clients at UBS’s Swiss private‑banking arm, one person said. UBS’s move comes as global banks face pressure to respond to rising demand for digital assets from institutional and high‑net‑worth clients.
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The bank’s pivot follows a broader institutional embrace of crypto markets. US‑listed spot Bitcoin and Ether exchange‑traded funds, led by BlackRock’s iShares Bitcoin Trust, have gathered close to $140 billion of assets since their approval two years ago.
That inflow has helped normalize crypto exposure inside traditional wealth‑management portfolios.
For UBS, the change represents a departure from a long‑standing cautious stance. Former chairman Axel Weber, a former central banker, dismissed the idea of anonymous crypto payments as unsustainable after Bitcoin hit record highs in late 2021.
Until recently, UBS concentrated its digital‑asset efforts on behind‑the‑scenes infrastructure. The bank has invested in blockchain‑based systems for tokenized funds and cross‑border payments, joining peers that view distributed‑ledger technology as a tool for efficiency rather than a channel for retail‑style speculation.
In 2023, UBS opened access to crypto‑linked ETFs for wealthy clients in Hong Kong, joining competitors such as HSBC Holdings Plc in that market. That earlier step gave investors indirect exposure to crypto inside traditional wealth‑management wrappers, without forcing UBS to hold or custody tokens directly.
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